How To Save a Little Bit of MONEY???

I will start saying that no matter how bad is the deficit, no matter how bad is the economy. We all have to pocket some extra money. Many countries are having a difficult time paying their debts. The economy is like a roller coast. The rich people get richer and the poor get poorer. The true of the matter is that there is a high rising percentage of unemployment and the cost of the basic products rises up. Is it time to cut our family budgets? Any time is a good time to cut our budget. Everybody should be smart enough to save money in the good times. A family that can’t save money in the good moment can’t save money when the bad time hits.

There are websites which contain useful information about how to save your money. There are blogs that show you many ways you can save money. Truthfully, many of these strategies work when you follow instructions as given. I have read tons of these articles and most of them seem to talk about the same strategies.

• Pay off your bills on time
• Find places where you can buy with coupons
• Use public transportation
• Unplug your electronics and devices when not in used
• Cook your own food
• Reduce the times you go out
• And much more

What does it really take to save some money? My answer would be determination and a strong commitment. Many people feel the need to save money, but they don’t take the steps required to do so. I will share with you a few strategies I have used to saved me some extra money. But you have to be determined to follow these steps closely.

First, let me tell you about the Susu

Susu groups are basically savings groups, with group members arranging for collection and payment. The members decide on the amount to be contributed by each member at regular intervals. The total collected is given to each member in turn. Let’s say you agreed to put $200 every month for a period of ten months. There are ten members in the group. Everyone will contribute by putting $200 every month. One member of the group will receive the total amount of $2,000 every month (the total amount collected by each member every month).

So, if there are ten members and each of them puts in $200 each month, one person will receive $2,000 every month as an agreement. Eventually your turn will come and you will receive $2,000 as well. You decide how much each of you will contribute with. Make sure every person involved is very responsible (family and friends).

The total amount may vary based on the time-length of the susu and the number of members. The longer the time, the more money each member will receive. To be fair with the order in which each member will receive their turn, you have to make a ballot.

Enroll into your bank saving account program

Another way you can save money is by opening a saving account. Apparently this may not look very interesting, but it’s very convenient. For example: I have direct deposit in the company I work for. I went to my bank (a branch of course) and I spoke to one of their representative. She presented me a really good method to save a little bit of money, which will turn into a really good profit with time. For every direct deposit made, they will take whatever amount you agree on to put into your saving account. Let’s say you agree on the amount of $40 on every direct deposit made.

There are 52 weeks in a year. In one solid year you will have an amount of $2,080 in your saving account if I’m not mistaken. That’s not bad at all. $40 will not hurt you because you won’t see this money coming out of your pocket. You won’t even notice it as time goes by.

Enroll into your 401k fund plan

The 401k program is a type of retirement plan in the US. This program consists in putting your money into a fund which will be used for your retirement. Many employers should be able to offer you this retirement fund plan. This plan works the same way as the method mentioned previously (enroll into your bank saving account). Your 401k fund will be available to you after you reach the age of 59 in case you are still work and enrolled in the plan.

If you are not working for a good reason or you are not enrolled in the 401k fund plan anymore, you may be entitled to your money. The company uses your money to invest it in the stocks, bonds and money market investment.

I was once enrolled in the 401k fund plan. I don't remember the amount of money I was putting in my fund (you can contribute with any amount you desire). I quit the company I was working for and I started working with another company. After years I got laid-off (lack of work) from the company. I received a letter from the 401k department office stating the amount of money I had saved up. I called the number on the letter and I spoke to one of their representative. I told them I was unemployed and that I had no income at the time. They told me I could retire that money whenever I wanted. For my surprise I had $665 in my fund. It took me about two weeks to get that check.

I heard that you can ask for a loan if you need money. You have to meet their requirements to qualify for the loan.

You always need a back up plan. Anytime is a good time to save some money. You never know when you are going to need some extra cash.

I hope you find this blog very useful... Thanks for reading.