It’s important to be smart about how you spend your money and find every possible opportunity to avoid overspending. Especially right now during the global Pandemic, we are all looking for ways that can help our bottom line. So here are some simple but effective ways that you can save money every month.
Raise Your Credit Score
A low credit score can end up costing you serious money. If your credit isn’t up to par, you may have to pay more for ongoing expenses. Credit card interest rates, auto financing costs, or loan payment plans may be higher if a low credit score puts you in a high risk category of consumers. Find an easy way to get a free credit check so you can stay on top of what’s happening with your credit score.
Put Some Money Away Every Month
It’s important that you work on saving a little every month so that you’ll have a rainy day fund in the event that you have to deal with an emergency expense. If you don’t have something put away, you may find yourself experiencing a serious financial hardship due to something such as an urgent repair for your car or home. In those situations, you may have no choice but to get a short-term loan with a high interest rate or max out a credit card. Start saving a little money each month and work your way up towards saving more. It may require an adjustment to your existing monthly budget, but having some savings can prevent an urgent expense from costing more than it needs to. Also, you’ll like having the peace of mind that you’ll be financially prepared if some bad luck comes your way.
Find Competitive Rates for Ongoing Expenses
There are some bills you pay every month that may cost more than they need to. For example, your internet provider has probably raised the price from what you were originally paying. Find out if there is another provider that serves your area and can offer you a better monthly rate. In addition, if you subscribe to cable tv, another provider in your area may have a better rate when you sign up for its internet and cable service. Alternatively, you might consider doing away with cable altogether. Many people have abandoned cable and switched over to streaming services for both live TV and on-demand programming.
Don’t Overpay For Your Cell Phone
If you’re ditching your old phone every time a new model comes out, you should reconsider what you’re doing. Your phone is an important item that you use constantly, and you should be really happy with it. However, there’s typically very little difference from one model to the next. Wait until your phone is actually old before you invest in a new one. Also, if you’re paying for your phone as a part of your monthly bill with your cell provider, you’ll probably end up overpaying in the end. It’s better to buy a moderately priced phone outright and avoid paying too much or getting stuck with a lofty price for a cracked screen.
Take Steps to Make Your Home More Energy Efficient
If your electricity bill varies a lot from month to month, you may need to work on making your home more energy efficient. One of the simplest things that you can do is turn things off when you’re not using them. Also, don’t leave chargers plugged in unless you’re charging something. LED lighting will use less electricity than traditional incandescent lighting. In addition, if you have a central HVAC system, be sure that you’re having it cleaned and calibrated on a regular basis so it doesn’t work harder than it has to. Furthermore, you need to be conscientious about your home’s temperature settings to help avoid spikes in the winter or summer.
Join Stores’ Savings Programs
Some of the stores that you shop at frequently have fantastic savings and rewards programs. You may need to download a store’s app or sign up for emails to get the best savings offers. Usually, a lot of stores offer savings towards future purchases when you take advantage of their offers rather than just a discount on the purchase that you’re making. Calculate how much you can save when you combine rewards points or store credits with other offers such as manufacturer’s coupons, and you may find that items are more than half off. Be mindful about letting the credits you earn expire; these types of rewards programs have value only if you shop at a store regularly and you know that you’ll have a chance to redeem rewards offers.
Shop Competitively Online
When you’re buying something online, take a look at a few websites to make sure that you’re getting the best price. Don’t agonize for hours about a single purchase, but definitely make it a point to check out several sources so you can be satisfied that you’re not paying more than you have to.
Buy In Bulk
There are a lot of household items that add up considerably on your monthly expenses. Many types of items can be bought at a good value if you buy them in volume instead of simply getting smaller sizes repeatedly. While this shopping strategy may entail spending a lot on one purchase, it will definitely save you money in the long run.
Buy Things When They’re On Sale Instead of Just When You Need Them
When it comes to non-perishable household items such as paper products or cleaning supplies, you should always keep an eye out for good sales. You know that you’ll get around to using these items eventually, so it makes sense to buy them when you do it least expensively rather than waiting until you fun out and have no choice but to buy them at full price.
Saving money requires some careful planning, but making an effort to save shouldn’t be seen as a burden. In fact, once you become an avid saver, you’ll find some fun in finding deals and satisfaction in knowing that you’re not paying more than you have to for the things that you need and want most.
