Saving is key to financial success, and it is a healthy habit which develops with time. It might take some time to get into a mode of saving but once you master the art, it’s like having an anchor that would never let you drown in the sea of debt. While there are many tricks people use to help them save more, here are six simple tips you can employ to save money today.
1. Fix the money in your savings account before you actually get it in hand
Ask your employer to make the payment plan in such a way that a portion of your salary gets deposited in your savings account. If you do not get that amount in hand, then you won’t even be tempted to spend it. There are lots of online savings accounts to choose from, and even the low yield is worth your while. Most people try to schedule a transfer once they get the money, but why not have the employer do this for you?
2. Save cent by cent
Whenever you enter the expenses in your budget, try to enter a rounded up figure instead. Then, try to save those amounts and actually deposit the extra into your savings account. It may seem negligible, but these add up through time.
3. Stop using credit card instead use cash
Don’t take out a loan or use a credit card if you want to indulge in luxury. Use cash instead. Start keeping a few dollars aside so that you can pamper yourself by being extravagant, but only after you saved a decent amount. With no means to pay for it but to have the funds available up front, it helps you control temptation and forces you to stick to a budget.
4. Benefit from online savings
Do you use a checking account exclusively for your day to day bills? Many of you can benefit by using an online savings account instead that earns you interest while your money is sitting there. Many bills allow you to electronically withdraw directly from a savings account these days, giving you the option to earn more without any additional effort.
5. Find extra income
Get a part time job or rent a room in your apartment to get that extra bit of money. The neat part about a part time job is that you won’t be spending money if you are working. By working hard for extra income, you will also appreciate the value of money more, which will help curb your spending.
6. Make full use of your student’s discount
The student discount can fetch you special offers at affordable prices. By showing your student ID, you can spend less and get products at cheaper rates. Discounts are the best bargain to buy things of course, but pretend they are full price and pocket the difference in your savings account.
These aren’t ground breaking saving tips, but that’s exactly why they are good. Easy to follow, easy to implement and easy to keep up.