|
If you were to ask 100 different people for one money saving tip you would probably get 100 different answers. So how can you save money and
how much can you really save? There are many ways to save money and while on their own they may not seem much, put them all together and they can add up to a fairly significant saving.
Check out a list of the Top 10 money saving tips below :- Loans Always shop around for the best loan rates available, do not feel that you have to stay with your current bank as they may not offer the most competitive rates. Too many people seem happy enough to stay with one financial institution for everything, but in reality very few companies
are leaders in every field. A simple check on one of the many internet comparison sites will give you a feel for the best rates around, and if you do want to keep all of your finances in one place why not ask your bank to match the best rate in the market? The chances are they won’t want to risk losing you and they might be able to do something for you. If you don’t ask you will never know! Credit Cards While for many people credit cards are a necessary evil you need to ensure that the card which you have is the best one for your situation. If you are looking to pay off your balance each month then you need to go for a card which has as few additional charges as possible. As you do not plan to rack up any interest charges the APR does not really matter, it is more the additional charges you should be looking at. However if you think you might end up carrying forward a debit balance for some time, then you really need to look at the best APR figure available, as you will probably pay a mixture of charges and interest on your card. Too many people are lazy when it comes to credit cards and very few actually check out the best card for their situation. It’s easy and it can save you a lot of money! Savings Accounts Even though the vast majority of the US population will have at least one savings account, how many actually monitor the rate which their money is earning? Over time it can prove very beneficial to check out the market on a regular basis and ensure that your money is working hard for you. If you have significant funds on deposit you might want to look at the money market and certificates of deposit (CDs) where rates of return are normally higher than traditional savings accounts. Utility Bills For many people their utility bills will eat up most of their income, whether this is the electricity, heating, telephone, etc. There are many ways in which you can shave a few dollars of each of your bills, and while this may not seem much at the time, it will quickly add up. Why not turn your heating down a degree or two, or switch it off totally when not required? Why not ensure that you only use the telephone at
the cheapest times of the day (where possible)? Do you really need that mobile phone? These are just a few of the simple questions you need to ask yourself, and you will very quickly see how you CAN save money and take some of the pressure of your monthly income. Your Vehicle While the US leads the market in cars, whether this is the family car, sports car or giant people carriers, does you car really suit your family and your income? The cost of running a vehicle has increased over the last few years with the oil price climbing higher and higher, not to mention the green taxes which many states have brought in against uneconomical cars. By matching the type of vehicle with your life style and your income you can very soon see where there are savings to be made. You will be
surprised just how much your vehicle is costing you to run! Withdrawals From The Bank While this may seem one of the more obvious and possibly absurd suggestions when looking to save money, if you take a step back and think about it, there is a reason behind it. Next time you go to the bank and draw out $50 just think to yourself, do I really need $50? What am I going to spend it on? Could I possibly do with just $40? Survey after survey has shown that the majority of people will spend whatever money is in their pocket, whether this be loose change or dollar bills. So by only taking out what you actually need you can take away the temptation to spend, spend, spend and turn that into a save, save, save situation. It may sound obvious, but try it next time you are at the bank. Health Insurance Health Insurance is more a long term planning situation than a short term money saving idea, but in the long run it will save you money. As the cost of medical care continues to move higher and higher, even the simplest treatment can make a real dent in your savings. Why not consider taking out a family health insurance plan to cover you all for any treatment required? For the sake of only a few dollars a month you can sleep easy in the knowledge that if any medical treatment is required, you have a plan in place to pay for it. Why wait until you need treatment and then consider health insurance? Do it now. Taxes When was the last time you checked whether the tax deducted from your income was correct? Have you ever checked to see if your tax rate is
correct? You would be astounded at the number of people who do not check their tax situation, and just keep on paying what is requested. If you have not kept the authorities up to date with your circumstances then their records may be out of date. Taxes are high enough as it is, without actually paying more than you should. Online Vouchers The problem with money saving ideas is the fact that everybody wants the ideas that will save then a thousand dollars in one go. If you have the opportunity to save that kind of money in one action then you were either being overcharged or you have been living beyond your means! The internet has spawned a massive new sector in the shape of online vouchers, the promotions that can actually result in substantial savings on a whole range of products and services. Do not be ashamed to use these vouchers, that is what they are there for, and they really can save you a fortune well into the future. Conclusion The art of saving money is to do the small things right and then the larger issues will all fall into place. The amount of money wasted by people who are either too lazy or not aware of the potential for savings is enormous. A few simple changes to your lifestyle could result in enough to take the kids away for that well earned break, or do some renovations on your home. It is not rocket science and you will actually be the person who benefits.
|
