It's no secret that we weren’t all exposed to the same financial background or education. Some of us may know a lot; while some of us may need a little more guidance. When it comes to saving money though, there are some things we should all know and put into practice.
Here are 21 tips that you can apply that can help you save money this summer:
1 Consolidate your debt. If you have several loans with varying interest rates, consolidating your debt may save you hundreds of dollars. Not to mention it’ll eliminate the hassle of having to keep up with different due dates and payment amounts.
3 While we’re on the topic of ditching, how about ditching that ridiculous phone bill? With all the competition on the market these days, you would be surprised what as little as $15 a month can get you without compromising your love for the smart phone. Mint Mobile for example is an optimal choice.
4 Can’t bring yourself to ditching cable or your cell phone provider? Then call them up and ask for a deal. Many times service providers have deals for existing customers, but a closed mouth doesn’t get fed right? Call them up and simply ask for a better deal or package. I mean what’s the worst they can say, no?
5 Take advantage of balance transfers. Credit card companies tend to offer balance transfers more often than not. Some balance transfers even have 0% balance transfer fees. So if you’re trying to pay off debt, a 0% balance transfer may be a good option to help you beat some of the interest.
6 Unsubscribe, unsubscribe, unsubscribe! From anything and everything that’s unnecessary or that may tempt you to spend money outside of your budget.
7 Set up automatic savings. That includes your regular, emergency and retirement savings. Set up monthly or bi-weekly allotments that withdraw the money either directly from your paycheck or bank account and deposit it into your account. Set it and forget it!
8 Use coupons. Yes coupons! You don’t have to extreme coupon if you don’t want to, but you should absolutely take advantage of the some of the weekly coupons sent to your home. Every cent counts.
9 Shop in the 99 cent stores. There are many people who haven’t realized that the 99 cent stores have upgraded over the years. There are many deals to be had in the dollars stores such as Family Dollar and Dollar General. Their prices are usually lower than the regular stores, and to sweeten the deal, you can still use coupons!
10 Check your money mindset. It’s never just $5 or only $10. If that’s the way you see it, then put that $5 or $10 in your savings account if it’s so irrelevant!
11 Recycle. Do people still do this? Instead of throwing out plastic and glass bottles, how about recycle them for some quick cash? Actually you paid a deposit for each bottle, why not get your deposit back?
12 Pay your statement balance in full every month. As long as you do this, your interest rate doesn’t matter. You will never be charged interest on your credit cards as long as you pay your statement balance in full every month. Be a proud credit card deadbeat!
13 Wanna go shopping? Calculate the amount of hours you’d have to put in in order to be able to afford whatever you're thinking of purchasing. Something tells me that if you apply this method before shopping, some things may stay on the shelf in the store.
14 Pack your lunch. $10 lunch a day for a month, working 6 days a week totals to $270 a month. And you still have to eat breakfast and dinner! A sandwich a day, keeps the unnecessary spending at bay!
15 Check your tax withholding. Some people fill out their W-4s once and never think about it again – ever! Your W-4 should be updated yearly, or when there any changes to your family situation. For example if you get married or have kids, your W-4 should reflect those changes.
16 Move your savings account. It’s no secret that traditional banks have some of the lowest interest rates on the market today. Make a little extra cash by moving your savings account. Online savings accounts are getting more and more competitive these days. Ally for example, pays 2.1% APR at the time of this writing.
17 Make a shopping list and stick to it! For example, you should never go to the grocery store without a list. Check your pantry and make a list of the items you need before leaving the house.
18 Employ the 72 hour rule. Most people use the 24 hour rule, but 24 hours in not enough for people like me. Before purchasing any big-ticket item, wait 72 hours. This will ensure that you really want or need this item.
19 Maximize your credit cards’ perks. Using your credit cards responsibly can generate hundreds of dollars per year in cash back rewards. Plan your purchases and use your credit card for purchases you were going to make with cash. Ensure to pay your balance off in full each month.
20 Get you an accountability partner. Someone who’s on the same financial mission as you are can provide you with motivation to stay the course. Choose someone who’s not afraid to call you on your shit, and hold you accountable for your actions or inactions.
21 Stick to the freaking budget. If you want to turn your situation around, the only surefire way is to stick to your budget! Revisit your budget often and update it when necessary. But never, ever stray from your budget. It’s ok to say "it’s not in the budget this month."
Implementing even if it's just a few of these can free up money in your budget. Money that can be used to pay off debt faster or boost savings. To have what you've never had before, you may have to do what you've never done before. So what are you waiting on?