Whether you’re looking to save money for your retirement or a fun-filled family vacation, simply continue reading to discover a few innovative money saving tips to help you reach your savings goals faster.
Handy Money Saving Tips:
1. Make sure to claim any tax refunds that you’re entitled to
It’s well worth checking to see whether or not you’re entitled to a tax return. As you may find that you’re due over $1,000 in tax refunds.
2. Bank all of your loose change
Instead of spending your loose change on unnecessary luxury items such as takeaway coffees, it’s well worth placing your loose change in a savings jar, which you can then bank, several times a year. By saving your loose change, you should be able to save between several hundred dollars and a thousand dollars a year.
3. Challenge yourself to save as much money as you spend on luxury goods
As an example, if you treat yourself to purchasing a meal at your favorite restaurant, make sure that you have enough money to save the same amount as your meal. If you don’t have enough money to do both, it may be a sign that you should forgo spending money on your chosen luxury treat.
4. Unsubscribe from as many subscription lists as you can
One way to avoid overspending online is to unsubscribe from as many commercial subscription lists as you can. As an example, if you frequently spend hundreds of dollars on purchasing makeup from Sephora, you may want to unsubscribe from Sephora’s mailing list. As that way, you won’t be tempted to purchase any new products or sale products which you might see advertised.
5. Wait 24 hours before making expensive impulse purchases
Instead of purchasing an expensive impulse purchase such as a new flat screen television or a designer pair of boots, it pays to wait a minimum of 24 hours before handing over your credit card details. As in many cases, the temptation to purchase an expensive product will wane after a cooling off period.
6. Make sure to pay off any outstanding credit card at the end of each month
Get into the habit of paying off any outstanding credit card balances at the end of each month as if you don’t, you’ll be likely to be hit with hefty interest rates.
7. Be selective when it comes to withdrawing money from ATMs
If you withdraw money from ATMs from a different bank, from your bank, you may have to pay several dollars per transaction which you make, in fees. So it’s well worth taking note of which ATMs in your area, are affiliated with your bank.
8. Cancel any subscriptions or memberships which you no longer use
If you no longer visit your local golf club or gym or no longer read physical newspapers, make sure to cancel your unwanted subscription or membership.
So if you’re interested in reaching your financial goals, sooner rather than later, it’s well worth utilizing a few of the creative money saving tips listed above.