My grandmother always told me, “It’s never about how much money you make, it’s about how much money you can save.” This coming from a woman who made the best of living on my grandfather’s meager wages. All I know is that she owned her own home, never wanted for anything, was never in debt and actually passed a decent estate onto her family when she passed. I can think of nothing more devastating than giving up our hard earned money unnecessarily, but it happens right under our noses every day.
If you want to save money, it’s worth considering practicing these habits where you can save about $100 every month. The important thing about this $100 bucks, is it can help eliminate debt and create additional income. All it takes are a few changes and it makes a great difference on how much money you waste every year.
Improve your credit
One of the easiest ways to start saving money is to improve your credit. We live in a credit driven world. Your credit scores can either cost or save you money. Lower credit scores can lead to higher interest rates, higher insurance premiums, and increased security deposits. Poor credit can actually cost you more than $100 a month. Some estimates in certain areas have the number as high as $300 a month.
If you stop on the way to work for a coffee and bagel or any combination of food and drink, you’re wasting a great deal of money. Most of us wind up with a half a cup of cold coffee and throw out half of what we were eating. Snacks are also a silent killer of wealth. Convenience stores and vending machines are just bad for your wallet.
This can be anything like late payment fees which also adds to your interest rates, to speeding tickets, parking fines, late fees and other convenience charges. All this account to lots of money through the year. Try to legally avoid these fees; most of them can be avoided just by paying on time or taking care of things yourself.
Make sure you cook as much as you require or else you will throw lots of food every month. Do not let food spoil or go to waste. You can either plan leftover nights or take leftovers to work or cook to feed less people. If you tend to spoil lots of food, change the way you shop and plan.
Neglecting your property
Performing routine maintenance on your home, car, bike, and all of your property will prevent major expenses down the road. Clean and change filters, weatherize, and follow directions for maintenance on all of your belongings.
Check the subscription services you receive each month and decide if you will really use them or if you can live without them. Pay extra attention to recurring charges that you’ve put onto your credit card. These are “painless” but can really add up in the end. An example is a gym membership you don’t use or the cable bill, if you are hardly home to watch television. You can save money by cutting cable and using an alternative for your television and either start using your gym membership or look at alternatives like exercising at home or jogging around the neighborhood.
All of the little things add up to a lot in the end. Every dollar that you waste, you can’t pay down debt, invest, or save. There is a great book by Larry Winget: Your Broke Because You Want To Be. (see below) Read it for some additional tips on getting ahead.
If you still need help with controlling your debt and/or improving your credit, fill out the form below and get a free credit consultation from a credit expert at Better Qualified.