10 Finance Tips for Better Savings in 2018



You may want to start saving money in 2018, but you may not know where or how to start. With these 10 finance tips and self-control, you can start saving money for the future.


1. Record Your Expenses
The first thing you'll want to do is record your expenses. You'll want to keep track of every penny you spend. Once you have recorded your expenses, you'll want to organize the expenses using categories. For example, these categories may include gas, food and bills. Don't forget to use your credit card and bank statements to help with recording your expenses.

2. Budget
Once you have recorded your expenses, you'll want to make a budget. You'll want to include your bills every month and the amount of money you plan on frivolously spending and saving. Try to save 10 to 15 percent of your income. If you aren't able to save that much, you may want to consider lowering your expenses. Think about what you need and don't need. You may be able to save money on dining out and entertainment.

3. What Do You Want to Save For?
Decide what you want to save money for. For example, you may want to save money for a down payment on a house or save money to go on vacation. After you determine what you want to save money for, you'll want to figure out how long it'll take.

Some short-term goals may be a vacation, an emergency fund or a down payment for a vehicle. It may take between one to three years to save money for short-term financial goals.

Some long-term goals may be for retirement, your child's education or a down payment on a house. It may take over four years to save money for long-term financial goals.


4. Consider Investment Accounts
If you want to save money for retirement or your child's education, you may want to consider placing that money in an investment account. Remember, an investment account can lose money, but you can also gain money.

5. Consider Getting a Better Bank Account
If your bank is charging you fees, you may want to find another bank to do business with.

6. Avoid Debt
If you use credit cards, now is the time to stop. Credit cards have interest rates, and some of them have annual fees. All of the money that you're spending each month to pay your credit card bills could be saved. If you have credit card debt, try to pay off the debt as soon as possible.

7. Transfer Debt
If you have a lot of debt, you'll want to transfer your debt to a credit card with lower interest rates. Keep in mind that if you don't pay off the credit card before the offer expires, you could pay higher interest fees than what you're paying now.

8. Compare Shopping Prices
Before you go shopping, you'll want to compare shopping prices. By comparing prices, you can save money on food, transportation and insurance.


9. Locate Affordable Gas
There are plenty of websites you can use to find affordable gas prices nearby.

10. Buy a Used Car
The average American spends $479 every month on their car payment. Your car payment shouldn't be more than 10 to 15 percent of your monthly income. You may want to consider buying a used car with cash or finding a car that can lower your monthly car payments.

Final Words
These tips can help you save money without stress. It may not be easy to save money if an appliance breaks or an emergency occurs, but there are ways to overcome these obstacles. You must think of ways to save money throughout your life even if you come across these obstacles.

About the Author
Hayden Stewart is a contributing author and media specialist for Financial Business Solutions. He regularly produces content-based financial, credit and business solutions that business’ and individuals face on a regular basis.
Annmarie John
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