Most people these days are finding it necessary to save as much money as they can. But it doesn’t seem easy. In fact, people are often led to believe that you actually have to spend money to economize. That is not actually true. It’s certainly possible to save money without spending money, and it’s simple. Don’t need it? Don’t buy it.
Avoid Shopping
The best way to save money is to avoid stores and online shopping websites altogether, unless you truly have to buy something specific. When you go shopping in a brick-and-mortar store, leave your credit or debit cards at home and only take enough money to get what you need. Locate the item, head straight to the checkout line, then leave the store. With online shopping, save or bookmark the merchandise you want, then wait for a few days before making your purchase. You may realize that your urge to buy wasn’t so urgent after all.
One In, One Out
Another excellent option is to force yourself to sell one thing – for example on Craigslist or eBay – for every new item you get. In other words, adopt a “one in, one out” policy. Ultimately, the money exchanged will cancel itself out. At the very least, you’ll prevent the need for more shelf space, storage space or bins, all of which can cost more money.
Cook at Home
One of the most effective ways of saving money is to give up eating out and start preparing your own meals. If you work outside your home, pack a lunch and take it with you. Stop wasting money on vending machines by bringing your own snacks and sweets. Buy snack items in bulk, then split them up into washable plastic bags or containers. Reusing the packaging will save money by keeping you from constantly purchasing those items.
Make Your Own Coffee
If you’re in the habit of buying java every day, try making your own. With a little practice, you can create coffee drinks at home that are just as enjoyable as those made by baristas. Even if you must invest in a coffee or espresso machine to get started, you’ll save money in the long run.
Pay Your Bills On Time
If you don’t have a calendar, then create one yourself or go online and search for a printable calendar template. When you receive a bill, note the due date on the calendar. Try to do this at least a week in advance, so you can send it on time. Check the calendar daily. You’ll no longer make overdue payments or get charged significantly higher interest rates or additional fees.
Avoid Overdraft Charges
Overdraft charges may be keeping you from saving money every month and costing you a lot of cash. Ask your financial institution to modify your account settings, so you don’t have automatic overdraft protection. If you the balance is zero, you should be unable to spend or withdraw money. Period. Unfortunately, banks are becoming desperate for fees, so they’re figuring out ways to overdraft accounts. Before you reach for your checkbook or debit card, make positively sure that you have the money in your account to take care of the purchase. Overdrafts typically carry service charges that often are as much as $35 per transaction. That’s how a $5 purchase turns into a $40 debit.
Link Your Checking and Savings Accounts
If the $40 debit scenario sounds like you, ask your financial institution to dip automatically into your savings account to take care of checking account overdrafts. If you have enough in savings, this will prevent you from paying fees. Just remember to replace those funds as soon as you can. Creating an automatic monthly withdrawal from checking to savings, even as little as $50, will help build up your savings account. In most cases, you won’t even notice the money that’s missing.
Avoid ATM Fees
Make a point of using only ATMs that don’t charge you additional fees. Typically, these are only the ones owned by your financial institution. Fortunately, many banks don’t yet charge fees for getting cash back on a debit card purchase. That’s another way to avoid ATM fees, not to mention an additional trip to the bank or cash machine.
Track Your Spending
As you go through your day, keep track of everything purchased and the money you spent or are about to spend. Keep your receipts and log those receipts into a personal financial organizer. Tracking your transactions and actually seeing them may inspire you to reduce or eliminate those expenses. Before doing anything else, think about other ways to save money without spending money. A little imagination and creativity can amount to extra cash in your pocket.