Easy Ways To Save Money
Saving is one of the best and most logical practices & habits one should pick up through their life time. Saving should not be termed as a burden but as culture which helps make one’s life better in a number of ways that is a benefit to you, your family & friends too.
Saving money can be a short or long term objective based on the purpose of the individual. However, before doing so one should plan in advance and have commitment towards the practice in order to have good results. Below are some of the simple ways to develop a good saving culture.
Eliminate Your Debt
If you’re trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. Once you’re free from paying interest on your debt, that money can easily be put into savings. A personal line of credit is just one option for consolidating debt so you can better pay it off.
Set Savings Goals
One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a time-line to make it easier to save. Want to buy a house in three years with a 20 percent down payment? Now you have a target and know what you will need to save each month to achieve your goal. Use Regions savings calculators to make your goal!
Pay Yourself First
Set up an auto debit from your checking account to your savings account each payday. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan.
No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that amounts to nearly $3,000 a year you can realize in savings if you quit. According to the Centers for Disease Control, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s — join the club!
Take a “Staycation”
Though the term may be trendy, the thought behind it is solid: instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. If you can’t drive the distance, look for cheap flights in your region.
Spend to Save
Let’s face it, utility costs seldom go down over time, so take charge now and weatherize your home. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or high-efficiency appliances and products. You could save thousands in utility costs over time.
Lowering the thermostat on your water heater by 10°F can save you between 3-5 percent in energy costs. And installing an on-demand or tank-less water heater can deliver up to 30 percent savings compared with a standard storage tank water heater. So, don’t lay there in wait hoping for the utility bills to coke up your costs savings. Go an extra mile to set up quick and simple measure to lower them down.
Pack Your Lunch
An obvious money-saving tip is finding everyday savings. If buying lunch at work costs $7, but bringing lunch from home costs only $2, then over the course of a year, you can create a $1250 emergency fund or make a significant contribution to a college plan or retirement fund.
Create an Interest-Bearing Account
For most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If your goals are more long-term, consider products with higher yield rates for even better savings.
Annualize Your Spending
Do you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. Suddenly, that habit adds up to a substantial sum which can be brought down significantly if look more into a better ways of bringing down your snack costs. Do an annual spending budget to cover for such costs.
Let us know about your saving practices in the comment section below. We will be more than glad to learn more from you.
Source: Regions Personal Finances
Author: Allan Bangirana
Allan Bangirana is a freelance writer for Newslibre who is passionate about tech, games, entertainment and lifestyle news. He enjoys writing about anime and many other topics.