Saving is the cornerstone of successfully managing your personal finance. You already know some ways, but what are other ways to save money? Well today you’re in for a treat because I’ve put together a list of Best Ways to Save Money.
Some you can use. Some you can pass on to your loved ones, friends and coworkers.
Others might not be applicable to you at all, but as long as you can make use a few of them in your life you can save some money. And that’s worth your time reading Best Ways to Save Money.
A journey toward financial freedom begins with saving. Just go through the list below and find one that applies to you or your family today and start saving now.
- Live below your means: This is the eternal truth of personal finance. Without it, there’s little point talking about the rest. The only way to become financially independent is to be consistent about spending less than you earn, year in and year out for the rest of your life.
- Pay off credit card bills in full every month: Credit card debt is one of the worst debts to have as the high interest rates on those balances will bleed you dry. If you can’t afford to pay off your credit card balance in full, you should not have spent the money in the first place.
- Always pay your bills on time: Not only you can avoid late fees and interest, but you can maintain your good credit scores which can save you money in the long term by getting the best rate for loan and mortgage.
- Get rid of home phone service: If you’ve got a cellphone, you might want to consider avoiding home phone service altogether. If you need it, consider a VOIP service like Magic Jack instead of paying extra for a home phone.
- Reduce the cost of your cellphone charges: Check your usage and move to a plan that suits you best. Get together with trusted friends and relatives to lower cellphone bills with family plan as they are often always cheaper for everyone involved. Also consider choosing prepaid cell phone carriers for even lower discounts.
- Cut your spending on grocery: Food is one of the biggest expenses for every family. By just optimize a few things you can save money on grocery such as using coupons and shopping for the weekly sales.
- Never purchase an extended warranty: Warranties are not cost-effective for consumers and they are a major profit item for the sellers. Buying expensive extended warranties to guard against the loss of consumer goods may be unnecessary emotional protection. People seek extended warranties and generous return policies in order to preclude the possibility of future regret, but research suggests that the warranties may be unnecessary for happiness and the return policies may actually undermine it. You will come out ahead by never purchase an extended warranty.
- Bundling Your Insurance Policies: You can save between 3 to 22 percent by buying multiple kinds of insurance from the same company. For the largest discount, consider bundling your auto and home insurance together to get around 20 percent discount. You can also benefit by not having to deal with separate bills and insurers.
- Shop around for lower cost insurance: Sometimes 15 minutes saves you 15% on your car insurance. By comparing prices you can save on auto and home insurance. You can even save more money by increasing deductibles and eliminating unnecessary coverage.
- Never pay fees to have a checking account: Nowadays there are many banks that offer checking account with no fees, and some even pay you interest on it especially online banks. If your checking account charges any kind of fees to maintain the account, shop around and eliminate that monthly fee to save you some money.
- Make additional principal payments on mortgage: You can significantly reduce your interest payments over time. You may struggle to make additional principal payments early in your career, but your income will grow over your working life. Paying off your mortgage early can be one of the smartest moves you can make.
- Achieve High Credit Score: How good your credit score determines what loans you will qualify for and the interest rate you will pay. A high credit score means that you will pay a much lower interest rate over a lifetime and that you will save money by keeping more cash in your wallet.
- Avoid impulse purchases: If there’s something you want to buy, wait at least a week before you head back to the store to buy. Most people who try this say that more than half of the time they never go back to buy the item after the weeklong waiting period.
- Negotiate to lower your cable bill: If you haven’t cut the cord already, then you need to call and threaten to cancel your subscription or to switch to streaming. Chances are you will get a much lower monthly cost from your cable company with same equipment and channel lineup. Never pay full price for cable.
- Build up your emergency fund: Having an emergency fund means having one less thing to worry about when the unexpected happens. When you have a rainy-day fund, you don’t have to borrow at a high interest rate and go into debt. That would save you money over a lifetime.
- Adjust your temperature thermostat before you leave your house: During the winter months you want to minimize the heating cost while at the same time preventing water pipes from bursting and avoiding any damage to household appliances. Take a moment to adjust the temperature could save you money and even potential damage if you plan to stay for a long period.
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