Don’t we all just love the thought of having money saved? Money that we can quickly tap into in times of crises or need? In these times, where the economies up and downs have us in constant inner turmoil, everyone is looking for ways to save money.
If you’ve been working for many years but still have nothing saved, or you can’t breathe because of fear for what might happen come rent payment time, then rest assured as you are not entirely alone. Read our 9 ways on how you can save money.
In This Post:
1. Stop Wasting Money and Organize
It is not necessary to buy everything you see with your eyes or feel a desire to possess. Those dollars that you spend so carelessly on unnecessary clothing or expensive vacations is money that can be put away as savings.
A great way to get all your ducks in a row is to prioritize and plan how you spend your money. This will give you a clearer picture about your financial state. As a starter write down everything you spend money on. Is it the daily newspaper, extravagant food and entertainment, or monthly pampering? Whatever it is cut down and let it go.
2. Adopt a One Credit Card Policy
Having a plethora of credit cards is going to turn your life into a living nightmare. You will be bombarded with different accounts for each card. Each having it’s own set of rules, different interest rates to pay, and different dates to make sure the account is paid on. A complete pain in the neck.
It is also a sure way for you to lose money, as interest rates that are as high as Mount Everest can keep you groveling in your impoverished state, not to mention the overdraft fees you’ll likely accrue. It is time to snip those money eating credit cards.
3. Eliminate Your Debt As Soon As Possible
Work out a plan to reduce your debt as soon as possible. Reducing your debt will allow you to put more money away into your saving funnel. All the money that you are able to safe off of your unnecessary expenses, should go into eliminating your debt.
4. Safe Through A High-Yield Savings Account
The local banks are making so much money from a normal savings account, that it does not actually help much in terms of saving money. You probably make less money on your savings account, than the money you spend to pay off hidden fees anyway. Open a high-yield savings account. Although they are not as accessible, these accounts yield a much higher interest rate on your savings.
5. Don’t Spend Your $5 Bills
This tip is absolutely golden, as it helps you physically see money that you are saving. Whenever you get back a $5 bill from the grocery store or wherever else, don’t use it. Simply put it in a jar, preferably a glass jar. Seeing all of that money piling up in that jar will help boost your morale and spur you on to save even more.
6. Eat at Home, Period
It is much cheaper to prepare food at home for breakfast, lunch or dinner than to eat out. Therefore, make it a rule to always eat at home. You can easily safe over $700 every month, by eliminating all those extra eating expenses. Not to mention the tips, parking fees and everything else you must pay just to enjoy the meal.
Check your bank statements, you’d probably keel over if you knew how much you spend on restaurants and such every month.
7. Buying Used Is Not as Bad
The only thing that will suffer from buying used products is probably your ego. You can find decent to brand-new products in the used section. All you must do is wade through to find what you need. Most libraries are stocked with new books on any subject under the sun.
If used still make you cringe then find the best deals online. You’d be surprised how much you can safe online. Some of the best deals are to be found at online shops that sell we are top 10 deals.
8. Ride the Uber or Carpool
Want to save money on gas? Carpool to work or wherever else you need to be, or use the Uber. Both ways will save you much needed money. Apart from saving money, using alternate transportation gives you time to sit back, relax and plan ways in which you can cut on more expenses in order to save.
9. Have a Long-Term Plan in Mind
Planning out your money matters for long-term benefits is wise. Therefore, sit down and brainstorm how you are going to accomplish your long-term financial goals now. This will contribute to keeping you motivated and on track.