How to Save Money

Learning how to save money will help your monthly budget with extra cash. In other to achieve that result implement these simple steps towards improving your spending habits. The extra money can go towards your vacation, emergency fund, a fund for the future or set you debt-free. This guide can help you learn how to save money on everyday and monthly. It would also help you prioritize your expenses.

The guide on How to Save Money:

General:

Learn how to set a budget. If you don’t have the necessary patience to build one don’t be shy, ask for help. Apply the 50/30/20 devote 50% of your income to necessities, 30% to wants and 20% to savings. If that rule seems complex, you can take advantage of the saving canvas by edulers to build your budget.

Save money every day:

  • Coffee shop: If you are like millions of Americans and you need your coffee every day. You save money either by going to coffee shops that have a cash reward program with a major credit/debit card that gives you a certain percentage of cash back or helps you save money after each purchase. For example Bank of America with Starbucks give you cash back after each purchase and you can redeem the money when it reaches a threshold of $30.
  • Grow your own food: Growing some of your food will save you a lot of money and will provide you with endless supplies of vegetables daily. At least the common veggies you use to cook with. In addition before going shopping check your pantry and make a grocery list, use coupons and loyalty programs to maximize your savings as you shop.
  • Limit food intakes at restaurants: Your social life doesn’t have to suffer for you to save money. Eating out every day will deal a major blow to your bank account, but you can still dine out and stick to your budget. Limit your food intake or share food bills with your companion.
  • Use dollar bills: This might be one of the most restrictive measures. But it can go a long way to help you save. Make a daily budget and take the corresponding cash for your daily expenses.
  • Make your own food: The amount of money you will save per day from avoiding having lunch at your office.
  • Drink water: Stick to water and you will save a good amount of money.

Save money every week:

  • Join a saving circle: people come together to help each other achieve their savings goals. Maybe you are saving for college, to buy a house or simply to improve your financial health. The concept is old and it has proven to be very successful.
  • Group shopping: Take advantage of your connections and go shopping together. Group grocery shopping, for example, will cut down your grocery budget by at least 10%. Or you can go online with sites like www.groupon.com
  • Join membership retailers: Some retailers will give you unbeatable prices on the products they carry. In some cases, their assortments are so deep that you will find pretty much excellent deals all over. In that category, we can classify wholesale retailers like Costco.
  • Take public transportation: If you live in an area well served by public transportation take advantage. It would go a long way to save you money and energy. Imagine avoiding all the stress resulting from driving back and forth every day. While on commute you can leverage the time to work on your current project, read, meditate or reflect.

Save money every month:

  • Cancel unnecessary subscriptions. That’ll help cross at least a few recurring charges off your monthly bill.
  • Bundle cable and internet: You could save at least a couple of dollars every month by changing your cable package or even the provider.
  •  Lower your cell phone plan: For starters, you may not need insurance. Removing it from your plan could save you nearly $100 per year, per line. Remove also all the addon on your plan. Also, reduce the data limit if you don’t do streaming and others. Use wifi at work, at home or in coffee shops.
  • Lower your car bill: from refinancing your car payment to change your insurance bill. They are many options available. You can trade-in your car for cheaper options, you might eventually end up with extra cash.
  • Lower your rent: Look around you, and explore if there is anything you can do to your landlord in exchange for a rent reduction such as taking out the barrel or helping with getting a new tenant to occupy vacant accommodations. Either way, this obviously applies when you are in direct talk with your landlord.
  • Avoid bank overdraft and late fees: it estimated that American pay an alarming amount of money every month on overdraft fees.
  • Limit the use of check: In some banks, checkbooks are not free

Ultimately, you will address a fundamental question. To put yourself in saving mode, you will need to put in a lot of efforts. We all know people around us who claim they are broke or need more money but still find themselves using expensive phones, dealing with a cable bill of hundreds of dollars every month, take vacations every month or eating out every day. In essence, a mindset shift should be at the centered of your effort.

Finally, your environment plays an important role, the people you hang out with. Are they powering you towards achieving your saving goal? Or instead, are they dragging you down?

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