1. Get Help Choosing The Right Credit Card
So, you want to get a credit card, but there's so many to choose from, how will you make the right choice? First things first, do NOT just go through your junk mail and accept one of those credit card offers that randomly show up in your mail box. It's good to think to yourself, "what are you trying to get out of your credit card?" Do you want to earn rewards? Do you need travel incentives?
Are you looking for a balance transfer card? Would you like to improve your credit? Figure out which one of these is your top priority, and then search for a credit card company that fits your needs. Being smart about your credit card choices will ultimately help you in more ways than one.
2. Take a Financial Snapshot
Not for social media purposes, of course. In order to figure out how to save money, you need to take a look at your spending habits. Snap some photos of your spendings that you can see using your bank app and figure out what you need to spend LESS money on.
Think about it, you have rent due in a few days, don't you REALLY wish you didn't spend that much money on coffee this month? Buy a budgeting planner, and keep your screenshots in a folder to reference back too.
3. Declutter Your Space
It's important to figure out your space surrounding you so you can have an open mind and a decluttered mind when you think about your finances. Start thinking about the stuff you actually need, and the stuff you don't need. If you have clothes you haven't worn in the last year, why do you still have them? Sell them through online marketplaces that allow you to sell used clothes quick and easy. If you have an abundance of technology, begin with your overcrowded entertainment center like cd's and dvd's.
There are specific apps and sites that allow you specifically sell used technology. This will help unsure you're getting a good amount for them. If you have used books, do the same thing. Sell some old textbooks to current students, or sell them through places like Amazon Trade-in, which allows you to sell used items for an Amazon gift card.
4.Take Steps to Consolidate Your Debt
Here's a good idea! If you take steps to start refinancing or consolidating your debt, it could substantially lower payments you're already making to help you save money each month.
There are many people who are being crushed by credit card interest rates up to 20%. If this is you, talk to consolidation companies to see what your options are, or talk to banks about refinancing.
5. Sign Up For Every Free Customer Rewards Program You Can
No matter where in the world you live, there are always a LOT of retailers who are willing to support you for shopping at their store. Here's how you can get the maximum out of these programs. Just create a Gmail or Yahoo address specifically for these mailings.
Then, collect every card you can, and check that account you listed for extra coupons whenever you're ready to shop. You can add to those rewards and discounts by using rewards credit cards to earn points on purchases.
6. Master The 30 Day Rule
Yes, we know this is a tough thing to ask of you, but we PROMISE this will benefit you in the end. Try and wait 30 days to decide on an impulse purchase. Most of the time, after about a month has passed, you'll find that this impulse and urge to buy something has passed.
You will have ended up saving some money just by WAITING. If you're unsure about the purchase in the first place, waiting a while can give you a better perspective on whether it's worth the money or not.
7. Maximize Yard Sales
Let's be honest, yard sales really don't get enough credit. Yard sales are a great place to score some deals on items you need anyway. You can grab some housewares, shoes, clothing, or even sports equipment.
However, BE AWARE, do not use the cheap prices found at these yard sales to buy things you don't need. The next time you go to one, limit yourself to items that were already on your list of things to buy.
8. Use Energy Efficient Lighting
Although yes it's true that energy-efficient bulbs might cost more off the back, in the end they will save you a lot more money. They have a longer life than normal bulbs, and they use far less electricity. CFLs, use a quarter of the energy of regular bulbs, and they are the next cheapest option after traditional ones. LEDs on the other hand, are the most expensive, but it seems as though they are getting cheaper all the time. These lights are probably the best option available.
They light up instantly, and they are as efficient as CFLs. They give off a warm glow without burning you if you touch it, and they last for DECADES. You don't even need to change every single bulb in your house! It's been proven that swapping just four or five bulbs can save you $45 or more a year.
9. Remove Your Credit Card Numbers From Your Online Accounts
It's incredibly easy to spend money when your favorite sites have your credit card on file! All you have to do is click and buy! The best way to break your online spending habit is to remove your card from the site entirely.
By doing this, it could force you to actually think about what you're spending your money on. By going that extra step, it could be what convinces you that you don't need this item after all.
10. Try Generic Brands Instead Of Your Normal ones.
Instead of buying the brand you buy normally, try going for the store brand or generic version of the item. Although it's only a few cents, in the end you'll end up saving more than before. You'll also discover that the store brand is just as good as the name brand.
Many times, the only difference between the two is the marketing, which you're essentially spending more money on. Deciding to shop generic, you'll see the grocery bill get smaller and smaller.
11. Automate Your Savings and Bills
Your company's Human Resources department is able to divide your paychecks between your checking and savings accounts. You are able to set a specific percentage that automatically gets deposited into your savings so that you won't spend it. As a bonus, interest rates are usually higher for savings than checking accounts.
What also can be helpful is paying your bills using auto-pay. Using auto-pay will help prevent you from paying any late charges if you accidentally forget to pay a bill. There are even specific instances where loan providers may offer a small interest rate deduction to enroll in auto-pay.
12. Switch Banks
Remember that every time you pay an ATM or maintenance fee, you're spending money. Not all banks are created equal, and that's why you should switch to ones that offer perks.
Community banks and credit unions offer better interest rates and have more perks. However, there are also many online banks like Ally, Chime, and Simple that set you up with tools that automate your savings and help you set goals.
13. Take Care Of Yourself
Exercise, eat healthy, get enough quality sleep, and start ditching unhealthy habits like smoking (which is an expensive habit). Take safety precautions like washing your hands, and flossing your gums. These small things can help you in the end by saving on medical expenses.
It doesn't seem like a big deal, but even a minor health concern can hurt your finances. In the end, nobody wants to pay for medicine and co-pays.
14. Choose Something To Save For
Of course, many people aren't motivated until they have a reason to do something. One of the best ways you can save money is by setting a goal. Think about something you want to start saving for. It could be a down payment for a house, or an up and coming vacation.
Figure out how long it will take you to save for it. Some examples of a short term goal could be an Emergency fund, a vacation, a down payment for a car. An example of a long term would be retirement, your child's education, or a remodeling project.