Saving money is a goal most of us probably have in common. Some people may want to save money to just simply add to their wealth, and others may want to have a good amount of savings in case emergencies arise. Whatever your motive, it can sometimes be hard to find the extra money each month to put back for a rainy day–especially if you live paycheck to paycheck.
Here are some simple ways you may not have thought of to save money each month:
Fees Are (Sometimes) Negotiable
Does credit card interest deter you from paying down your debt in a timely manner? Do you pay checking account fees to your bank? What about processing fees to other vendors? If you can answer any of these questions with a “yes,” you may be able to negotiate these fees or even waive them all together. This falls into the “you never know until you ask” category. Call your credit card company or bank and simply ask if they will either waive your fee or at least give you a lower interest rate. If they say no, you are no worse off than you were before the call, but if they say yes, you’ve just saved yourself some money each month. You’d be surprised how many times they actually do say yes.
Check Your Subscriptions
If you are like most Americans these days, you probably have a lot of subscriptions to a lot of different things. It’s good to sit down and take a good hard look at everything you are subscribed to. Hulu, Netflix, Amazon Prime, subscription boxes, grocery subscriptions, meal plan subscription, book subscriptions–anything that you pay monthly is technically a subscription. Compile a list and honestly go through it and ask yourself if you really use that subscription or get your money’s worth out of it. Does it add any value or happiness to your life? If so, then keep it. If not, it’s time to cancel. You will probably be surprised at how much you will be willing to let go in the name of saving some money each month.
Food is always a big category in any budget. If you are ever looking to cut money, the food category is a good place to start. How much money do you spend eating out? How much money do you spend on food out due to poor planning on your part? If your honest, probably a lot. Each week (or month), make a meal plan for every meal and snack you are going to eat. When you make a plan, account for any leftovers that can be re-purposed into another meal. When you plan everything out like this, you will always know what your next meal is going to be, and therefore, you won’t be stuck in a situation that forces you to spend money to eat out. Buying groceries off your meal plan instead of daily meals out will save you a ton of money each month if you stick to your plan.
Direct Deposit To Savings
Perhaps the easiest way to ensure you save money each month is to have some of your paycheck direct deposited into your savings account. That way, you don’t even have a chance to spend it on anything else. Even if it is only $20 per check, it’s better than not contributing anything. After a few paychecks, it will become normal and you won’t even miss the money you are saving. Your savings account will grow automatically without you even having to touch it.
So you see, when you put a little thought into it, it’s easy to save a few bucks here and there. What you won’t realize is that all these little savings add up each month to a rapidly growing savings account with which you can feel secure.