You might wish you’d learned these seven money-saving tips sooner, but better late than never; let’s go over them now!
Automate Your Savings
Eliminate the guesswork from your savings goal. Delete the notifications reminding you to put money aside. Stop being tempted by money that isn’t meant for spending. You can do all three of these things by setting up automatic withdrawals so money goes directly into your savings every payday (or whenever’s convenient for you).
Get a High-Yield Savings Account
Make those automated transfers count for more with a high-yield account. These have higher interest rates and aren’t hard to open, but might have withdrawal restrictions. That’s a good thing; remember, this money isn’t for spending, anyway. These accounts are best reserved for money you want sitting for years; think more retirement than next year’s family vacation.
Mess With Your Thermostat
In winter, lower the thermostat a few degrees and put on a sweater. Do the opposite in summer. Our bodies are masters of adjusting to the elements, so it won’t even be uncomfortable for long, and you’ll save a ton on energy throughout the year. Most people don’t even have to do much; even a few degrees makes a difference, and you can gradually increase or decrease it so your body has time to get used to things.
Shop Your Pantry Before Grocery Shopping
Before you head to your grocery store, see what’s in your pantry, fridge, and freezer first. We’d even say it’s smart to build your entire meal plan around what you already have. This eliminates food waste and can even inspire you to try new recipes. It’ll also prevent you from buying a duplicate can of chickpeas when there’s already one sitting at home.
DIY Minor Home Repairs
We don’t suggest using a YouTube tutorial for the major stuff, like your electrical or plumbing. Yet most people are too quick to get someone to do something that would take less than an hour and minimal effort if they had the right tools. So before you schedule an appointment, do a quick search and see how easy this really is, so you aren’t taken to the cleaners.
Pay With Cash More Often
Using cash for discretionary spending is one of the best ways to hack your psychology into being smarter about money. The physical limitation of your “allowance” keeps you honest about what you actually want to buy. And if you aren’t a big physical cash person, at least don’t overly rely on credit cards, especially for the fun stuff, as this can have the opposite effect.
Use Credit Cards to Your Advantage
Speaking of credit cards, those of you with responsible spending habits should be leveraging them! Many cards offer sizable rewards for using them for everything from groceries to travel expenses. The catch is that you have to pay them off each month. If you can’t promise yourself you’ll do that, then this isn’t the tip for you.
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