Dinners on a budget, using no-frills home brand products and skipping small little splurges here and there may seem like the only real way to save money. But there are more refined tricks and life hacks that could easily save you a buck or two. Here are a few tips from The Simple Dollar that could help you sustain your finances and give you a lot more security.
Give yourself a goal
Setting yourself a goal can be the most challenging and rewarding ways to save money. Identify your purpose, why do you want to save money? What are you working towards? Are you saving up for a goal, a house, a holiday trip or an expensive pair of shoes? Give yourself a number and calculate between your salary and how much you’ll need to divide and set aside in order for you to reach your goal.
Keep track of your spendings
It’s not always easy to remember where all of your money is going. Keeping record of your spendings can help you track your patterns and bad habits in order for you to reduce excess costs and keep you spending on the right things.
Move bank accounts to take advantage of perks and earn more interest
According to The Simple Dollar, “if you’re paying a monthly fee for your checking or savings account, you would benefit from researching some of newest banking offers out there. Not only do some banks offer sign-up bonuses simply for opening an account and setting up direct deposit, but some offer attractive interest rates to new customers as well.
It’s true that interest rates are not what they once were, but it’s still worth a look. Some of the best free checking accounts and best savings accounts can be found online. Here’s a guide on how to make that switch.”
Sell your goods
If you own any high quality products that are of value and not in use, it’s always a good idea to sell it to someone in need. This rewarding trade can help you earn a few extra dollars whilst also freeing up your home space for more important things. Consider selling your items on online platforms such as gumtree.com.au
Sign up for every free customer rewards program you can.
The Simple Dollar suggests that, “no matter where you live, you’ll find plenty of retailers who are willing to reward you for shopping at their store. Here’s the basic game plan for maximizing these programs: create a Gmail or Yahoo address just for these mailings, collect every card you can, and then check that account for extra coupons whenever you’re ready to shop. You can add to those rewards and discounts by using rewards credit cards to earn points on purchases at a wide range of stores that can be redeemed for cash back or other benefits.”
The 30-day rule.
The most important rules of personal finance is waiting 30 days before deciding to make a purchase. According to The Simple Dollar, “After a month has passed, you’ll find that the urge to buy has passed as well, and you’ll have saved yourself some money simply by waiting. If you’re on the fence about a purchase anyway, waiting a while can give you a better perspective on whether it’s truly worth the money.”
Avoid convenience foods and fast food.
As well as eating healthier, avoiding packaged frozen foods, takeaway or fast food can save you a lot of money as fast food items tend to cost a lot more whilst feeding you less.