Easy Tips to Save Money Without Missing it
With the society we live in today, many consumers have fallen into the habit of immediate shopping gratification. If we see something we want, we buy it. It is easy to Overspend and lower the amount of funds available to stash back for the future.
Here are some easy ways to save money.
Create a budget.
Stick to it.
Round up on bills charging interest.
Stash some cash in your checkbook.
As jobs are diminishing, a greater need for a financial safety net exists. While the prices of products increase, budgeting becomes even more important.
Begin making a budget by calculating the amount of funds coming in each month. Make a list of all bills and expenses. Remember to include an allotment of cash for entertainment. Don’t forget to list things like money for the kid’s lunches, gas for the car, and money for occasional expenses like a birthday gift or oil change.
Compare the money coming in with the cash going out. If the figures don’t match up, try to eliminate some of the nonessential items. Do this until the budget is reasonable and realistic within your means.
Now that you have created your budget, stick to it. This will help save money right from the start! Trying to avoid that compulsive purchase is one of the best ways to stay within one’s budget. Making a list of the items you need is a terrific idea. When going to the store, write down the products you will buy and do not stray from the list. You will come home with what you need. Watch the savings on your receipt when you total up your bill after trying this trick.
When paying your bills, be certain to pay them on time. Always allow enough time for the check to go through the mail. If making an online payment, do check how long it takes for your payment to post to your account. This will avoid any late fees.
If your budget will allow it, round up your payments to the nearest ten dollars. This is especially helpful for bills charging interest. For example, if you owe a minimum payment of $16 to your MasterCard, each month round the payment up to $20. You probably won’t miss the four dollars a month, but you will miss out on paying interest on the extra amount. This will automatically save you money in interest, as well as, lower your balance even more quickly than if you had simply stuck to the minimum payment that was required.
When writing checks from your checkbook, always try rounding up the change to the nearest whole dollar when you record the amount in your ledger. For example, you spend $76.42 at Kroger this week for groceries. When you write the check to the store, make the check out for the amount due. When you record the amount in your ledger, subtract $77.00. You have just saved yourself $.58. This may not seem like a great amount, but it will add up. Doing this trick at home saved my family nearly $400.00 in about a year!
Also, round down to the nearest dollar when recording the money coming in. An example of this would be to record a paycheck deposit of $387.76 as $387.00. This will save you 76 cents, not to mention, this method makes the math for your checkbook simple and easy.
Another way to save a little at a time, is to place the change from your pocket into a container at the end of everyday. You may be surprised how quickly you will have rolls of coins to deposit into your savings account.
If you are the type of person to purchase a soda from the pop machine at work, you may want to think about bringing one from home. Use an insulated lunch bag with a frozen ice pack to keep them cool. This can save you up to $15 a month.
It takes very little effort on your part to save a little when you use these simple and effective ideas. As you watch how your savings begins to grow, you will be motivated to save even more.
