As the old saying goes “Money Doesn’t Grow on Trees.” You work hard 5 days a week for 50 or so weeks each year. Getting more out of each dollar you spend should be a goal you adopt. If you’re having trouble finding ways to spend less and save more, here are a few tips to get you started.
Store Perks for Loyalty
As a customer, you should receive a perk for doing steady business with retailers and companies. After all, you can take your business elsewhere. Yet, most people don’t shop smart. They see something they want and buy it on impulse without doing any research. Supermarkets have rewards based on sales that can provide cash savings or add up to free products in the future. Some even offer discounts on gas. Retail stores often have cards that they punch a hole in with each $25.00 or $50.00 you spend. Once the card is full you receive 50 percent off an item or 20 percent on your entire next purchase.
Not to be outdone by the local shops, online sites like RebateKey have many vendors where you can receive cashback on your purchases. You’ll have access to companies such as Hobby Lobby where you can find a Hobby Lobby coupon code and enjoy discounts. Credit cards are also big on providing benefits to those who use their credit and remain in good standing. Perks such as airline miles, discounts on gas, and cashback on either select items or your entire purchase. Depending on the credit card, you can expect 2 to 5 percent on your purchases.
Transferring Balances to an Interest-Free Card
If you currently have several credit cards with high balances, paying them off makes sense. However, what if you don’t have the funds to pay them in full? Well, the next best option is to transfer the balance onto a new credit card interest-free. There are a few companies that offer these cards to people with good credit. In many cases, you have more than a year to clear the debt before the interest resumes. This gives you 12 months or more to reduce your debt without adding anything to it.
Maintaining a Budget
A budget is a tool that works for you. It lets you track spending and see your debt up close and personal. It also provides a way to establish goals such as saving money for a home, a car, and your retirement. If you spend everything you earn, you can’t expect to become financially stable. The good news is that it’s never too late to start a budget.
Paying Down Debt
It doesn’t take long to rack up thousands of dollars in credit card debt. In fact, it’s quite easy. However, unless you’re able to pay your bill in full each month, you’re accumulating more debt due to added interest. If you only pay the minimum payment you can expect to pay for some items more than two times. Instead, learn to use cash for small purchases, and save up for the big-ticket items. With your current debt, take the one with the highest balance and apply more to it each month. Once you pay that one off, move onto the next one. Before you know it, your credit card debt will be a thing of the past.
End the Impulse Shopping Sprees
If you are prone to buying things on impulse, you’re spending money without thinking about the debt created. A better approach when you find something you really need or want is to wait 24 hours and sleep on it. If you still feel strongly about buying it, shop around to find the best price available.
Your money isn’t handed to you, you earn it. There are many ways to reduce your expenses and put money back in your pocket where it belongs.