Categorized | Saving Money

5 Tips for Saving Money

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Saving money has become less of a skill and more of a secondary nature for most navigating throughout this economy. The young generation that has been sailing through economic hardships and a failing job market has developed spending habits that would make the Great Depression generation proud. Smart spending has led many to understand the fundamental principles to saving money when it comes to cutting costs. Penny pinching and coupons have become the new definition of grocery and retail shopping. Bigger purchases are being combined with dealer rebates, and technology is lasting us longer. You can increase your savings by following these 5 tips for saving money to help put some fluff back in your checking and savings accounts.

Get Healthy

Getting healthier and in better shape can help you achieve many positives in your life. Increasing exercise and eating healthier can save you money and help you attain that new year’s resolution. By eating healthier and exercising on a more frequent basis can help improve your overall health as well as your mental health too. The financial implications will decrease your stress and likelihood of getting sick throughout the year. The increase in hormones and adrenaline into your bodily system will help you fight off viruses and colds more effectively, and you will feel better too! Getting healthy will effectively help you in saving money throughout the year, and while it may only be incremental amounts, over time those amounts will add up.

The Power of the Piggy Banksaving money

If being a child has taught us anything, it most notably is the power of the piggy bank. Saving all the change you possibly could and pooling it into your piggy bank taught you as a child that if you want to purchase something, saving up for it was the most effective way to get it. The concept hasn’t changed much over the years, only our age and the cost of the items we desire. This is essentially the core of saving money. In its very application you are already practicing the art, the nature of saving money. Get a money jar or pull out an old piggy bank and make that your loose change fund towards a nice night out with friends and loved ones, or a new pair of shoes. By practicing the piggy bank method, more of your paycheck can go into your savings and less in useless spending while not starving yourself of the little things in life.

Rethink Auto Insurance

Auto insurance rates are constantly on the rise and depending on the state you are in, you may be paying more than your counterpart somewhere else. The definition of customer loyalty has changed in the last 50 years. Once upon a time, customer loyalty paid off in getting you a better rate by doing business with the same company for an extended amount of years. However a few months ago, a report was released pertaining to many auto insurance leaders focusing on how these industry giants were spending their money. The report claimed that more focus and spending was being done on gaining new customers rather than keeping the ones already on board. If that is how these companies view your business then you are more likely to save money by jumping around to the various companies after a couple of years. Make them work for your business and on the flip side, continue saving money.

Shop Onlinesaving money

I worked retail for years in my youth, and I’m sure if any of my old bosses saw this they’d try to strangle me. But the concept is sound. Buying online is often cheaper because of the lack of money being spent on having a physical retail location. This is one of the main reasons that Amazon has been so successful in recent years. The ability to charge a yearly fee for preferred shipping is much cheaper than a retail location that not only weighs down profit with labor costs, but theft, utility and rent costs too. If you are serious about saving money, consider the benefits to shopping online for your smaller purchases like computers, music and entertainment, or anything else that can help cut the costs of your spending.

Build Up Your Credit Score

Building up your credit score can have serious money saving benefits. The higher your credit score the lower your interests rates levied against you will be. The better a customer you are to the credit card companies, the higher your limits will be, and if you keep your debt ratio low, your score will rise. The easiest way to save money is to build up your credit score because it allows you to lower interest rates towards the items you desire.

Following these 5 tips for saving money can help you put more money into your checking and savings accounts and allocate funds towards the purchases you want to make. Understanding how to turn these tips into a second nature form of behavior is sure to help you save money throughout the year.

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