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The $10 Choice: Save Ten Dollars a Day to Not Overspend

Lately we have seen food and gas prices rise to number that have not been reached before. This is putting a strain on many people. One thing that is also affected, that you might not hear about as much, is that people’s savings accounts. Some people are not saving as much because they either cannot afford to do so, or they just do not know how to. The following is some information that will help you decide what you might be doing wrong, and how you can improve your situation. You should already be taking steps to see how things are affecting you.

Do Small Purchases Affect Your Ability to Save?

We all have our little guilty pleasures that we like to indulge in. This can be something that is done once a day, or a couple times a week. What you need to look at is whether or not these little purchases negatively affect the way you can save. Say you like to buy a magazine that cost $6 a couple times a week. If you can afford to buy that magazine, but also put $18 (3 times the cost) away, then you are not in a bad position. If you neglect your savings in order to make sure that you have enough to buy that magazine, then you might be yourself a disservice.

Spending Versus Saving Money

Just because you spend does not mean you will be in debt, and just because you save does not mean you will have a great savings. It is the rate at which you do both. Say you spend $5 a day on guilty pleasures, then you would be spending $150 a month. That does not actually mean you are going into debt, nor does it mean you are cheating saving out of $150. It just means that you might not be counting for $150. This money you are spending could hurt you if you do not plan for it, and it is not helping you if you do not save. This is why you need to be in tune with your financial situation whenever it is possible.

A Small Start is a Good Start

In the end the best way for you to start saving is to begin small. You do not have to match your purchases with a deposit into savings. You just need to take small steps to help you realize what you can save, and when the best times for you to do so will be. You do not want to hurt yourself by trying to save too much because that could actually have a negative impact at first. Take your time and figure out what you can do, and then make it work to the best of your abilities. Do not worry about starting small because it might be the best thing.

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