5 Personal Finance Experts Share their Top Money Saving Tips for 2013
1. Start living the debt-free life NOW
MP Dunleavey is the Editor of the Daily Worth, a community of women who talk money, and a place to get practical money saving tips and inspiring ideas to help you earn more, and spend smarter. Join other women taking charge of their money and their life.
“Having been in debt myself (years ago), this subject is always a fave. My favorite tip is this: Start living the debt-free life NOW. Meaning: In order to get out of debt, you have to give up the in-debt lifestyle and way of thinking (and shopping), and start living and spending as if you had no debt right now. Walk yourself through it: If you had no debt right now, you’d be living on your income, you’d be paying bills on time and saving, you’d be enjoying life without overspending (if that was a cause). Instead of always saying to yourself, ‘I can’t wait until I’m out of debt,’ imagine you’ve crossed that bridge and your spare dollars/pounds/euros are no longer being thrown down the gullet of the debt dragon–you’re putting wads of cash into circulation in your own life. Wow. It’s an amazing and inspiring exercise.”
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2. Make Sure You Have a Reason to Save
David Ning is the founder of Money Ning a personal finance blog that helps individuals reach their retirement and financial freedom goals. Learn how to become debt free, build wealth over time, and understand how financial choices impact your life.
The most effective way to save is to figure out why you even want to save in the first place. Once you have a clear understanding of why you want to save and reduce your debt, then you will find a way to keep more of your money. In other words, want something enough and you will make it happen.
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3. Always See the Big Picture
Kelly Whalen is a Money & Mom blogger at The Centsible Life, a community, and blog at the intersection of money and motherhood. The Centsible Life explores topics as varied as college savings and fashionable finds on a budget.
My tip is to think long-term. We often think it’s the small decisions that make the big difference (the latte factor), but thinking in terms of a whole year can help. For instance saving $100 on your cell phone bill adds up to $1,200 for the year. Thinking this way will help you see the big picture, and help you ‘find’ money in your budget to pay off debt.
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4. Make Use of Online Discount Services
Bob Lotich is the Founder of ChristianPF. The mission of ChristianPF is to make, save, grow, and give money (not necessarily in that order). The site will help you manage your money wisely and according to timeless Biblical principles.
Cutting expenses is one of the best ways to dig out of debt for most folks, but it requires a little work. Doing things like shopping around for lower insurance rates, negotiating with (or firing) your cable company, using online discount services like Ebates, or trading in your car for an older one with lower payments are all great ways to save money, and free up some cash to get out of debt in 2013!
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5. Find an Accountability Partner
Jeff Rose is an Independent certified financial planner, CEO and founder of Alliance Wealth Management, LLC, a Registered Investment Adviser that specializes in comprehensive financial planning.
Find an accountability partner – a “battle buddy” – that knows everything about your financial situation. That way they will prevent you from digging yourself further into debt and be your voice or reason before you buy something else you don’t need.
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Make 2013 the year that your family is financially secure
Follow the money saving tips of these personal financial experts and make 2013 count!
Have a money saving tip of your own you want to share? Drop a note below in the comments – the best one will win a copy of The Richest Man in Babylon (kindle or paperback version – competiton ends Jan 30th).
For anyone looking for even more money saving advice – check out our handy little how-to guides.