People often get frustrated with personal finances because they try to fix every issue as quickly as possible. It is better to take small steps that you can actually stick with forever instead of trying to create the perfect financial plan right away.
For example, you could start by trying to save $50 per month. This might not seem like a lot at first, but the amount can add up if you stick with it month after month. Also, if you are successful with the $50 effort, you can use the same strategies to increase your savings over time: to $60 per month, and then $75, then $100, and so on…
Here are some ideas to get you started on the first step: saving $50 per month.
Use coupons and wait for sales
One way to lower your spending is to list things that you buy regularly and then find a way to get them for cheaper. For example, you could use coupons to lower your food bill. You may not be able to find coupons for the same products each time you shop, but perhaps you can have a goal of saving $5 per week using coupons or sales. This adds up to $20 per month, and once you get good at the process, you may be able to save more.
Bring your own lunch or make your own coffee
If you visit a coffee shop or go out for lunch regularly during work, you could save $50 per month easily. Even if you eat fast food at lunch once or twice per week, you can save by making food at home and bringing it with you. That is at the absolute least $20-$40 in savings each month. The same idea could apply to getting your coffee from a shop instead of making it at home.
Cut your cell phone bill
You need a cell phone, but you can cut costs by signing up for a cheaper monthly plan or getting a prepaid plan. The easiest way to make this work is to cut back or cut out data usage (checking email, watching videos or using social media). You can still perform these tasks, but you should only do so when your phone is connected to Wi-Fi (at work, at home or at free hotspots).
Lower entertainment costs
If you belong to a video streaming service or use cable TV, consider dropping these services. This can cut at least $10 per month out of your bill. Broadcast TV and free streaming services (supported by commercials) are available so you do not have to give up entertainment altogether.
Unexpected expenses can make saving even a small amount seem impossible. If you are confronted with this, try getting an online personal loan instead of giving up on your $50 savings goals. These loans can be approved in a few hours, and you can then pay them off when your next paycheck arrives.