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10 Money Saving Tips That Can Really Help Your Bottom Line

General Personal Finance

Erin Nelsen, CFP®

Friday, 20 May 2016

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We recently came across an article written by Kraig Mathias with some great money saving tips and want to pass them along to you. By following these tips you can really help your bottom line and focus your extra funds towards saving for the future.

Get out of debt and stop borrowing money. Pay off all of your debt now and do not buy more than you can afford to pay off each month. Having no more payments means you can save that money instead.
Stop going shopping. While you are getting out of debt stop spending money on unnecessary stuff. You will not make any progress if you continue to spend money at the same time you are trying to pay off your credit cards. It is a vicious cycle that is hard to get out of.
Eat at home and eat out very little. Eating out can be extremely expensive. You will be amazed at the amount of money you can save by merely eating at home more often.
Make a budget each month. Once you sit down and make a budget for the month you will be able to see where all of your money is going and can cut out unnecessary spending.
Think about the bigger picture. Set a goal for why you are saving your money. Once you have a specific goal it will be easier to say no to that daily cup of coffee at Starbucks and make one at home.
Downgrade your disposable goods. You can save big time by buying the generic laundry soap instead of the name brands. They are usually just as good without the high price tag.
Keep your living situation modest. If you are serious about saving money living in a posh apartment or driving that expensive sports car is going to put a strain on your savings potential.
Learn to say no. You’ll have to learn to say no to an expensive night out with your friends. Try suggesting a low cost alternative. This is a big part in taking control of your discretionary spending.
Learn to be content with what you have. If you are content with what you have you will be less likely to want more. Instead of going out and buying new stuff all of the time, try saving for it and paying in cash instead of charging it. You will be more satisfied with the purchase and that you earned the new item.

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Erin Nelsen, CFP®

Call 714-827-5794 to make a free consulation with Erin

Erin Nelsen, CFP^®is a fee-only fiducary Financial Advisor that manages portfolios & conducts hourly financial planning for Asset Planning. Erin holds the CERTIFIED FINANCIAL PLANNER ™ & Registered Investment Advisor Representative professional designations. Erin has expertise in various financial planning areas such as investments, taxes, estate divisions, public and private pension options, Social Security, real estate, insurance analysis, recent widow planning, and many other complex financial issues that arise. Erin has been with Asset Planning since April 2007. Erin is thankful to have found her perfect forever firm. Asset Planning holds a high standard of care for both its clients and staff, and everyone is truly valued as family.

An Orange County native, Erin earned her Bachelor of Arts in Business Administration with a concentration in Finance from Cal State Fullerton. Erin completed the Personal Financial Program at CSUF. Erin is an active member of the Orange County Financial Planning Association and has been a volunteer teacher of personal finance to elementary kids through the community outreach program Junior Achievement.

Erin Nelsen is a Fee-Only Financial Advisor and a member of NAPFA, the largest Fee-Only Network Financial Planners. Fee-Only means Erin is only compensated directly by her clients & does not sell products nor accept commissions for the investments she recommends. Erin is proud to have built her career solely on the independent Fee-Only side of the Wealth Management industry. Erin is among an elite group of Financial Advisors held to the Fiduciary Standard. As a Fiduciary, she is required to put a client's interest above her own. Ethical, appropriate, & skilled professional care is our solid promise to all clients.

When Erin is not at the job she loves, she is busy tending to her garden, caring for her family, attending concerts, traveling, floating in her pool, or scouting out new restaurants to try with her husband/college sweetheart of 18 years. Erin's household is blessed with a son, daughter (both in college), two nephews (orphaned), a Sheltie dog, & two royal cats that rule her household.

10 Money Saving Tips That Can Really Help Your Bottom Line

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Erin Nelsen, CFP®

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