CONSIDERING MORE WAYS TO SAVE MONEY EVERYDAY
When things are tight and you are trying your best to save money and pay down debt watching every dollar is important. It is so easy to spend a few dollars here and a few there on various things without thinking it will affect much. Then you begin to realize later that even small amounts wasted can really add up, especially over a years time. When you buy a drink here, a movie there, lunch out, a few discounted items while shopping these all add up to way more than you may think.
1. Pay close attention to your bank account
Keep a close eye on your bank account. Know your balance and track it using an app like Balance my checkbook or mint . Realize that many expensive fees are assigned for bank overdrafts. Try your best to always avoid overdraft fees whenever possible because these can put you in a much worse financial mess.
2. Do not use credit cards or keep credit card usage to a minimum
Most of the time I avoid credit card usage based on past negative experiences. As a result of what I have learned I believe it is generally better to avoid credit card usage whenever possible. I do recognize they are necessary at times and if you use them wisely sometimes you can even earn a bit of cash back. If you have a card with no additional fees which earns cash back or rewards, this can be a good card to use in specific situations. If you utilize a credit card always make sure that you can pay the balance in full each month. This is important to help keep you out of debt and on the right path to financial freedom.
3. Shop around for the best deals do not just shop at one retailer
different retailers offer different options on brands and products and often very different savings on these same items. Take time when making a big purchase especially to not only shop around different physical stores but shop around online as well. You could find great savings on items you never expected by doing this and you could save far more than expected.
4. Wait on big purchases and put extra thought and research into them
Do not rush into large purchases but make sure to really give thought to whether the item is truly beneficial or necessary. If you determine after giving the item further consideration that it is either necessary or beneficial enough to invest your money in then by all means do it. Make sure though that you do it in the most budget friendly way and find the item with the most value.
5. Don’t be wasteful
Monitor your spending for ways you can cut back on waste whether it is grocery items purchased that go bad before using or subscriptions that you no longer use these are items you can eliminate wasteful spending on.
6. Do not try to keep up with the Joneses
seriously this is so common for people who see what others have and to try to attain the same status or material things. It is unhealthy behavior though that can easily lead to poor money management and regret.
7. Do not eat out all the time
whether it is on the go in drive thru’s or just ordering pizza you can easily blow through a lot of money eating out frequently. If you do not believe me just look at your expenses for the last month and see what I mean. How much of your earnings and extra money went to eating out or picking up convenience items on the go like snacks and beverages.
8. Don’t buy a brand new vehicle
I believe that the value of a brand new vehicle is typically not worth the price they are asking for it. Hear me out. I have discovered that the value decreases greatly on a brand new vehicle the moment that it leaves the dealership therefore decreasing your investment immediately after purchasing it. I suggest shopping used nearly new vehicles if you are in the market for a new vehicle and always buying not leasing so you will own the vehicle once.
9. Not having a savings account or emergency fund
I absolutely know this is hard when you are broke but it is so important. Do you know how helpful it is to have a cushion to fall back on in place of a credit card? When you have a savings account this money is there in case of emergencies that would typically be catastrophic without any savings. I have heard many people say pay yourself first and they are so right. Making sure you have this to fall back on is crucial in situations where you lose your income or when you need money quickly.
10. Don’t shop when you are hungry, bored or depressed
I give this advice for a simple reason because many people overspend based on these factors. If you are hungry you are far more susceptible to overspending on food items that look appetizing at that moment, you are basically thinking with your stomach. Depression and boredom can cause you to buy items you would not normally have bought because of your mood. I call this emotional spending and I advise against shopping at these times to decrease the likelihood that you will fall into this trap.
A few things to pay closer attention to in your budget
stop purchasing convenience items - stopping at the gas station for a drink during your workweek whether you do it only once a week or everyday, it can still be a budget killer. Instead carry a small cooler or lunch bag with reusable ice packs or ice in your vehicle for those occasions and keep a few beverage options on hand at all times. If it is coffee you stop for I encourage you to get in the habit of making yours at home and getting good travel mug to take on the go. If snacks are your weakness don't forget to keep some of these on hand in your vehicle or bag. This can save a lot of money over time because a bad habit even once a week adds up to a significant total over an entire year. Money that can be better used to pay bills, fund your savings, invested or used to pay down debt.
Make sure you are not paying more than necessary on gasoline - We can't control the price of gasoline. Right? You are absolutely correct but there are definitely somethings that you can do to cut costs here. You can try some apps out that can give you the best price in the area before heading out to fill up such as GasBuddy.com You can also make sure to use your discounts with Kroger fuel rewards, Meijer Mperks , Giant Eagle , Costco & Sam's club also offer discounted prices on fuel. Any of these choices can help stretch your budget on something you must frequently purchase and could be purchased at a better price.
Save money on your entertainment costs - Cut the cord and stop paying for cable and satellite costs. Start streaming using Amazon Prime with many free streaming options included with your Amazon Prime subscription. Netflix , Hulu, etc. Pick one streaming option or even a few as long as it still saves you money you were originally spending on cable or satellite costs.
Make an appointment to meet with a benefit advisor - Get good advice before selecting your health insurance options through your employer. If a benefit counselor is offered before you select your coverage I encourage you to meet with one and ask some questions about your health care situation and what may be best. Choose the most cost effective option for your personal healthcare situation. This will not be the same for everyone because each of us has different financial needs when it comes to our healthcare. Some require more extensive healthcare than others which can cost far more. In a lot of situations the cheapest plan is most likely not the best decision to save you money. Also pay attention throughout the year to possible money saving opportunities with your health insurance. If they advise that you can save on prescriptions using mail order or a specific pharmacy I encourage you to look into these options. If you can save money by participating in wellness activities, smoking cessation, weight loss programs or even by getting your yearly physical, these can be well worth considering as money saving opportunities. Keep in mind also that if you have an accident coverage, hospital indemnity plan or critical illness coverage these often have a wellness benefit as well. These wellness benefits pay out yearly upon completion of certain labs, tests and wellness visits with your physician. For more information on how these work check with your personal insurance carrier for more details.
Save money on infant costs - looking to save money with a child coming or already have an infant or toddler? These are just a few options that might help save you money on necessary costs for your infant. You can sign up for a free breast pump and this may be covered by your insurance, enfamil & similac offer discounts on formula and products by signing up. Do you buy and use disposable diapers? Try signing up for one of or all of these rewards programs and you could save on purchases you already make with Pampers or Huggies. Another great discount for expectant moms are free prenatal vitamins through Meijer Pharmacy. Just have your doctor write a prescription for these prenatal vitamins and send the prescription over to your closest Meijer pharmacy. These are covered completely free of charge throughout your pregnancy thanks to Meijer.
Grocery shopping - make a list and stick to it. Do not go unprepared or hungry to the grocery store, this can be a recipe for disaster if you do. Making a plan before hand and sticking to it is honestly one of the best ways to save. For some other great ways that I suggest cutting costs at the grocery store visit this post I created previously.
Don't buy full price - in most situations this is no longer necessary to spend retail on any item. Try some of these websites for some great ways to find a discount price on that item you are looking to purchase. Amazon, eBay,
