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A few tricks to save money everyday

Saving money can be a difficult habit to start and the one habit that is amazingly very easy to stop. Fortunately, there are a few easy tricks to saving that don’t require a budget overhaul. From paying in a manner that generates rewards for you to not spending a certain type of paper currency, all are ways you can save without really changing your habits either.
Is there really an easy way to start saving?
One of the simplest ways to trick yourself into savings is to use a cash rewards debit card or credit card for your purchases.  Instead of spending the cash rewards you earn, deposit them in a savings account.  For some people, that might be nearly $1,000 per year and it doesn’t require you to change your budget at all.  It is important that you pay your credit card off monthly and have a spending limit on the credit card so you don’t spend more than you normally would spend.
What are other simple ways to save?
There are two simple ways to save using cash.  One is that you pay with cash for most of your purchases but never use coins.  At the end of each day put all that change you have acquired into in a piggy bank.  Some people have saved over $500 in less than a year doing this. 
Another way is to pay with cash but never spend $1 bills or $5 bills that you accumulate during the day but rather always save them.  You will be surprised how quickly this will add up.  This method requires discipline though and can easily be broken so it is one you should only attempt if you can really save that much per week.
Are there any other everyday things that won’t impact our budget?
One interesting trick is to use loyalty cards from grocery stores or other places that offer them.  Each time you make a purchase, the cashier tells you how much you saved that day.  Go home and transfer that amount to your savings account. It is money you would have spent without your loyalty card so it is budget neutral.  You can really save a lot of money this way and you won’t miss it from your budget.
What if we want to be more aggressive with our savings goals?
One great method is after paying off student loans or a car loan, keep making the payments to yourself in the form of transfers to a savings account.  The payments are already in your budget so you don’t have to change your budget at all.  It is a great way to build significant savings quickly.  And, when you are ready to buy another car, you will have the payment already in your budget.
Another aggressive option is whenever you get a raise, save 50% of it with an automatic deposit to a savings account.  If you get raises every year, you will be surprised in four to five years how much you are saving each paycheck.  This is a really good habit that can be rewarding all through your working life.  It also helps you keep your spending from increasing too quickly.

Posted: 3/3/2014 with 0 comments

Categories: Money Matters, Saving

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