Learn the Top 10 ways to save money
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#1 Save Automatically
Setting up automatic savings is the easiest and most effective way to save, and it puts extra cash out of sight and out of mind.
Automatic savings means you have a process in place to save at regular intervals, whether that’s monthly, weekly, or daily.
Instruct your employer to direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both).
Traditionally, you can set this up using your employer’s direct deposit, ask your HR representative for more details and set this up today.
#2 Start Small, Think Big
The truth is, people save more successfully when they set a short-term goal.
For instance, committing to saving $20 a week or a month for 6 months is much more attainable that setting a goal to save $500 a month for a year.
Once you reach the short-term goal, you’ll have created a habit of saving you can be proud of! You’ll be able to keep going strong with a new goal.
#3 Save Your Coins
Putting aside just 50¢ a day over a year will get you almost halfway to an emergency fund.
Check with your bank or credit union, and research apps that offer programs that round your purchases up to the nearest dollar and put the difference into a separate savings account.
#4 Use The 24 Hour Rule
Avoid purchasing expensive or unnecessary items on impulse with a self-imposed 24-hour rule.
For any non-essential item, wait 24 hours before purchasing.
It’s perfect for online shopping where your items can simply be added to your cart to purchase later.
#5 Calculate Purchases By Hours Worked
This mental math tactic really helps you to save money like a pro.
Take the amount of the item you want to purchase and divide it by your hourly wage.
For example, if you’re considering a $50 pair of shoes and you make $10 an hour, ask yourself if those shoes are worth working for five hours.
Sometimes they are, sometimes they won’t be
#6 Commit To Eating Out One Less Time Per Month
Save money without sacrificing your lifestyle.
Take small steps to reduce your dining budget.
Start off with reducing the amount you eat out by just once per month.
#7 Refinance Your Mortgage
Explore if you have the option to refinance your mortgage to a lower interest rate.
On a 15-year $100,000 fixed-rate mortgage, lowering the rate from 7 percent to 6.5 percent can save you more than $5,000 in interest charges over the life of the loan.
And, you will accumulate home equity more rapidly, thus increasing your ability to cover those pesky unexpected home repairs.
#8 Audit Your Home Energy Use
Ask your local electric or gas utility for a free or low-cost home energy audit.
The audit may reveal inexpensive ways to reduce home heating and cooling costs by hundreds of dollars a year.
Keep in mind that a payback period of less than three years, or even five years, usually will save you lots of money in the long-term.
#9 Save For Emergencies
Having an emergency savings account may be the most important difference between those who manage to stay afloat and those who are sinking financially.
In fact, low-income families with at least $500 in an emergency fund were better off financially than moderate-income families who saved less for emergencies.
Without an emergency savings, you may find the need to turn to high-cost credit cards or payday loans to cover the amount you owe.
Borrowing from these types of lenders could make it difficult for you to payback your debt and save successfully.
Start with an emergency fund goal of $500.
#10 Make A Plan
Use these strategies to help you get started saving:
Pay yourself first. List savings as a fixed item in your spending plan. You are l
