by Bo, June 06, 2014
When it comes to spending money, most people excel at it. Especially when it is other peoples money! Remember your parents telling you money doesn’t grow on trees? Seems like every time we needed something for school or we out grew clothing and shoes, my dad would just shake his head. Now that my kids are growing up, I can feel my parents pain! Saving money is tough but with some good choices we can go on a money savings spree and build up the bank account again or at least have some fluidity in the cash flow.
Here are some tips that I have used on my money savings spree.
1) Shop discount stores first. Look for the best value and the lowest prices.
2) Use discount portals when shopping online. Some give cash back, some allow accumulation of points for cash or gift cards.
3) Adjust insurance deductibles. For some, it may go up; for some it may go down. Consult your agent for the best coverage
4) Refinance mortgage for a lower rate but only if you will save at least 1 point or more.
5) Downsize and reduce clutter. Sell online or locally in yard sales, craigslist, etc.
6) Buy non perishables in bulk.
7) Buy meats in bulk and separate for freezing
8) Set up overdraft protection so you do not occur additional bank fees, which can be hefty
9) Condense credit card debt into one low rate card and then get it paid off as quick as possible
10) Fall in love with home cooking and cut restaurant visits
These 10 ideas have helped us cut fees and add more liquid cash to our account. This in turn allowed for an increases our savings. Every bit helps and being aware of additional methods you can use to go on your own money savings spree just adds more and more cash into your account. And that is a great feeling!
Share with us your tips for saving serious cash and increasing your savings.