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Stretch Your Dollar: How to cut back spending and set budget goals for 2020

Stretch Your Dollar

If you’re looking to save some extra cash this year, we’re stretching your dollar with tips on how to cut back on spending and set goals that you can actually achieve.

Most people know the value and benefit of making and sticking with a budget, but budgeting pros say there are a number of ways for people to make their budgets even stronger.

These tips come to us from the financial website The Motley Fool who recently put together a list of ways boost your budget.

The number one tip is to save for the short term. The savings is to avoid credit card debt, which if you rollover a balance from month to month can put a big squeeze on your cash flow.

The emergency cash is a way to pay off a surprise expense without resorting to using a card.

You’ll want to set goals as well. Look out one, five and even ten years and think about where you want to be financially.

Do you want to save for a new car, a home, or pay off student loans?

All things to consider as you set goals.

Save for the long term retirement and have a system — some way you can track spending.

Shop with cash is another popular method is to divvy up your money into envelopes for spending on categories like gas, food and clothes.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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