Small Steps to Health and Wealth Newsletter

Use “The Power of 10” to take small steps to improve finances. It could be reflective of saving 10% of your gross income or reducing debt by $10 a week. Consider saving $1 a day, plus pocket change, in a can or jar by reducing daily expenses by $1. You should be able to save about $50 a month or $600 in a year. Increase the daily savings amount to $2, plus loose change, and you’ll have over $1,000 in savings. Another idea is to try to reduce flexible expenses such as entertainment or clothing purchases by 10 percent. Then, take the money saved and apply to credit card debt with high interest rates or put into a savings account. Financial decisions affect the whole family so make the changes as a family, regardless of age. Discuss the need to change spending priorities in order to begin saving. Here are some suggestions: 1. Before making purchases above a certain dollar amount, discuss the potential purchase with other family members. 2. Team up with a relative, friend or neighbor to save money....buy in bulk and divide the product. 3. Control impulse buying. Before buying anything, ask yourself and your family: "Is this purchase absolutely necessary? Can we live without it for now?"


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