November 16th, 2018
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5 Easy And Effective Ways to Save your Finances
Saving money isn’t a really enticing change in most people’s lives. Most people view saving money as more of a stifling life choice that limits fun. However with the rising trend of debt in the country alone, many people are not where they should be (or could be) financially. Freedom from debt and a comfortably large savings account isn’t something that is impossible for any one person to achieve. In fact, implementing a few simple changes to your life could show you dramatic changes to your bank account in less than a year.
Knowing your spending patterns takes a little bit of paperwork it seems. Most people have reached a point in which they are spending so frequently on certain items that they are no longer aware of how much it could amount to over time. Something as simple as a coffee purchased every morning before work can really add up over the course of a year. For your budgetary aid, you should be concise and label each thing that you spend money on throughout a month. See where the income is being spent specifically. Understand the amount that you have coming in and determine from that how much you would like to be setting aside each month. It might cause you to have to make coffee at home half the time, but your savings account can grow from small modifications to your typical monthly spending habits.
Coupons, Discounts and Promo Codes…Oh My!
Shopping is an activity that some people do out of necessity and some people choose to do for fun. Regardless of which camp you find yourself in, you should consider that more than ever coupons and online promo codes are giving you the opportunities to save big. A simple search before you buy can save you hundreds, if not thousands over the course of the year. Even retailers like Lane Bryant, who focus on a certain niche in fashion, offer promo codes and coupons alike. Take your time and read into stores that you purchase clothes, electronics and other high end items from. Throughout the year these shops will offer several sales to pull in buyers. Couple that with deals and you are getting these items at a steal of a price.
In the country today, credit has taken a significant role in either having things cost less or to have them cost more. It is important to know your score and to take steps to either preserve it, or to improve it from a lower tier. Poor credit often means higher interest rates on repayments, on loans, and can even cost you more in areas like your car insurance. Taking steps to clear your bad credit history and to establish a good history with the credit reporting bureaus isn’t always something that can be done quickly. Sometimes it is managing the credit cards you have, and making payments on time every time to start to chip away at the problem. Make no mistake about it, the better your credit score, the less money you will be asked to pay for things.
Let Money Make Money
Banks operate on you keeping your money in their establishments. While most people are always moving their money around, when it has a chance to sit somewhere for some time, it gains interest. So you are literally making more money from not touching what’s in your savings account. Consider the possibility of saving around 100,000.00 in ten years. It seems like an insurmountable number to many, but it really only requires you to put back around 10,000.00 a year, which is just a little more than 800 a month. The average yearly interest rate is 0.06 percent. In a year’s time, your 10,000.00 will become 10,600.00 from doing nothing but leaving it alone. After ten years of saving, now you’ll have 106,000.00. Six thousand dollars you acquired from just saving your money.
It might seem like this might be a weird suggestion for saving money, but just consider this. If you are someone that is living an active lifestyle, you are not likely going to be eating fast foods or purchasing an excessive amount of groceries for your higher caloric intake a day. Also consider the money that you can save simply through the process of getting fit. There are countless ways to lose weight, tone and shape your body without spending a dime of your money. With the time you have invested into changing your body (and lifestyle to match), you aren’t spending money needlessly on what might have occupied your time otherwise.
These are just a few out of the box ideas to get the ball rolling on your financial future. It might seem a bit overwhelming at first to try and find ways to take what you are spending and save some of it back, but it most certainly can be done. People all around the country are saying goodbye to their debts and padding their savings accounts for their families. It can start for you today.