440 total views, 1 views today
We live in a world where expenses can knock at your door anytime. The hardest thing to do is save money for such situations and delaying it further could be a very bad idea. Hence, ‘today’ is the best time to start putting some money aside for your future. All you need to do is make some small changes in your approach towards life and expenses.
Here are some of the best and simple ways to save money:
Negotiate your bills: It’s wise to negotiate for a lower price on various services such as the internet, gym membership, cable, etc. Make a list of all the bills and call your service providers to check if any new offer is available so that you can save money. It’s advisable to bring up an offer by the competitor because they might be able to match it. Be polite. How you treat a customer care representative could directly impact the discount they offer. Hence, negotiating your bills is not an easy task; it takes a lot of effort and you could end up saving a lot of money for over a year, it they agree and negotiate.
Put credit card and loyalty rewards to work: You can use reward points on your credit card or sign up loyalty programs offered by your favorite restaurant and retails to save money. You can use your debit or credit card to earn cashback rewards on purchases. Please do remember to keep your budget firmly in-sight so you’re not tempted to overspend for earning more rewards, as that could counteract your savings efforts.
Go cash if you’re tempted to overspend on credit card: While using a credit card can put cash-rewards in your pocket, it could also lead you into a debt trap, which is the last thing you want when you’re trying to save. If you are overspending on your card, it’s better to switch to cash-only temporarily.
Refinance your loans: If you have a personal loan or auto loan, refinancing is the best way to save more money. Refinance means, selling your loan to a new lender who will give you a lower rate or a better offer. Create a list of your monthly loan payments and check the current interest rates are for those loans. If you’re paying 14% interest on a personal loan and find that most banks are offering 10% rates, then it’s time to refinance.
Before you refinance, make sure you’re signing up for a lower interest rate with the same tenure. By making the same monthly payments you’ll repay your loan faster. You can’t refinance credit card debt, but you can transfer the outstanding balance to a card with 0% interest. These cards usually offer 0% APR for a certain period, many for more than 12 months. You’ll save on interest by repaying the balance before the time expires.
Eliminate one small monthly expense: To speed up the process of saving, consider ditching one smaller monthly expense, such as a subscription to the newspaper you don’t read or spend at the car wash every other week. Transfer these savings into savings account. You’ll be surprised as to how much difference it can make to your savings long-term.
So, find the ways that work best for you, and gradually start including these in your life. To keep yourself on track, set some time aside every week to check your finances and make sure you are sticking to your budget and plan.