Even on a budget, financial experts say you can still save - KAIT Jonesboro, AR - Region 8 News, weather, sports

Even on a budget, financial experts say you can still save

By Lauren Payne - bio | email feedback

JONESBORO, ARKANSAS (KAIT) - After  paying that stack of bills and feeding your family, you may think there's nothing left at the end of the month to put towards savings, a nest egg, but financial specialist, Garry Patterson, says think again.

"Almost every area of the budget can be reduced," said Patterson.

Patterson says start with examining every single cent going out, because you'll likely find a way to keep more money in.

"Maybe I don't need those extra channels on the television or the extra texting on the cell phone," said Patterson.

If you are rebuilding your financial situation and want to start saving, Patterson says, get organized.


"Call it a budget, call it a spending plan, but get a plan, decide ahead of time, with other members of the household, how much are we going to allow for certain areas of expenses and stick to that plan," said Patterson.

Patterson reminds people, you don't have to put back a huge sum of money.  He says every little bit helps.

"Before long in 5 or 10 years, you look back and you think I didn't even miss that money and now I've got quite a bit of money saved up and at that point it can even encourage you to up your savings," said Patterson.

Saving money doesn't necessarily mean you have to give up everything you enjoy, like eating out or stopping for that morning coffee. Patterson says if you do want to continue enjoying little luxuries, find where you can save elsewhere, and put that money back for a time when you need it most.

"It's not about suffering.   A good budget will help put money in your pocket and help you get the things you want," said Patterson.

If you are looking for other potential ways to save, Garry Patterson says ask yourself if you're paying for more house than you need?  In addition, look at ways to save on your utilities.

Use coupons and a list when going to the store--and try to cut down on those daily store runs. Patterson adds one of the first steps in saving money is realizing the importance of saving--knowing you will eventually need to use that money whether it's for retirement or unexpected events.  

Copyright 2011 KAIT. All rights reserved.

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