TROY — Millions of Americans are trying to save money, but don’t know where to start.
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Budgeting may sound restrictive or hard to achieve if you’re living paycheck to paycheck.
Rob Burnette, the CEO and Investment Advisor Representative of Outlook Financial Center in Troy said budgeting starts with a plan.
“The spending plan gives you permission to spend money on things you want to go do but provides boundaries for you,” Burnette said.
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To start saving, Burnette said you need to evaluate what you’re spending your money on and find solutions. To save a few thousand a year, begin bringing your lunch to work instead of buying.
But if you’re going to the grocery store to stock up, be sure you don’t go hungry. As reported on News Center 7 at 5:30, a recent poll found shoppers spend an extra $26 when their stomach is running on empty.
Taking a closer look at your subscriptions is another way to start saving fast.
“I’ve had people come in – we do this kind of work with them. And they’ll say, ‘I haven’t used that in two years.’ Well, you’ve been paying $19.99 a month for the last two years for something you’re not using,” Burnette said.
Looking for small ways to make cutbacks in spending can amount to greater savings in the future without drastically changing your lifestyle.
“Without making it a change to your lifestyle because nobody wants to do that. You can have the same things and have more money at the end of the day,” Burnette said.
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