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9 practical steps to make saving sustainable.

Submitted by Tim McDavitt MBA, Senior Investment Strategist

I always love to save money—don’t we all? Especially in this economic uncertainty, many of us are looking for ways to save money long-term and retire well. Let’s review nine basic ways to save money long-term.

1. Don’t waste your money.

Every dollar you waste on something you don’t need (like cable or new clothes or a bigger TV) is a dollar you cannot save for your future. Cancel your extra monthly subscriptions and anything else that you no longer need. Run outside instead of paying for a gym membership.

2. Plan and have a savings goal for the future.

Make a plan to save money for your retirement. Having a written plan is the first and most important step to long-term financial success.

3. Become debt-free as soon as possible!

Paying off your debt is essential to being able to start saving money long-term. How can you save money if you’re constantly paying for credit card bills, a new car, a bigger house, or old student loan debt?

4. Eat all of your meals at home.

Instead of eating breakfast, lunch, and dinner out at restaurants, commit to eating all of your meals at home every day. Look at your current bank statements and calculate how much you spend on eating out at restaurants each month. You might be surprised at how much you are really spending! Eating at home will likely save you around $500 per month if you are currently eating out daily.

Pretty straightforward, but all individually powerful in helping you reach your goals. I hope you enjoyed these and find a way to use them for your benefit! If you’d had success using any of these methods, let us know!

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