Everyone can use some extra money, but what you may not realize is that you can make that happen simply by using some simple tips to save money. Take a look at the 10 examples listed below to give your savings account a boost.
1) Don’t Buy on the Basis on Brands Only
A generic brand may be just as good if not better than a big name item, but the fact is that popular brands get consumer confidence by spending massive amounts on expensive advertising. You can save a lot of money by looking around for a generic alternative, whether it is at the grocery or clothing store.
2) Pay Off Your Credit Cards
Credit card interest rates are steep and even a small balance on your account can get unmanageable if left unattended. It is good practice to spend only what you can afford to pay off and avoid using your credit card like an advance loan.
3) Make Extra Mortgage Payments
Mortgage interest is tax deductible but that doesn’t mean you should sit back and pay it without any attempt to curtail your cost. If you can pay off your mortgage early you can save thousands of dollars over the life of your loan.
4) Don’t Shop Without a List
Going shopping without a list is asking for trouble. If you want to cut back on what you spend, never leave home armed with your credit cards and cash on hands without a specific purpose. Jot down the things you need and focus on getting only those items.
5) Make Your Own Lunch
Eating out can get expensive. Simply bringing your lunch to work or cutting back on the number of times you dine out per week can save you lots of money at the end of the month.
6) Ditch the Fancy Coffee Habit
Instead of indulging in your favorite caramel latte from the coffee shop around the corner, make your brew at home or switch to a cheaper blend and save some money.
7) Disconnect Your Land Line
Do you really need to have a land line at home? Chances are you don’t pick up your land line anyway so why put yourself through the unnecessary expense?
8) Conserve Electricity
You can save the environment and save money by watching how you use electricity at home. Turn off lights, don’t leave appliances on when they are not in use and switch to low energy light bulbs and you’ll definitely notice a change in your bill.
9) Avoid Buying a New Car
A new car might have an intoxicating smell, but is that really worth spending thousands of dollars that could go to your retirement fund or some other investment goal? By keeping your old car longer you put off the expense of getting a new car and you can buy used instead of new and then you won’t lose a huge chunk of your sticker price as soon as you drive off the lot.
10) Comparison Shop
It is worth taking some time to look around when you are about to spend your money. Regardless of whether it is a huge purchase or not, you can uncover great deals by looking at what competing stores have to offer.
Every little bit counts and nothing can drive that point home more effectively than saving a few dollars at a time. Over the course of a year you can potentially save thousands just by implementing a few small changes to the way you live your life, so isn’t it worth it to get started now?