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So, you want to save money?
Like you, we all do! Sadly, the hardest part about saving money is figuring out what to cut back on and what not to. Fortunately, this article will reveal 5 quick tips to help you get started saving money today.
As well all know, our mobile device is an extension of ourselves. It is a tool we all use to connect with one another, communicate, and manage our finances. If you are afraid to create your own financial budget or you do not know how too, then download Personal Capital. Personal Capital is a free mobile app that allows you to track your spending habits and create an easy-to-follow financial budget. With Personal Capital, you can connect your credit cards, mortgages, loans, bank accounts, and more. They provide you with a robust financial dashboard that consolidates all your accounts into one central location. With Personal Capital, you will get a holistic view of your financial situation.
Though we rave about Personal Capital, it certainly is not the only financial budgeting app you should consider. There are some great apps out there that will help you budget your money and set financial goals. All it takes is just a little bit of research!
Regardless if you are a recent college graduate, a young adult starting a family, or a professional nearing retirement, we all need to set financial goals. First, you need to decide what you want to save money for – perhaps a wedding, retirement, a new home, or a well-deserved vacation.
Break your desires into both short-term (1-3 Years) and long-term (4+ Years) goals, so you know exactly how long you have to save money. Some common short-term goals are saving up for an emergency fund, vacation, or a laptop. Whereas a long-term goal may be saving up for a house or your child’s education. Setting an achievable savings goal will keep you focused and disciplined. With the end goal in mind, you will soon realize it is easy to cut back on eating out or waiting to buy something until a deal arrives.
Whether you are a student, a new parent, or are in the military – just to name a few, you need to actively seek out coupons. We all shop; however, most of us do not use a coupon or available promotion, which could save us up to 15% – 20% on our purchase.
Let us do the math quickly. For example, let us say we purchased a brand-new television set for $1,000 and applied a 15% off coupon. That coupon alone would save us $150. We could then use that $150 towards one of our short-term or long-term financial goals that we set for ourselves. Applying a coupon here or there will save you money. But the key takeaway here is deciding what to do with that saved money.
While a traditional saving account is a great place to stash some money, it is not the only option you have. In fact, there are a few other financial tools that are far better and offer a higher interest rate. Consider a Certificate of Deposit (CD) or a high-yield saving account. A CD is ideal if you are saving for a long-term goal because it will lock your money for a fixed period at a higher interest rate. Some of the best CDs offer a 1.5% – 2.25% annual percentage yield, while a traditional savings account only offers 0.10%.
Remember, you can utilize multiple financial accounts to help you reach your financial goals. Research into all available options and choose the best mix of financial products that will help you save and manage your money like a pro.
Nearly all online banks allow you to turn on automatic monthly transfers between your checking account and saving account. You can decide how much money to transfer and when. I recommend moving money as soon as you get your monthly paycheck. Setting up automatic transfers is one of the best saving habits to adopt. It forces you to save money, and you do not have to think about it. For real, just set it and forget it!
Repairing your credit is great if you want to refinance your loans, qualify for a new credit card, or increase your credit score. Working with one of the best credit repair companies will allow you to remove negative items from your credit report, which will increase your credit score over time. Above all, improving your credit score will allow you to refinance your loans for a lower interest rate, which will save you thousands of dollars. Are you tired of paying an outrageous amount on interest each month? If so, then repairing your credit is a sure shot way to end this nonsense.
You may be asking yourself, “what if I am good at saving money already?” If this is the case, then you need to start a side hustle. Platforms like Shopify and WordPress make it easy for you to start making money online. With a little bit of hard work, creativity, and discipline, you can start a side hustle that makes you an extra $1,000 or $2,000 a month.
While there are undoubtedly many more ways you can save money, these eight actionable tips are a great starting point. Whether you want to save up for a family vacation or for your children’s education, the best thing you can do is start saving money now. Even if it is just $100 a month, the earlier you begin to form good financial habits, the better off you will be when it comes time to retire or finance a large purchase.Tags: budgeting, coupons, credit repair