Whether you are saving money to buy a home, a car, or just want the security of a nest egg, it’s important to have a goal, as this will give you incentive to save money. Looking forward to 2017, here are 9 tips to help you save more money in the coming year.
- Make a Budget
Keeping track of your incoming money and expenses will show you exactly how you’re spending your money, how much you can afford to save, and how long it will take you to reach your goal.
- Avoid credit and debit cards
For many, credit and debit cards can be a double-edged sword. Though cards can provide people with a convenient payment method, cardholders often spend too much simply because credit was available. It is easier to save money if you settle bills or purchase goods and service with interest-free payment methods, such as prepaid cards.
- Request Overtime
If you need to make more money, instead of getting a second job, first see if you can acquire some overtime hours with your current job. Just a few hours of overtime a week can add up. Also, ask your employer if he or she could pay your wages using a Prepaid Payroll Card program instead of the traditional cheques. Prepaid payroll cards save time and money by protecting you from cheque cashing fees and long bank lines.
- Reduce Food Costs
In order to save on your grocery bill, write out your shopping budget, and never go when you’re hungry. Also, try to visit the supermarket towards closing time so that you can find end-of-the-day deals and manager’s specials. In order to prevent overspending, you should only bring what you planned to spend, and not anything more. A prepaid card is a great option for this, as you are able to pre-fund your card with your planned spending amount and use it just like a debit or credit card at shops and supermarkets.
- Find The Best Utility Companies
Many people spend too much on their electricity, gas, and water bills, and utility providers are counting on their customers to be too busy to change. To prevent overspending on utilities, research ways that you can reduce your bills, and use one of the countless online comparison sites to see if switching tariff, or even your provider, could save you money. Stay clear of using your credit card for recurring utility payments, as you can easily be overcharged without knowing it. Instead, use prepaid cards for a more secure bill payment method. Simply load a fixed amount of money onto your prepaid card, link your account up to your utility bill, and in this way, only the amount you load will be deducted.
- Get Money Back
Get money back every time you make an online purchase by registering with cashback sites. When you make an online purchase, avoid using your credit card as interest fees will be applied; instead, use a prepaid card for interest-free payment. This method will add to the percentage of money you get back from cashback sites.
- Double-check Subscriptions
In today’s world, it can be difficult to remember how many subscriptions we have, how much we pay for them, or if we even find them useful. If you want to save some money, it’s a good idea to take a look through your monthly subscriptions. This can reveal to you what you can use, what you’ve forgotten about, and what you should cut to save extraneous costs.
- Sell Superfluous Objects
Take a look through your home—old electronics, mobile phones, CDs, and DVDs can be easily sold online. Utilising sites like eBay and Craigslist make it convenient to make some extra cash. Not to mention, it feels good to get rid of clutter too!
- Stay Within Your Means
If you have to max out your credit or apply for a loan to make a purchase, you are most likely spending outside your means. Continuing to make purchases in this way accrues interest and can build up a mountain of debt that’s difficult to manage. Instead, stay within your means by using a prepaid card as your primary payment method. Prepaid cards can be used just like credit cards to make purchases, but instead of using credit, prepaid cards allow permit you to spend only what was loaded on the card. In this manner, prepaid cards promote responsible spending and function as a helpful tool for those who want to save money.