Basic Strategies For Saving More Money Monthly
Saving money has a number of benefits. It allows you to have money for the things that you love such as vacations. You will also have money for emergencies, retirement, houses and cars. If you have trouble saving money, then there are several things that you can do in order to make it easier.
Cut the Cable
If you have cable, then getting rid of it is one of the easiest things that you can do to save money. The average cable bill is around $110 per month. There are much cheaper entertainment options out there today. You can get an Amazon firestick. You can also take advantage of streaming services such as Netflix, Hulu and YouTube TV.
Lower Your Insurance Bill
Insurance is one of the things that you need to have for yourself and family. However, if you are paying too much for insurance, then there are several ways that you can reduce your premium. For example, if you are a low-mileage driver, then you can reduce your car insurance premium. You can save money on your renters or home insurance by raising your deductible. Additionally, it is a good idea to shop around and compare insurance premiums in order to get the best deal on your health insurance.
Use Your Credit Card
You may have been told that using your credit card is a bad thing. However, if you use your credit card responsibly, then it can help you save money. Most credit cards have reward programs. You can earn cashback for making a certain number of purchases. You can put the money that you earn from your cashback into a savings account.
Make Your Home More Energy-Efficient
Your utility bills are likely one of your biggest expenses. If you make your home more energy efficient, then you will be able to save a lot of money. You can start saving money by switching to LED light bulbs. LED light bulbs use 90 percent less energy than standard light bulbs. LED light bulbs are more expensive than other light bulbs, but they can help you cut your energy bill in half.
Take Your Lunch to Work
Eating out can get expensive. That is why it is a good idea to take your lunch to work. Here is an example of how much money you can save by taking your lunch to work. You eat lunch five days a week. You normally spend $10 per day on food. This is $50 per week. You will automatically be able to save $200 per month. This will add up to $2,400 per year.
Set Up Automatic Transfers
You should set up automatic transfers from your checking account to savings account. This will allow you to save money without even thinking about it. You can have your account set to where money is automatically transferred to your savings account every time that you get paid.
Think Before You Purchase
Many of us are impulse shoppers. This is an easy way to end up spending money unnecessarily. That is why it is important to think before you make a purchase. If you do not need something right away, then you should wait 30 days before buying it. You may find that you do not need it.
Buy Used Items
There is a stigma associated with buying anything used. However, there is nothing wrong with used items. In fact, you can buy used items that are just as good as new items. They are also a lot cheaper. You can find clothing and other items at thrift stores, flea markets and yard sales.