Being a responsible parent means having money in the bank for emergencies. You may be thinking that it is not possible with your salary. However, a wise man once told me that it is not how much money you make, but how much money you save. Listed below are ten finance tips that will have you saving money in no time.

Automatic Deduction:

It is simple to set up an account at the bank that will automatically take money out of your paycheck every week and store it away in a savings account or something similar. If you don’t see the money, then you won’t spend it. And soon you will have some serious money piling up just in case you need it.

401K:

Many employers offer 401k benefit to their employees. In fact, many of them also match your employee contribution. If you aren’t participating in 401k through work, you are basically leaving money on the table.

Money Back Credit Cards:

It is best to leave your credit cards in your wallet especially when you are trying to save money.  But credit cards are great if you know how to take advantage of the cash back bonuses they offer and pay off the balances every month.

We put almost all of our bills on a single credit card every month about $5,000 in total, as we receive a 2 percent cash back when we pay it off on time at the end of each month. May not seem like much, but 2 percent of $5,000 is an additional $100 we receive back every month. That saves us well over $1,000 a year.

Check out Creditcards.org to find the best credit card the fits not only your needs but also your wants!

Use a Gift Card App:

Utilize apps like Shopkick to receive rewards on your everyday purchases and online shopping. After accumulating enough points you can redeem them for gift cards to larger retail stores. Shopkick works with a number of different retailers, so this app will likely help you get a little back after your shopping trips!

Are Costly Vacations Really Needed?

If you are counting your pennies, the last thing you should do is to shell out thousands of dollars on a three-day vacation. Some of the best vacations I ever took cost less than $100 dollars. My parents used to take us camping for a few days at a nearby lake. Being able to go on vacation and only have to spend $100 for a family of eleven is huge.

Avoid the Non-Essentials:

You definitely don’t need those cigarettes and alcohol in your life as it is just a financial drain on your bank account, not to mention they are bad for your health. Rather than getting the $6 latte from the world-known coffee shop on the way to work perhaps you can learn to make it yourself before you leave home.  Save money on the non-essential items and you will be better off in no time!

Cancel Unused Memberships:

You know that couple’s gym membership the two of you have? It is costing you about $100 a month and you are only going there two times a month. Most of the exercise routines and yoga posts are available free online on demand.  Cancel any unused memberships in your life that you don’t use enough.

Don’t Become House Poor:

Too many people live above their means; big house, luxury cars, branded clothing.  They believe they can afford the new house they just bought, but they often forgot about the exorbitant property taxes which comes with the house purchase, not to mention the increased maintenance and up-keeping costs. If you are planning to purchase a house soon, try finding a state that has a lower property tax rate or none at all. You’ll be saving some serious money if you stay within your means or below them.

You Don’t Really Need that New Car:

While everyone likes to have a new car, there is nothing wrong with driving around in a used one that has over 100,000 miles on it. Sure, you probably want to look amazing out on the road with that new Jeep gleaming in the sun. Save that money instead and let it build interest until your car can’t run any longer.

Buying Generic Is Not Being Cheap:

Generic items are just as good as brand name, especially when it comes to food. You are just paying extra for the label and their advertising. Go with generic items while shopping and your grocery bill could be cut in half. If you’re looking for more money saving tips, click here!

Pay Off Your High-Interest Loans First:

If you have two loans of a similar amount and one has an interest rate of 8 percent and the other one has an interest rate of 15 percent, pay off the high-interest loan first. The same goes for your mortgage payment. If you only pay the required amount every month towards your house, you will end up paying twice as much as you’ve borrowed.

Buying a $150,000 house is tough enough to fit in a tight budget, but paying an extra $150,000 in interest over those 20 to 30 years is something you should do your best to avoid.  Paying an extra mortgage payment per year will on average saves 4 years off a 30 years mortgage.

Saving money while spending money is actually a thing, so go ahead and try it out!