Times are tough right nowand your wallet might not be happy. Whether you’re finding the need to tighten your belt for a new situation, or think you should take that precaution to create a small amount of savings just in case, there are some great ways you can reduce your spending and still live life to the fullest.
How can you do that, though? You may believe you’re doing well, but there could be one or two areas you’ve overlooked that could be sapping your savings potential. If you want to make sure you’re making the most of your weekly income and not unnecessarily wasting money, here are some of the items you could have a look at and reap the financial benefits.
Move Bank Accounts
It’s a good idea to research some of the latest banking offers available, especially if you’re paying a monthly fee for a checking or savings account. Some banks will offer customers a sign-up bonus when they open an account and set up a direct deposit, while others may have good interest rates for new users too.
Use Credit Cards Wisely
If you find that you’re overspending with your credit cards, then keep them hidden in a safe place at home and out of your wallet. This might help to reduce any temptation when you’re out. If you already have bad credit, then you can rebuild it using consistent spending on the essentials with a ‘bad credit’ credit card.
Have a Coupon Strategy
Make sure you use coupons with your grocery store flyer and shopping list so you can save as much money as you can. This can help you to save double with both the essential sale saving and using, for instance, Walmart coupons.
Set up Automatic Student Loan Repayments
Many student loans can give you a small reduction in the rate if you set up an automatic debt repayment plan. So not only will you save a few dollars a month, you don’t have to put in the effort of paying the bill, either.
Take a Stock of Food to Work
Make sure you have a set of basic utensils at work, plus a stock of non-perishable goods, such as tinned fruit and rice crackers, for example. That way you don’t need to go out to get an expensive salad and a smoothie for lunch. Stocking up means you won’t forget your meal or you run out of time when rushing out in the morning. Try to avoid junk food, though.
Renegotiate Your Rent or Mortgage
If you have a good credit history, or a good relationship with your landlord, then having a chat about needing to reduce your spending could mean lower payments. You won’t lose anything by trying!
Many of these won’t drastically change your way of life, but you will find that you’ll have a bit more cash available at the end of each month. By having even a small amount of savings, you can start to plan for emergencies should your circumstances change.