In today’s economy, many people are looking for ways to save some money in the bank. It is not as easy as it may sound, and no one can stick to a deprivation budget for long. Here are five easy ways to trim your spending without feeling martyred.
First, check with your employer. They have a variety of ways to compensate you that will reduces your taxable income and let you put some money away. Employer matching 403B or 401K plans let you save twice as fast- your money is put in an account you designate, and the employer may match a part of what you save. That is free money- in your pocket! Flexible spending health care accounts cover medical expenses, reduce taxes, and return the money to you as you spend it. Companies may offer other perks- a discount on your cell phone bill, employee incentives for saving them money, gift cards for Christmas. Check it out. Those are three easy ways to save some money and not even notice it- just comes right out of your paycheck.
Couponing and price matching can save a lot of money, but it does take some work. If that is too much for you, here are some little things you can easily do. Use your rewards card at stores that offer bonuses- discounts on gas, free gift cards when a certain limit is reached. For example, Kroger will lower the price of your gas by $1 a gallon when you reach a set amount of money spent. Save those points, and at the end of the month before payday, use them to fill up your tank cheaply. This can be huge if you drive a car with a 22 gallon gas tank.
Look at your everyday spending habits. Maybe you get up late every morning and do not have time to make and bring a lunch with you, so you spend $8-10 daily for lunch. If you planned lunch just once a week, that is $40 a month saved.
The last, and best tip, is this. What will you do with all that money saved? Do not put it in your pocket or checking account- you will just spend it. Establish a savings account, perhaps at a different bank with limited withdrawals, and put it in there. If you find that no matter what you do, you are still falling short, a payday loan may help. Of course having a savings account with emergency money is great and if the money is hard to get access to, that makes it easier to leave it alone.