Simple Ways to Save More Throughout the Year
If you’ve fallen off the wagon on your resolutions to save more this year it’s never too late to turn things around. Trying to make changes when you’re used to old habits is rough. You get all geared up to start and when you’re not meeting your goals you start to lose the motivation to keep going. The best way to handle a scenario like this is to dust yourself off and try again. Only, this time you start simple.
Saving doesn’t have to be hard. When setting goals to save, if you aren’t used to doing it, it’s best to start small. Below, are a few simple ways you can save more money throughout the year.
Go to a Bank Approved ATM
Grabbing cash from an ATM is a common practice, however, if you’re not careful it could cost you. Every time you go to an ATM out of network from your bank, you are charged a fee to retrieve cash. This fee can range from $1.50 to $5 or more. Your bank may also assess a fee around the same range. If you go to the ATM even 10 times a month, you are wasting anywhere from $15.00 – $50 or more. Simply pulling cash from an ATM within your bank’s network can alleviate that.
Use Installment Loans Instead of Payday Loans
There are times when you’re in a jam or need some extra cash and you need to take out a loan. Online lenders offer more flexible eligibility requirements and fast turnaround times which make them convenient. However, not all loans are created equally. Payday loans are short-term lenders that offer individuals anywhere from $100 to $1000 or more for a 2-week period. If the loan cannot be repaid in that time, however, borrowers have to pay an extension fee which does not go towards the balance of a loan. This can lead to a ton of extra money.
A quick monthly installment loan, on the other hand, has the same eligibility requirements, but with a lot fewer fees attached. With flexible repayment options, the loan is divided into small convenient monthly amounts which are paid back over the course of several months. This eliminates the extension fee and gets your loan paid off faster.
$1 or $5 Challenge
Trying to save hundreds or even thousands of dollars might seem impossible when you have so many financial obligations. You can get into the habit of saving by opting to set aside smaller denominations of cash. When you buy things in cash add your $1s or $5s to a jar or your savings account. Don’t spend this cash for a year and see how much you end up with!
Coupons are just as valuable as cash when used at the right location. It doesn’t matter if it will save you $0.25 or $25, it’s money you didn’t have to spend. Start searching for coupons and codes and using them at various retailers to reduce your expenses. If you’d like to take it a step further, for every coupon you use, add that amount of cash to your savings account.
It’s still very early in the year and never too late to start making some changes. If you want to increase your savings, instead of trying to load your account up overnight, take smaller steps. It’s a lot easier to reach your goals and get you in the habit of being savvy with your money. Hopefully, you’ll incorporate these three ideas into your finances and generate a sizeable increase in your bank account by the end of the year.