Want To Save $50,000 Fast ?

When it comes to making ends meet and saving, people often think they need to have more money.  However, making more money is often not the only option or the easiest.
If we simply changed our thinking in a couple of areas of our lives the task becomes quite easy: Start by cutting just one big ticket item.

I recently read an article about a couple that decided, even though they could afford it,  not to  buy new cars.  In the past they upgraded every three to four years to luxury models that cost them around $700 per month. As their family increased in size with the addition of a new baby they decided to  simply pay off the balance on their four year old cars and continued to drive them rather than borrow to buy a new ones.

The saving of $700 per month allowed them to rapidly begin to build up a nice saving account which didn’t require them to sacrifice anything else. They instantly had more money! And then there was a major set back. One of their cars was totaled in an accident. Again, rather than borrow to buy a new car they used the money received from their insurance company to purchase the same type four year old vehicle for $15,000. It was the first time they had purchased a used car but they were pleased with their savings.

They were so encouraged by the rapid build up of their rainy day account that they began to look for other areas where they could make changes. They refinanced their house for a total savings of $300 per month, cancelled their lawn service, and dropped premium cable for a Netflix subscription. The changes they made allowed them to set a target of saving $50,000 in four years in addition to having money to splurge on things they wanted and could now buy for cash.

Not everyone is willing to go to the lengths this family did but it illustrates what can be done once you become creative. Trying to make more money is always our “go-to” option, when a simple look around and cutting one big ticket item out of your budget can instantly provide extra money without a great deal of strain. Start small with just one significant item and I can almost guarantee you that once you see how much this saves, you too will start looking at other things you might want to change.