10 Pieces of Financial Advice to Stop Spending and Start Saving

Vacations, fairs, summer holiday appliance sales and more. There always seems to be perfectly legitimate reasons to spend money in the summer time. Instead of plotting your next purchase while you’re laying by the pool this weekend, consider taking these 10 pieces of fundamentally-awesome financial advice:

1. Get familiar with your finances. Why even consider taking financial advice if you have no idea about your finances? Begin to understand how much money you’ve got coming in and going out. Try to categorize where it is going, so you’ll know the areas where you may be able to start saving.

2. Set and prioritize goals. You’ve heard it countless times, but have you actually done it? Start out with a small goal of saving “X” amount of dollars each pay period. Once you’re comfortably hitting the mark time and time again, set another goal and go get it!

3, Have a plan. Without one, reaching even the smallest goals may seem impossible. Want to save “X” amount of dollars during each pay period? Have that amount taken directly out of your pay. You can’t spend what you don’t see!   

4. Reward your progress. What fun is setting and reaching goals without a few rewards? Saving money is hard work and it is OK to recognize your saving success by making a purchase that you’ve been eyeing while you save. Of course, you’re not going to do this all the time, but when you hit a savings milestone, it is OK to celebrate success!

5. Invest with a purpose. Do some research on companies that you’re interested in to make sure they’re on the right track to make you some money. Once you find out that they are, wait for the right time to buy stock. As with any purchase, look for lower prices on the stocks you’re interested in.

6. Live on one income. This may be the best financial advice out there. If you and your spouse are able to save an entire income, you’ll be setting yourself up for great financial success. The earlier you can do this in life, the more financial options you’ll be giving yourself in the future.

7. Buy your next car with cash. If you think this seems impossible, just think about the financial possibilities you’d have without a car payment. Talk about living within your means. Make sure you’ve got enough cash to cover your next car purchase and you can say goodbye to that monthly payment!

8. Donate to charity. Think you’ll be financially strapped if you follow all of these tips? We’ve never met anyone who has regretted sharing their personal wealth with others who may need it a little more. So, aim for good karma, find an organization you believe in and donate to charity this summer.

9. Make one extra mortgage payment each year. This could seem like a big financial burden, but if you’re able to lump on even one additional mortgage payment every year, you’ll be doing yourself a huge financial favor and paying less to pay off your home a little sooner!

10. Never take a job solely for money. Don’t take this advice the wrong way. If you’ve found a new job that also happens to include great pay, take it! But, don’t just move on to a new job because it will pay you more money. There is a lot to be said about doing a job that you love. It may not even seem like work!

Ready to follow the path to financial success? Put these 10 tips to work for you today!

This post is sponsored by PA Preferred Mortgage:

Pennsylvania Preferred Mortgage is a full service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com.