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Innovative Ways To Save Money – As 2013 draws to a close and everyone begins to look ahead to what 2014 has to offer, many families are still struggling to make ends meet. Money doesn’t go as far as it used to, which means the budget has to be strengthened. Sacrifices may sometimes need to be made. Yet with a few lifestyle changes, those sacrifices can be minimized and you could end up saving over $10,000 over the next 12 months?
Where can you have hidden savings? See if any of these ideas can help you and your family save money!
Innovative Ways To Save Money
Whether you use cable TV or satellite, you can get many of the same shows through streaming services today and in near real time. For most families with a cable or satellite bill, they are paying almost $100 a month! With two online streaming services, you can catch many new episodes the day after they air for less than $20 a month.
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Some people have good reason to drink bottled water because their water tastes bad, is dirty, or may have unhealthy ingredients in it. Instead of spending over $200 a year on bottled water, however, a $20 purification filter can last a year for a family of 4. Even with heavy water usage and having to change your filter twice a year, you’ve saved. $140!
One of the biggest hidden costs that people pay is their commute to work. Most people just look at the cost of gas and calculate it based on one or two fill ups for their car needs, so at $50 a fill up, that’s $400 a month. Actual costs are calculated based on miles driven, so a 30-mile commute becomes a 60-mile round trip. At $0.50 per mile, that means you’re spending $150 a week driving to work! If you have a van or larger car, you pay around $0.75 per mile! With a carpool group of 4, you can eliminate 75% of these costs!
Even if you have a good interest rate on your home right now, chances are it’s not good at 3.5%. While a financing plan often won’t save a family money the first year of a new mortgage, you’ll experience savings year after year for the life of the mortgage later! The average $300,000 mortgage can save you about $300 a month in interest payments by using a financing package, meaning you’ll save about $3,600 a year in this scenario.
Cold water uses much less energy because the water doesn’t have to be hot! The average washing machine costs $0.60 per hot load, but only $0.04 per cold load. For a family of 6 that does 10 loads of laundry per week, that’s a savings of $5.40 per week. What could your family do with the other $280 over the course of the year?
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There are many ways to save money today. Check your unique status, use these tips, and you can save over $10,000 in 2014 too!
Although millions of people visit Brandon’s blog every month, his road to success was not easy. Go here to read his amazing story, “From Disability and $500k in Debt to Pro Blogger with 5 Million Monthly Visitors.” If you want to send Brandon a quick message, then visit his contact page here. Let’s face it: life seems to be a competition between a series of urgent financial needs and inadequate funds.
When there doesn’t seem to be enough money, savings usually take a back seat. This resignation may seem reasonable but it is very dangerous. Lack of savings means you have no safety net for emergency expenses.
Sure, you can get an instant loan without getting rejected frequently, but you should still strive to have a large amount of savings.
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At the heart of savings is the budget. Your budget creates a road map that shows you how much money you have, where it’s going and any excess. It also highlights areas where you can cut costs.
Create a budget with all your expenses against your total income. The difference is your extra income. From this, find a suitable amount that you can easily save.
If you’re spending more than you earn, you need to take a serious look at your lifestyle and make some big changes to get back on track.
Having all your money in your current account makes it available for everyday use. This does not support your savings plan.
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Instead, open a separate savings account where you can deposit as often as you like, but with withdrawal restrictions. This means that this money should not be used for driving or luxuries.
After determining your extra income and how much you can easily save each month, consider starting a checking system.
With this, you instruct your bank to send a specific amount of your salary to your savings account immediately after your salary is received. This is important as it ensures that the amount is not available for your use. Many times, people have every intention of saving but find themselves overspending and thus not saving.
Simple changes like eating at home instead of eating out can save you tens or hundreds of dollars each month. This is not spending more money; add to your savings account.
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It takes time to fully accept a new habit. Once you find a savings plan, stick to it, no matter how hard it is. The way we spend our money has changed dramatically over the past 12 months. Whether you’ve saved more or run out of cash, we all need a little financial nudge to help us save where we can. So, check out our twenty-three tried and tested ways to save money. You’ll be amazed at how much you can save without even trying.
Pay yourself first. Doing this is a sure way to financial freedom. Use the simple 50/30/20 budgeting method. This means 50% of your take home pay goes to your needs (bills, food, down payment), 30% goes to entertainment (eating out etc) and 20% goes to your future (more debt payments of minimum, savings for emergencies. and investing). If this split doesn’t work for you when money is tight, you can adjust the ratio as you go.
If you have card debt, develop a strategy to get rid of it. Don’t panic if you don’t have the lump sum necessary to cover the full amount, you can achieve the same result by transferring the debt to a 0% balance credit card to avoid paying interest for a fixed period (up to 30 months) and pay a fixed amount each month.
Some cards come with small balance transfer fees, so make sure you do the math. Set up direct debit to avoid missing minimum payments and getting hit with high costs. If you still have debt after the 0% period ends, switch to another plan. Do not use this card for purchases. Find the best 0% balance transfer card using comparison sites such as Moneyfacts and MoneySuperMarket.
Small Ways To Save Money [infographic]
Don’t let money slip through your fingers. With Monzo’s digital bank you can transfer a certain amount of spending to your card while prepaid cards – such as Monese and Transferwise – only allow you to spend what you load.
Very high technology? Set up a day-to-day spending account with his card, and transfer your weekly disposable income.
Going incognito when shopping online can help you save money by automatically clearing your browser history when you close a tab. This means that companies can’t track what you’re looking at and set prices (yes, it happens!), so it will be especially useful for planning your next vacation.
A nationwide Payday Survey revealed 1 in 5 people spend more than half of their monthly bonus within 48 hours of getting paid! Don’t let your disposable income burn a hole in your wallet, always ask yourself if you really need it.
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Prioritize your most important money, including a savings item, before you start spending. That way, you will know how much income can be spent throughout the month.
If you haven’t already done so, top up your £20,000 tax-free ISA allowance. You can put the money in cash or an investment ISA. It’s true that rates on cash ISAs aren’t great at the moment, but you’ll get more as you prepare to leave the money untouched. See www.gov.uk/individual-savings-accounts for more information. Check out the best cash ISA rates at Moneyfacts
You don’t need a lot of money to start investing, nor do you need to be an expert. Some investment apps, like Moneybox, even let you start with just a few cents by collecting your spare change every time you spend.
If you’re still working from home because of the coronavirus pandemic, you can claim money
Clever Ways To Save Money For Future Expenses
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