7 tips to save money

7 Tips to Save Money

by Saranya Gopinath on February 28, 2018

Many Americans work hard for what they have. A lot of effort goes into the building a strong financial foundation for family. Saving money is a complex process, sometimes the hardest thing about it is how to get started. It is a difficult task to find out simple ways to save money and how to use your savings to attain financial goals.

For anyone other than the chronically frugal, it might seem counterintuitive to save money and hope to never use it.

1.Collect change

Make a change in your budgeting habits and start penny pinching. What might seem like an inconsequential penny here, or insignificant dime there, are actually missed opportunities to build as a saving method.

2. Cut the cord

Cables bundles can be costly. Most people spend around $130 a month on cable. This doesn’t even include the various streaming services most people subscribe to. Consider what you pay for a cable package and ask yourself do you really use all of those channels? If you are really thinking about of saving money this method will be best option.

3.Car Insurance

Car Insurance is not the first option for most of the peoples when it comes to saving money. But truth is that majority of insurance holders are overspending on their policies.If you are not updating your policy regularly and taking advantage of discounts or bundling.You could be making your insurance payments much smaller by practicing safe driving. Many companies offer good driver reward for drivers who go without getting tickets or avoid accidents over certain period. Raising your deductible is another way to save in an event of an accident.

4.Save tax refunds

Tax season is upon us, which for many means upwards of $1,000 in tax refunds. It’s natural to receive this check and see dollar signs, but fight back and think about depositing your tax return into a savings account. Saving is sometimes harder but you will thank yourself for that.

5. Eat at home

The average meal out costs around $12, whereas the cost of a meal at home, designed to feed multiple people or one person multiple times, averages around $2. While eating out might be more convenient or fun, you stand to deposit $10 a meal into an saving bag by merely honing your cooking chops.

6.Cell Phone plans and data usage

Phones are one area of spending money. Sometimes we pay more than we are using. Data plans are finite and when you go over, you’re typically charged a costly fee. Prepaid phone beat your average smartphone on savings. You pay for only what you need and there are even newer models that can provide similar functionality to most other phones. If you truly want to save when it comes to phone bills, watch your roaming and use WiFi whenever possible. Using local wireless saves data so next time you want to stream something,connect to the WiFi first and then go to town.

7.Build an Emergency Fund

Building an emergency fund can make a difference. It can be either in investing in it or saving funds. It is a good idea to keep some money as liquid assets. While something like a CD will return more on interest, there are significant financial penalties for withdrawing early, and therefore does you no good in the event of an emergency. Be sure to balance future income with liquid assets.

If you ever found yourself in a position where you needed money quickly for an emergency and you are not able to secure loan from a traditional bank, you may have considered applying for payday loan. These loans certainly have a place in society and have a place in fact, grown in popularity over last few years. People who take these loans often use them for emergencies like health expenses, auto repair expenses, home repairs etc. Payday loans are best short term loans for $ 500 and $1000. Application process is quick and easy for short term loans, it is often completed on online itself.

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