Finding ways to save money is not always an easy process, let alone taking the time to find the best money market rate and set up a money market account or savings account. There are many people that are confused as to how they can save money and they do not budget properly, making it harder and harder for them to put away anything in money market accounts. So what can you do in order to build up a nice nest egg? Here are some great tips on how to save money that will really be able to help you reach your financial goals:
Put yourself on a budget. Calculate out how much money you spend each day on little things like a soda or a coffee in the morning, a hot dog in the afternoon, etc. All those little expenses are going to add up and you could easily save an extra $100 or more a month just by cutting these things out of your life. Have a daily budget and stick to it.- Open a money market account! You need a great way to save money so why not open the best money market account where your money can grow at a higher interest rate from a traditional savings account. Find the highest money market account rate can be tricky, but with our money market account comparison chart you can see the highest rates that the best banks in the country have to offer.
- “Bundle Up”. Internet providers, cell phone providers, and Cable TV companies often work together to give their customers discounts if you will bundle your services with them and will pay a single monthly bill. Look at how much you can save by doing this and take that extra money and place it back into your savings account.
- Downgrade your phone. If you know you cannot live without a cell phone, you should at least consider going to a “normal” cell phone. Say goodbye to the Smartphone with the internet and all its unique features and have a very basic cell phone in order to save a lot of money. Moving from a Smartphone plan back to a traditional plan can cut $30 or more from your phone bill.
- Reduce your electrical bill. Start using energy efficient lighting and learn to turn OFF the lights! You can save yourself a lot of money on utility costs by limiting how much electricity you use.
- Reduce heating and cooling costs. When the temperatures are not freezing or aren’t in the 100’s you can use a great way to maintain a great temperature in your home, the windows! Reduce your dependency on heating and air conditioning as it can save you a great deal of money. Reduce your home’s heat to 66-68 in the winter and keep it at 74 or higher in the summer. This will cut your energy bill dramatically.
- Walk! Stop driving to locations that are close to your home and try to combine as many trips as you can so you aren’t driving more than you need to. Not only does this cut costs for your gas expenses but it reduces vehicle maintenance costs as well and increases the lifespan of your car.
- Negotiate with lenders to get lower interest rates on loans and credit cards. If you have a good credit rating it will be a lot easier for you to do this. Focus on improving your credit rating so you can qualify for the best interest rates and you can take advantage of the record-low interest rates on mortgage refinance loans right now.
- Coupon cutting. While you may never turn into a person that can get money back at the cash register with all your coupons, you can learn to shop smarter by using the coupons. Now you will actually look at the cost of the items you purchase and to see how you can save by combining coupons and using the right type of planning when you go to the store. Be sure not to use coupons as an excuse to buy higher priced items or unusual food items that may go to waste.
- Always have a list when you shop. You have to avoid the temptation to buy the items that are on display. This is why stores put them there because they know people will add just one more thing to their basket if they look tempting enough. Have a list and stick to it. One other method is to use cash only, this way you know exactly what you can spend and you do not have a backup plan to buy any of these extra “must-have” products at the store.
- If you pay fees on your checking account, it is time to move banks. A lot of banks are starting to charge you interest for debit card transactions as well and making the move to a credit union is a great way to save money. Look around for free checking accounts and savings accounts that actually pay you with a decent interest rate.
- Use rewards cards. A great way to get free stuff is by using a rewards card. As long as you pay off the balance each month, you can get some free airline tickets and other things. It’s a great way to save money and still enjoy some of the fun luxuries.
- Use 0% interest rate credit cards to help you pay off your debt. You usually have 6-12 months before the interest will kick in so you need to really devote yourself to paying down the debt instead of adding to it.
- Increase your insurance deductibles. Moving your plan up by $500 or more can cut your monthly bill significantly.
- Say goodbye to luxuries that you do not really need like Cable TV, Netflix, and Redbox.
- Stay in shape. When you are healthy you will have less visits to the doctor, saving you money on your insurance deductible and even allowing you to switch to a cheaper health insurance plan. Plus some companies even offer discounts to employees that lose weight or focus on getting in shape.
- Start packing your lunch. This is a great way to save money and to eat healthier.
- Cut out soda, alcohol, cigarettes, candy, and other unnecessary and unhealthy foods from your diet. Not only will they help you lose weight, they can cut your grocery bill.
- Pay on time. Enroll in auto pay services with all of your bills. This way you will never miss a payment and you will not have a late payment fee that comes along with it.
- Properly insulate your home. Not only will it cut down on your heating and cooling costs, it also provides you with a nice tax credit as well.
By following these 20 money savings tips you will be on your way to reducing your debt load and saving money for your future. Always consider a retirement plan in addition to implementing these tips in order to help you be financially sound for the rest of your life.
