Around half of Americans live paycheck to paycheck, making saving money seem impossible. Financial expert Suze Orman shares five tips on how to save, even in tight budgets. Orman advises cutting utility bills by 10%, redirecting hidden money in credit card statements to savings, and automating savings to start small and build up.
Orman suggests removing the word “can’t” from your vocabulary to find areas where money is being wasted. By asking yourself if purchases are wants or needs, you can free up cash to save. Orman stresses the importance of building an emergency fund covering eight to 12 months of expenses and living a life below your means but within your needs.
Start saving with what you can, automate contributions, and gradually increase savings as you find more hidden money in your budget. Orman emphasizes the importance of living below your means and within your needs to build a solid financial foundation.
Read more at Yahoo Finance: Living Paycheck to Paycheck? Try Suze Orman’s Top 5 Money-Saving Tips