The trick here is that when you save yourself some money, that you calculate the amount saved and deposit that money into a savings account.
1. Use your supermarket’s coupon card. Cutting coupons can save you money, but you don’t have to cut coupons to enjoy savings. Your supermarket offers a card for customers that automatically deducts special prices when you shop and buy items that are on sale. Most of the specials are found on end stands, offering deals that you should take advantage of each time that you shop.
2. Bag your lunch. If you are in the habit of eating out at work, brown bag it instead. Or at least eat out less often and pocket the savings. For instance, if you regularly spend $8 for lunch and it costs you $2 to make it yourself, then take the $6 difference and place it into your savings account. Do this 10 times a month and you’ll save $60 monthly or $720 annually.
3. Get a handle on your connectivity. These days, consumers own a cell or smartphone, have an Internet connection, have cable or a satellite dish for their televisions and may maintain a landline. If you can, lose your landline. If you need the home phone, consolidate your services to one company. Bundled Internet, television and phone service will cost you less than what you would pay separately.
4. Make it yourself. Are you in the habit of getting your breakfast on the run? If so, wake up 15 minutes earlier each day and make your own coffee and eat a danish, toast or other filling food. Your $4 daily visits to the coffee shop add up — you can get the same meal at home for less than a $1 per day, saving you $15 per week and nearly $800 per year!
5. Pay it with cash. If credit card bills are holding you down, promise yourself that all future purchases will be made in cash. If you can’t afford it, then don’t charge it — save up the money and buy it later. It may turn out that you didn’t need it after all. Work diligently to reduce your credit card balances — the interest you pay on your bills should go toward your savings, not away from it.
You do not need to live as a pauper to save money. What you do need to do is review how your money is spent and look for ways to save. Take what you save and put this money in a savings account, money you can tap for a rainy day, for Christmas, for your retirement or for some other important event.
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Last update on 2020-03-20 / Affiliate links / Images from Amazon Product Advertising API
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