1. Moving bank accounts to get perks and more interest
If you are being charged a monthly fee for your savings or checking account, then you should consider looking at other newer options out there being offered by banks. Many banks are offering sign-up bonuses when you open an account and set up a direct deposit. Some offer good interest rates for new customers also.
Interest rates today are now what they used to be before, but you should look at them. You can easily find free checking accounts and the best savings accounts online.
2. Turning off the TV
A good way to save yourself money is cutting down on the amount of TV you are watching. There are a number of benefits of doing this; a lower electric bill, less exposure to ads, a lower cable bill if you choose to downgrade the subscription, and time to use on things like a side hustle – and many more.
There is the option of cutting the cord if you want to go an extra step.
3. Stop collecting and start selling
Some people used to collect because they wanted it to bring them riches, but those days are gone. Longaberger baskets were a big fad at one time, as were Beanie Babies. Today, you can easily find these items online on resale sites such as Ebay and at garage sales for a fraction of the cost. This is going to leave those who invested thousands regretting and wondering what went wrong.
To avoid being in such a situation, then you should not collect items that have questionable value. If you have already invested in such items, the best thing to do is selling them and using the money for your financial goals. Selling items online is not that complicated. Don’t expect to sell it for what you bought it for.
4. Signing up for free customer rewards programs
There are many retailers ready to offer you rewards for shopping at their store, no matter where you live. If you want to take full advantage of these programs, use the following plan. Create a Yahoo address or Gmail to use for these mailings, collect every card you get, then visit the account to see any coupons when you want to shop.
You can even make more savings by using rewards credit cards to get points on the purchases at different stores. These points can then be redeemed for cashback and other benefits.
5. Using credit cards wisely
If you find yourself overspending when it comes to credit cards, then consider hiding the cards and keeping them in a safe place at home, and not with you. When you don’t have the card in your wallet, it reduces the temptation to use and when you are out and about. Do you have bad credit? Then consider applying for a bad credit credit card then rebuilding it slowly and consistently by spending on essentials. Short term payday loan options can help to rebuild your credit rating as long as you pay them off on time.
6. Mastering the 30-day rule
One of the most important rules for personal finance is avoiding instant gratification. One way of implementing this rule is by always waiting 30 days before deciding whether to purchase something or not.
In most cases, the urge to buy something passes after a month, and you will have saved yourself a lot by avoiding the purchase. This is even more important when it is an expensive thing that has a big impact on your finances. If you are not yet sure about purchasing something, 30 days is going to be enough to get a better perspective on whether the thing you want to buy is worth it.
7. Writing a list before shopping and sticking to it
When you want to go shopping, always make sure you have a list. When you don’t have a list, you will end up making impulse buys and buying things you don’t really need. You end up spending way more than what you had planned.
Before you go to the grocery store, sit down and create a list. This is also a good way of knowing whether an item fits with your meal plan. This also helps you avoid buying food that might end up going to waste. Before going shopping, make a list and always stick to it.
The grocery stores are also another place you can take advantage of cashback rewards – but you need to ensure you have paid off the balance each month.