Page 51 - August 2016 Newsletter

10-4: 10 tips 4 saving
n BY ELIZABETH BERGER
Nothing beats partnering with a responsible financial institution and established advisors to help you realize short and long-term goals. However, the work starts with you, and it is your primary job to procure the most funds you can in order for your money to grow and work for you.
While earning money is seemingly your most import- ant task, it is on par with your ability to save as much as you can in order for your entrusted financial team to ex- pand its worth and “keep you in business.”
Accordingly, the following are several simple DIY mon- ey-saving strategies that even the most novice budgeter can accomplish. By tackling these easy-to-follow tips, you will be amazed at how quickly that jar of pennies fills to the brim for you to invest and spend!
Cut your budget by 5 percent
While even a 5-percent dip in spending money might seem daunting at first, it is sure to pay dividends in the end. First, tally your total expenditures from the previous 12 months, deduct 5 percent from the bottom line and di- vide by 12; the remaining number is your new monthly budget.
Second, review your expenses from the previous bal- ance, circle your top five purchase categories and cut that number in half. For example, if you averaged 10 restau- rant outings per week, budget for only five and cook more often; if you buy only organic produce and cannot go
without, shop for deals with other grocers.
Invest in Acorns, the free online saving and investing tool
Acorns (www.acorns.com) is a solid saving and invest- ment tool. By linking your credit/debit cards to the pro- gram, Acorns allows you to set up recurring daily, weekly or monthly card deductions to be immediately invested in a diversified portfolio; and “round up” each purchase for Acorns to invest your change (a $16.20 purchase is rounded up to $17, with Acorns investing the remaining $0.80).
See it all and save with Mint: Money manager, budget and personal finance
Another valuable app is Mint (www.mint.com), devel- oped by the people behind QuickBooks and Quicken. Designed to help you spend smarter and save more, Mint pulls all your accounts, credit/debit cards and invest- ments into one place. It allows you to easily track pur- chase habits, create and alter budgets, set up bill remind- ers and receive custom tips for saving.
Keep a gift closet
Keep a gift closet and stock it with items you find on sale during the year. This way you won’t scramble – or overspend – for host/hostess gifts or surprise reciproca- tion holiday presents.
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50 CHICAGO LODGE 7 ■ AUGUST 2016