We all want to save money, but it's not always easy.
There are so many things that tempt us to spend, unexpected bills that pop up, and it can be hard to make ends meet.
How do you manage to save in a world that encourages spending? Let's talk about it.
Share your ideas, tips, and stories about saving money, and together, we can figure out how to get better at it. (We will also draw valuable lessons from the mistakes and experiences of others.)
The first step for people thinking about saving is to get out of debt, because that's the starting point for so many people. Holding debt while trying to save can often leave you worse off, if you're paying 20% per year on a credit card balance but have a small amount of "savings" earning 5% then you should direct all those funds to bringing down the balance first, otherwise you've just got the illusion of savings that is costing you more. You should target your most expensive debt first and clear that, but possibly consolidate where you can. Increasing your earnings is one way to boost your spending, but you should also occasionally re-evaluate how you are spending money too and cut back on excess until debt is paid off.