There are more opportunities to save money and pay down our debts than we sometimes realize. Here are 5 easy strategies that have worked for me.
Stopping Auto Pay
For bills like my car payment, loans, or credit cards that I am paying interest on, if I am not getting a discount I stop auto pay. This way I can make the payment on my payday instead of the due date which in the long run saves money on interest.
For my bills that charge interest I like to round my payment up a little. I don’t have a lot of extra money to be putting toward those debts right now but it is pretty easy to round a $121.20 payment to $125.
Saving the Easy Way
It is hard for me to save money because when I know it is there, I spend it. To make it easier on myself I’ve set up a savings account at a separate bank from where my checking is. When I get a check in the mail I take it to my savings bank to cash and deposit a small amount in savings. If my check is for $49.20, I will cash it for $45 leaving the rest in my savings.
Cutting back is easier said than done because the things we buy make us happy. It is much easier to start slowly than completely cut out spending. If you are someone that buys scratch tickets or gets Starbucks every day, you can still get what you want but cut the amount you are getting in half or buy only on certain days.
Knowing What Works
For some people paying in all cash makes them more conscious of what they are spending. For others, like me, debit cards work better because you have to track what is being spent and how much is left. Figure out what will work for you and spend money that way as much as possible.
I don’t have a lot of time to do couponing but I do take a few seconds to check for deals before I shop. A lot of grocery stores have online deals that you can add to your card with a click of a button. I usually save $5-10 just by scanning on my phone before I get out of my car. Online retailers also offer promo codes and before I checkout I always check sites like Retail Me Not for instant savings.