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Finding consistent ways to save money is an important skill for people of all ages. However, with so many tips for how to save money available online, it can be difficult to figure out the best ways to build up your savings. Luckily, we’ve compiled a list of money-saving secrets that will actually boost your bank account. Without further ado, here are our top tips for how to save money in the modern age.
Before we get into a few money saving tips, the best way to save is by making sure you don’t overspend. To do just that, you can use a simple money app like Qapital, to fund your future while taking care of the now!
1. You Can’t Save If You Have Debt
A lot of financial advice online is centered around simply saving money. However, what that advice neglects to mention is the importance of paying off any and all debt first. National Debt Relief can help you manage your debt and credit. To succeed financially, you can’t constantly be paying down your credit balances. With high credit interest rates, the practice is simply unproductive. Opt to have an emergency fund that you won’t touch unless you truly need it and pay off your debt first. Then, and only then, should you start saving further. While on the topic is savings and credit, it’s always great to look into using sites like Self to build up your credit! Self can help you build credit history and save money!
2. Think of Your Wants in Terms of Hours Worked
Do you have a compulsive spending issue? In which case, one of the best tips for how to save money is to think about how much work it would take to get an item. For example, if you make $20/hour and you want a $100 coat, ask yourself if the coat is worth 5 hours of work. If not, don’t spend the money. This exercise will help you determine if your potential purchases are truly worth your time.
3. Avoid Unnecessary Transfer Fees Like the Plague
Many financial institutions or banks offer a faster transfer of money for a small fee. This may seem insignificant, but it adds up over time. If you have to do an international transaction, make sure you compare rates to ensure you’re getting the best exchange rate.
4. Everything Can Be Negotiated
One of the most important tips for how to save money is understanding that just about everything, including some bills, can be negotiated. Track your bills with Moneyspire regularly and be sure to inquire about notable increases in price.
5. Make Your Lunch
So many of us opt to order lunch rather than make our food at home. Opt out for groceries and some fun time in the kitchen. If you have a busy lifestyle, then trying getting your groceries online! We have a great list of the best places to shop online for grocercies. Cooking at home will save you lots of money over time. Moreover, there are even meal prep services. These meal prep services like Purple Carrot are perfect for newbies in the kitchen or busy people.
6. Your Credit Score Gives You Access
We all know that it’s important to track your credit score, but it’s more important to understand why. Remember that your credit score is much easier to break than it is to build. Your score gives you access to better saving accounts, loans, and potential opportunities down the line. One of the best tips for how to save money is by keeping a keen eye on building your score and Credit Karma is a great platform to get started!
7. Unsubscribe from Email Marketers
It’s not you, it’s your email. One of the best tips for how to save money is choosing to unsubscribe from email marketers that might tempt you with special offers. Email lists are built to make you spend excess change, so cut off your access entirely instead. Out of sight, out of mind! However, if you do need to shop. Be sure to use services like Capital One Shopping, which will help you find incredible deals at jaw-dropping prices, and it’s free!
8. Investing Is Important, but Being Consistent is Vital
Many of us go into investing thinking that returns will come quickly and easily after finding one or two good stocks. The reality is that the largest returns usually only go to those who invest consistently and regularly. Investing is definitely intimidating at first, but there are many resources for beginners in investing. Robinhood is a great platform for beginners to start with. You can also take classes on Udemy and Masterclass, so you have a stronger foundation as well. Or, you can get a mentor. Building wealth takes time, even in the stock market, so don’t get discouraged if you don’t see immediate results.
9. Cut On Your Entertainment
Nowadays, it’s easier than ever to cut ties with your cable bill. Switch over to services like Hulu or Disney+, where it’s cheaper per month and you still get access to popular shows and movies. Also, be sure to visit your local library every once in a while. Not only do libraries give you access to free books, but you can also check out music and DVDs as well.
10. Time Is of the Essence
Probably the best tip for how to save money is understanding the importance of time. As you build your savings, your money builds off of itself. Therefore, it’s imperative that you start saving as early as possible. It’s never too early to start saving for your kid’s college fund or retirement. Whatever it may be, saving for long periods of time is ultimately easier than being forced to pay one large sum all at once.
Hopefully, some of these tips for how to save money brought you one step closer to your financial goals. Remember, anyone is capable of building a proper savings plan, but it takes real effort to commit to it. Happy saving!
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