With the new year, people are wondering how to save money. Well, you can make positive lifestyle changes that could help you build your savings. These changes take little effort and can help you save the cash you need for your financial future.
Use an Automated Saving Tool
Find an app that can help take the work out of saving. Thanks to modern technology some apps can help you transfer small amounts of money from your checking account to a savings account. When you choose to transfer small amounts each month, you won’t even notice you are missing it from your account!
Give Up One Bad Habit
When you’re looking for ways to save money without drastic changes, get rid of something that is not beneficial to your wallet or health. Try giving up fast food. We all know it is convenient to grab and go, it’s that guilty pleasure that tastes so good and seems relatively cheap. And compared to full-service restaurants, it is cheaper. But, compared to a home-cooked meal they are not that great of a deal. Fast food ranges from $4 to $14 a person, now let’s compare that to cooking at home. When you cook at home, you could make a whole week’s worth of meals for less than $60. Which means if you have three meals a day, each would cost $2.87.
Limit Online Shopping
It might seem convenient to create an online account that saves your billing information at your favorite online shops, but that’s what makes impulse buying so easy. When you are forced to input your shipping and billing information, it could help with lessen impulse purchases. You could also try the 24-hour rule which means keeping something in your cart for 24 hours and after a full day see if you still want it.
Take Advantage of Your Employee Benefits
Some companies offer incentives to their employees. Your benefits could include a discounted gym membership, free workshops at your place of employment, or discounted special events. Talk with HR to see if your company has a health and wellness program, and if not they might be willing to start one if enough people are interested.
DEXSTA | How To Save Money
Creating a budget is also a smart way to save. When you create a budget, you already know where your money will go. We suggest the 50/30/20 rule, 50% goes to financial needs, 30% is for your financial wants, and 20% goes to your savings and debt. There you have it, five ways on how to save money! If you need any financial advice or goal planning, please visit us online or stop into one of our branches.