Whether you’ve made a resolution to increase the amount of money you are saving or are just starting to consider it, saving money is a great way to improve anyone’s financial footing.
You may be wondering now how can make it happen. Here are a few ideas:
- Review memberships and other monthly recurring charges. Many of us are not even aware of the all our monthly charges. your family hardly ever uses. Simply review what your monthly recurring charges are to see if you are using everything. There are tools available that help with this.
- Review your employee benefits. Do you have the most appropriate health insurance plan? Dental and vision? Reviewing these plans to ensure they are the most appropriate can help you save money over the course of the coming year.
- Budget for the holidays next year. Tally up what you spent on the holidays this year, including travel. Here is a helpful step-by-step guide to budgeting for the shopping aspect of holiday season: https://www.thepennyhoarder.com/smart-money/budgeting/budgeting-for-the-holidays/
- Plan and save for major purchases that will be needed. Will you have to buy a new appliance like refrigerator? Or will you have major repairs on your car? If you are able to schedule a way to save for the major expense, you can avoid putting it on your credit card and paying high interest.
- Get organized. Make a schedule of when your bills are due. Being organized can eventually save you money as you will have a better idea of your overall finances. You may realize that you can reorganize or adjust certain payments so you don’t have as much financial stress at a given time of year.
- Prioritize payments–high interest versus low or zero-interest. Do you have certain payments that have large interest versus payments that have low interest or zero interest? For instance, you have be able to put certain medical expenses or property taxes on a payment plan without interest whereas your credit card has inherently high interest rates.
- Pay car insurance all at once–maybe. Many auto insurers offer discounts if you pay for all of the year’s coverage all at once or in six-month chunks rather than monthly. Check to see if your insurance company offers these discounts.
- Eat out less. You have probably heard this before. But you might now realize how big the savings can be. We suggest, to make this achievable goal, to limit your eating out budget for a specific amount.
- Review your utility bills. Call up your service providers and see if they are offering any promotions or discounts. Often companies offer special rates to attract new customers. You can often save a few dollars a month or bundle services together for a discount.
- Don’t buy a new car. Sometimes the best financial decisions you make are the temptations your avoid. If your car runs well, stick with it. The longer your keep a car, the less money the car is costing you.
Don’t get overwhelmed.
Remember, you probably don’t have to do all ten of these suggestions to reach your goal. These are options, not necessities. Even if you only do one thing from our list, you’ll find seeing your savings grow is well worth the effort.