4 Easy-To-Implement Money Saving Tips

By Carol / Published on Sunday, 26 Feb 2017 01:55 AM

Saving money can often be a tricky task. Nevertheless here are four fast tips you can implement without very much trouble and that can save you a lot of money.

Tip 1: Track your spending.

Start a budget that tracks your monthly spending. That may aid you in deciding where you can cut back and help maximize your savings efforts.

Start by tracking your expenditure for a two-month period. Track all your monthly expenses, everything from the tip you give to the food store bag boy to the monthly home loan payment. At the month’s end, tally your spending against the plan and see where you did well and where you did not. If you spent less than planned, move the excess into your high-yield savings account or use it to pay down debt.

Tip 2: Pay off high-interest bank card debts.

For many homes, the best return on money is to pay down credit card debt. Whether the APR is 10% or 25%, bank card debt is typically the dearest debt households have. Putting surplus cash into repayment of credit card debt is a double-digit, risk-free return because it decreases the due balance and the resulting interest fees. This is a excellent move as credit card rates are probably going to move in only one particular direction — up– over the next one or two years.

When prioritizing your debt repayment, begin with the highest-rate credit card first and focus on paying down the balances in descending order.

Tip 3: Consider a rewards credit card.

Do you pay your credit card balance in full? If so, you are the ideal candidate for a rewards credit card. With a rewards credit card, you are rewarded in the shape of cash back, airline miles or one of many other ways for everyday purchases you make. Check the kind of reward that is most attractive to you and compare card offers based totally on what proportion of your purchases are paid out in rewards.

A 1% reward proportion is characteristic, but many credit cards have bigger payouts for certain classes of spending or for spending above a certain amount. Finding the card that best fits your spending pattern can put hundreds of dollars per year in your pocket for expenses you’d incur anyway.

The keys to success is always paying the balance in full and resisting the desire to overspend just for the sake of the reward.

Tip 4: Sign up to discount sites.

Check for discounts on everything you spend cash on anyway. Furthermore, for mobile phone, satellite and other contracts which make you bleed cash every month, telephone the provider and ask for a reduction or you’ll consider going elsewhere. Better yet, find a superior deal elsewhere and ask them to beat it.


A good option is to join a site like Groupon where you get amazing bargains. Nonetheless the key is to only take up a discount if you were going to use that product or service anyway.