How many times have you just gotten paid, only to find days later that you're nearly out of cash? No one likes living paycheck to paycheck, but with soaring unemployment rates, more and more Americans are finding themselves strapped for cash. Homeowners that were once thriving are now reintroduced to the rental market and enlisting the help of Las Vegas property managers after losing their homes to underwater mortgages. Some are even contemplating moving back in with their parents just to get by. But before you write home to the folks and pack your bags, here are three tips to help you save money and hopefully prevent you from moving back in with your parents.
Stop, the cash you save may be your own!
We all know the old adage, a penny saved is a penny earned. But how many of us are actually doing this? It may seem impossible to save when your bills have you stretched so tight you can barely breathe. Luckily there are many options to make stashing cash possible. Las Vegas property managers say you don't actually have to save huge lump sums. Even just 5% of your monthly income or left over change from your purchases will add up in time. Did you know putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund? Look into opening a high yield savings account and set up automatic withdrawals. Transferring money from these types of accounts can sometimes take up to three business days, so it really gives you time to think before siphoning money out for unnecessary expenses and cuts back on impulse spending.
Trim your rent
Whether you're renting from a landlord or a Las Vegas property manager, trimming your rent is a great way to save. You may be able to negotiate with your current landlord, as long as you've been an outstanding tenant. Make your payments on time, keep your place in good shape, and don't be a jerk to your neighbors. Good tenants are difficult to find and most property managers realize that and may be willing to lower your rent. Then you can put the money you're shaving off into a savings every month or towards paying down a high interest debt that's draining your funds.
Do you really need the newest IPhone? Is it really necessary to have 900+ channels? How much is that daily Starbucks latte really costing you? We may think our everyday expenses are necessities, but you'd be surprised to learn how much you don't really need. Las Vegas property management companies recommend downgrading and cutting back wherever possible to cut costs. That means doing things like ditching cable, scaling back your cellphone plan, and shopping around for cheaper insurance rates across the board. Sure you may have to make your coffee at home or get into extreme couponing, but it's a heck of a lot better than moving back in with your parents just because you HAD to support your costly habits.
Let's face it. Living expenses are rising and salaries are falling, so making smart financial choices is important now more than ever. Don't let lack of knowledge be the reason you're sleeping on your parents couch instead of a Las Vegas property management home!