Even if you’re not the lucky person who won the $2 billion Powerball, you can still work diligently toward obtaining financial freedom. Large and small actions such as setting sound financial goals, lowering your monthly bills, such as setting your heat at 68, cooking at home, researching car insurance quotes for the most affordable and suitable policy, and investing for your retirement will all put you on a path toward success. Ready for some money saving secrets? Great, we are ready to share and invite you to read on.
Brown Bag Lunch: Sure, going out to lunch is a nice break from the office, but if it is something you do on a regular basis, taking your own lunch to work will save you a good $30-$50 a week. If you find you really do need to step away from the office setting, consider eating your lunch outside or taking a brisk walk.
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Pay off High Interest Cards: If you have multiple credit cards take a look to see which ones are charging the highest interest. Continue to pay on each of your cards every month, but pay more to the higher interest cards so you can get those paid off sooner.
Set Goals: Let your financial goals serve as a guide to where you want to be in the future. Will you be saving for a trip? College? A new home? Whatever the big prize, make it an inspiration for you when you find yourself slipping out of your good habits.
Lower Energy Usage: Homes require a lot of energy to run efficiently but it’s likely you can cut down on some of your usage. Ideas include turning the thermostat down in the winter and up in the summer (your body does, indeed, adjust), setting timers and motion detectors on lights, televisions, and fans, and installing a smart thermostat to efficiently cool and warm your home when you most need it.
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Quit Smoking: If you are smoking more than a pack and a half a day, quitting could save you $3,000 a year. That’s a lot of money you can put toward paying off your home, your car, toward your child’s college fund or toward your retirement.
Choose a “Staycation”: Travel is exhilarating and fun, there’s no doubt about it, but it can also be costly. If it’s time for your vacation, opt for staying at home and discovering hidden local gems like new places to hike, waterfalls you’ve never seen, concert venues you’ve never been to and newly opened fusion restaurants.
Cash in Envelopes: Online banking and shopping might be easy and convenient, but it also contributes to over-spending and underestimating fiscal issues. If you continue to have a problem with overspending, try putting cash into a labeled envelope (for example: Groceries) and spend only what is available in the envelope. Once it’s gone, it’s gone.
Matching Contributions: Does your employer match your 401k retirement contributions? If they do, take full advantage. You might feel a slight money pinch the first couple of weeks but you will adjust, and the savings will accrue much faster.
Use 24 Hour Rule: Do you tend to be an impulsive spender? Do you find yourself purchasing items you don’t really need? Try employing the 24 hour rule. When you see something you like, avoid the impulse to immediately buy it. Wait 24 hours. If you are still thinking about it and have convinced yourself you need it, then go ahead and make the purchase. Chances are you’ll cut your spending in half at least by using this rule because a cool head and common sense will take over.
Rethink Cost of Items: When you see that gorgeous brand name bag for $100, don’t think about it being $100, instead, think about it in terms of how many hours you have to work to obtain it. If you make $20 an hour, that’s 5 hours of work for the bag. This method of thinking may give you pause when it comes to needless purchases.
Insurance Costs: If you own a home and a car you simply can’t ignore insurance. But that doesn’t mean you must spend an arm and a leg on it, either. Get car insurance quotes that best fit your budget and lifestyle to save money every month.
Comparison Shop for Prescriptions: Your regular prescriptions might be costing you more than necessary. Find out how much you could be paying at nearby pharmacies, you’re likely to see a huge difference in price.
Once you are in the mindset to save money, you’ll find that there are strategies to put in place all around you – in your home, car, office, personal health and wellness, entertainment, and more. Making the effort toward saving money is half the battle and gaining financial freedom is the reward.
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