Who doesn’t want to save money? Here are ten money-saving tips that may make it easier than you think to save.
1. Automatic Transfer
Set up an automatic transfer from your checking account to your savings account. You can start with a small amount and gradually increase t if you would like. You can set this up to transfer an amount from each paycheck or a certain amount each month.
If you get a raise, put that extra money from your raise into your savings account. Many of us look forward to a raise because you know you’ll be getting more money with each paycheck. Instead of using that extra money, continue to live as you have before the raise. Put that extra money into a savings account and watch it add up.
3. Loose Change
Saving all your loose change and cashing it in every month. This is such an easy task, but few people think of doing it. Every evening you can empty your pockets and put it in a jar or some type of container and at the end of the month, cash it in and deposit it into your savings. You can even make this into a family thing. Ask your kids to join in with you. Set up jars with each person’s name on it and let them fill their jar while you fill yours. You can teach them the value of money in a fun way and save money yourself by having them spend their own money on things they want.
4. More accounts
Have more than just a saving and checking account. Perhaps having a rainy-day account, vacation account, or any type of account that is specified for what you’re saving for. When you have a goal that you’re working towards, it can make it easier and more exciting to save. The closer you see yourself getting to that goal, the more you want to achieve it.
5. Meal Plan
Create a meal plan and cook more at home. Creating a meal plan is a great way to save money and take away the guess work when it comes to your meals. By knowing what you’re going to cook, you can do your shopping accordingly. This will reduce the chance of having to throw away food that’s gone bad or spending money on food that is not needed. Creating a meal plan also helps you to cook at home and save money that would be spent eating out.
6. Generic Brands
Buying generic brands is another great way of saving money. Many people are all about name brands but there are so many generic brands that are just as good as the others. When doing this for food, you can simply compare ingredients. You’ll find that many of the ingredients are the same and have similar taste.
Making sure you have good credit. When thinking of your credit, you may not think of good credit as being a way to save money, but it is actually a great way. The higher your credit score, the better deal you can get when applying for money which will ultimately save you money in the long run.
If you are eligible, you may want to look into refinancing to get a better deal. Maybe your credit wasn’t the best when you applied for a loan but since you’ve been making your payments on time and working to build your credit, you may now be able to get a better interest rate on money you’re already paying back. With a lower interest rate, you’ll be saving money over the lifetime of the loan.
9. Public Transit
Public transit may not be the best way of saving money right now but once things start getting back to normal, it is a great way to save money. You can get to whatever destination you’d like without having to worry about paying for gas or maintenance on your car.
10. Life insurance
Buying life insurance is not something you think about as much when you are young, but this can save you money in the long run. When you are young, you have a better chance of getting a lower premium. Not only that, but you’ll be covered if anything were to unexpectedly happen to you.
Many of these tips are simple and you may have heard of them so why not try? Perhaps start with one and go from there. Happy savings!
This article was written by Nicole, an intern at Irish Mortgage Brokers and Yes.ie from the USA