Budget and Save for a Better Future

by Emma Banes

Have you ever sat down and looked at your spending over a month’s time? I mean really picked through it with a fine-tooth comb. If you have, I’m sure you were very surprised at where your money is going. Did you know the average American spends around $92 a month on coffee? Did you know most people spend about $300 a month eating out? Before looking at my own finances, I would have told you I didn’t spend that much on either, but it turns out, those coffee runs and restaurants add up quickly. So that’s $392 a month on wants (that I completely enjoy, don’t get me wrong), but not needs. Did you know if you put $392 a month into an IRA for 30 years, you’d have well over $200,000 saved? How crazy is that?!

I know it’s near impossible to save when you live paycheck to paycheck, so along with cutting out unnecessary monthly spending like what was mentioned above, we’ve come up with a few other ways to cut costs so you can save for what matters-your future!

If you’re like me, you overspend on gas and groceries. Have you ever noticed how your gas costs less if you pay with cash? That’s one easy way to spend less at the pump. Getting regular engine tune ups is another great way to save money in the long run. Simple engine checkups now will save you bigger, more expensive costs later. And have you ever bought ketchup at the grocery store, only to get home and realize you have two bottles in the pantry? I have! A little planning beforehand will save you money at the grocery store. There have been several times where I grocery shopped without a weekly menu in mind, so I ended up walking through the store aimlessly and putting random things in my cart, not really knowing what I wanted to cook that week. I always end up wasting money when I do that. While planning before takes time, it’s worth it if it saves you money!

And the light bill…oh the dreaded light bill. Mine just gets higher every month. One way to cut energy costs is to switch to energy efficient light bulbs. Also, making sure your air filters are changed regularly and using a programmable thermostat helps too. Did you know using energy costs different amounts depending on what time of the day you use it? Who would have thought? I looked at the breakdown of my light bill a few weeks ago and learned that doing laundry between 6 and 7 p.m costs me more money than if I do it between 7 and 8 a.m.

While saving isn’t always easy, we can ease the burden if we cut energy costs and save at the pump and grocery store. Cutting out the daily coffee run doesn’t hurt either. These simple tips can help us get ahead and save for our future, which of course is what matters most. The hardest part about saving is getting started, and Centric can help! With a Save Better savings account, you can save and earn dividends on your funds. Ask us how today, and find out how we can help you live better!