7 Quick, Everyday Ways to Save Money

7 Quick, Everyday Ways to Save Money

Patience is the best tool for saving money. It can take time to increase your savings account. But this does not mean you cannot expedite the process. You can grow your savings quickly by making small everyday changes that have a big impact. Check these tips below and commit to your money-saving goals today.

1. Automate.

This makes savings easier because you do not have to think about it. The temptation to spend your money on other things is eliminated. Automate your savings every payday to keep your savings account grow over time.

2. Pay your bills automatically, too.

Like savings, you can set up automatic bills payments. This protects you from wasting money on late fees and also boosts your credit score. These two things can further create more savings for you in terms of better interest rates in case you need a loan or apply for a credit card.

3. Earn rewards and cash backs.

You can save money by using a rewards checking account or rewards credit card or signing up for loyalty programs offered by your favorite restaurants and retailers. This is like getting a discount on everything you spend!

4. Use apps and other online tools.

Check out apps and websites that offer cashback rewards when you go shopping or buy your groceries. You can increase your savings effortlessly just by spending as you normally would.

5. Use cash.

If you tend to overspend, switch to cash. There is no way you will spend money you do not have following this method. Use cash-only temporarily until you rein your financial habits.

6. Eliminate expenses.

Look at where your money goes and challenge yourself to lower your expenses every month by cutting out one small expense. For example, you can start making your own coffee instead of buying it, or skipping a weekend party with your friends for a free activity like running or walking your dogs together.

7. Revisit your bills.

Maybe it is time to find better deals on your cable or phone services or car and health insurance. Look around and do a little comparison shopping – better rates may be on offer and all that is left to do is take advantage of them to boost your savings.

Ian Schindler