Learning how to stretch a dollar will hopefully enable you to save enough money each month so you don’t need a loan in the future. You can still live the lifestyle you are accustom to while making small financial changes that can have a big impact on your bottom line. This is the Direct Payday Lender ™ top 10 list of ways to save money every month.
- Pay Your Bills On Time
- Eat Meals At Home
- Use The Library or Buy Second Hand Books
- Use Coupons
- If You Plan Vacations Book In Advance
- Reduce Household Costs
- Work Towards Reducing Debt
- Don’t Be an Impulsive Buyer
- DIY and Regular Maintenance
- Don’t Go Green With Envy
Don’t pile up your bills, pay them on time. If you have a payment to make, be sure to pay it off by the due date. Payments past the due date attract late payment charges. One of the safest ways to meet payment obligations on time is to opt for deductions out of your bank account. Many banks offer free bill payment facilities.
No, this does not include take-out. As frequently as possible, eat home made meals. You can easily carry a flask of coffee to work instead of buying a Starbucks coffee at $3 a cup. This is not to say that you should totally put a stop to eating out. People often use lunch time as a chance to build business relationships and add to their list of contacts. Aim to strike a balance between lunching out and bringing a brown bag to work. Pack a homemade meal twice or thrice a week and lunch outside on other days. Eat at expensive restaurants only for very special occasions, as you will be paying less for the food and more for the ambience.
If you like to read books and magazines in your free time, it’s time you got a library card from your local library. Buying magazines off the shelves will add to expenses, when you can source the same books and magazines from your local library. Alternately, buy second hand books that cost a fraction of the original price. As long as the pages are intact and the print readable, it’s a good buy. Second hand bookstores generally stock different genres of books- you can easily source classics and best sellers from these stores.
You can use coupons to cut down on your grocery bills. Cut out coupons from the newspaper or pick up a coupon leaflet when you make your next visit to the supermarket or pharmacy. The small offers and discounts may seem insignificant when you look at them individually. But if you calculate your monthly savings, you can come out $50 richer. That is a $600 savings every year – no paltry sum.
Plan for that much needed break or holiday with your family several months in advance. The earlier you book, the cheaper the airfare. You can save almost $100 this way. There are many low-cost airlines that offer off-season deals and special discounts. Scour the newspaper and internet for offers that can help reduce travel expenses. If you are interested in visiting several places, check with a good travel agency for economical package tours. The cost per head normally works out cheaper. If it doesn’t fit into your budget, use the brochure you picked up from the agency and book your own package by working out the costs beginning with the airfare.
If you are on a mission to reduce your utility bills, you might want to think twice before turning up the thermostat. Rising energy costs call for certain cut back measures. Don’t leave the fan or air conditioning on when nobody is using the room. Get all the leaking pipes and faucets repaired to save on water bills. Don’t keep the computer and television running when they are not in use. Turn off the lights in rooms once you leave them.
You should work towards reducing your credit card debts. You can do this by consolidating all the debts under a single loan. By doing this, you would also be giving yourself a little more time to pay it off. It’s also much easier managing a single debt than multiple loans. Don’t whip out the plastic every time you buy something. Once that turns into a habit, you can easily lose track of your expenses and get a jolt when you see the monthly statement. Keep some cash in hand to make payments on purchases. Make monthly payments of mortgages and personal loans on time.
Don’t buy on impulse- weigh the pros, cons and buy only if it is really necessary. Take a long look at the price tag and ask yourself whether you really need to spend so much money and exactly how useful the item really is. While impulse buying is frequently attributed to women, men aren’t far behind thanks to the gadget craze. You don’t need to have all the accessories or upgrades. There’s only so much a laptop or mobile phone can do. Stick to what you need and cut out on the frivolities.
Small plumbing jobs and minor car repairs can run into fairly large bills if you request a professional to do the work. Do a little maintenance work around the house to avoid major problems from cropping up due to neglect. If your car needs an oil change, don’t postpone it to a later date. This can affect the life of the vehicle and the last thing you want to do is to buy a new car.
So your neighbors have a new state of the art lawnmower. Good for them! If yours is working fine, there’s no reason to buy another one. Don’t indulge in one-upmanship. Save up and make useful purchases that actually add value to your lifestyle and not merely spruce up appearances.
Good money saving habits go a long way in making you a financially responsible person. Drawing up a personal budget is one tenth of the effort. 90% of the work lies in following through with it. With a little determination and your eye set on your long term goals, you can do it. It takes a while to reach the finish line but perseverance will definitely get you there.