Save More Money
It’s possible to save money without taking on an extra job or additional hours at your current one. Often called working on the spending side of the budget, an effective approach to saving is simply to reduce spending. But is it possible to do that without drastically changing your habits? Of course, it is, and here’s how.
Refinance Student Loans
You don’t need to alter your lifestyle to reduce your monthly expenses. The perfect example of this philosophy pertains to education debt. You can reduce monthly student loan payments, get a more favorable rate to pay less in interest, and have more time to repay the entire balance of the loan if you refinance. This often-overlooked way to trim monthly budgets is simple, fast, and effective. Many working adults discover that a refi puts more money in their pockets and allows them to pay down high-interest credit card debt or repay auto loans much faster.
Join a Wholesale Club
Depending on where you live, wholesale shopping clubs might be called warehouse clubs, discount membership shops or something else. But the bottom line is that you pay a low annual fee in exchange for having access to a massive store full of groceries and other consumer goods. The upside is that the average person can save a bundle just by switching from a traditional grocery store to a wholesale club. You’ll earn back the annual fee in just one or two visits, and if you know how to store and cook in bulk, you can save even more. If your town has more than one club, compare annual fees and new member specials before committing.
Make and Use Shopping Lists
One of the oldest and most powerful money-saving tips is to use a shopping list. People who do so quickly learn that they don’t do nearly as much impulse shopping and are able to reduce grocery bills by a significant amount. There’s a trick though, which is to be thorough and methodical about making the list. Don’t try to do it from memory while you’re at the office or in a coffee shop. Walkthrough your kitchen with a blank paper and pen in hand. Open cabinets, cupboards, the refrigerator, and the freezer to determine what you need. And when you add an item to the list, be as specific as possible by noting brand names, weights and how many you need to buy.
Keep a Spending Log for One Month
Self-knowledge can change behavior. A powerful example of that principle is making a personal spending log. Try it for one month, and see what happens. Almost invariably, people notice things they were unaware of before, like how much money goes toward sweets, coffee, and fast food. Again, there’s a special technique you need to use for this strategy to work., which is to use your phone or a notecard to record every penny you spend. Try to make the notation as soon as the transaction takes place. Consider downloading a spending tracker app for your phone if you don’t like the pen and paper method.