With the new year upon us, now is a good time to consider your financial goals for the year. It might be saving for retirement, buying a new home, or simply finding ways to reduce your debt. To motivate yourself, start by writing down your goal and imaging how you will feel when you achieve it. Next, figure out how much time and money it will take and include them with your written goal. Remember, achieving your goal will most likely require you to save money.
So, here are some attainable methods to help you save that money and achieve your goal.
Cut the cable chord.
The cost for cable television has risen over the past few years and can be quite expensive. You can cut out cable and still watch your favorite tv shows by using streaming services such as ATT, Hulu, Netflix, and Apple TV. These services can be significantly less than what you would pay for cable or satellite television.
Go to your local library.
If you love to read the newest book releases, then your local library can be a big money saver. Most new hardcover books can cost around $25. Instead of buying for them you can loan them from your library. You’ll receive all the joy of having that new book you’re dying to read, without paying anything. The only downside is you may have to put your name on a reservation list and wait a little before receiving it.
Save your change and dollars.
Saving can seem like a nice idea but difficult to do. There are a few simple strategies to build up savings quickly. One is to save your change and instead of spending it on trivial purchases put all of it in a jar or tin and label it with your savings goal. You’ll be surprised after a few months to see how much all your change has added up to.
Another saving strategy is called the 52-Week Money Challenge. With this strategy you commit to saving weekly, with one dollar the first week, two the next, three after that, etc. and by the end of the year, you will have saved $1,378.
Sell your stuff you do not want or need online.
Instead of letting your unwanted items gather dust, you can turn them into cash by selling them on Ebay, or Facebook Marketplace. Just be aware of the costs for shipping and how you want to handle them.
Skip the coffee lines.
A great way to save money every day is to brew your own coffee at home. The average spend on coffee can run from $2 to $5 a day depending on the type, which equates to $730 and $1,825 a year.
Shop smarter.
Grocery stores and some retail stores like Big Lots have a clearance section for products that can offer big discounts like 50% or more. Just be sure they are items you need, or you could end up wasting money on items you never use. Also, a good practice is stick to the items on your grocery list instead of yielding to impulse buying. After you finish shopping scan your cart and organize your groceries into two categories, need and want, and consider removing any items that are not a need
Turn your purchases into cash.
There is an app named Receipt Hog that gives you token coins for submitting photographs of your grocery and superstore receipts, and for filling out surveys. You can then redeem the coins through PayPal for cash or as an Amazon gift card. If you use a credit card for your purchases, be sure you are receiving a reward for doing so, such as points per dollar spent. Just be sure to allocate funds to pay off your balance when it is due, or the rewards will add up to nothing.
If you have debt, you can apply these money saving tips toward reducing the amounts you owe. If your debt has become a problem and you need assistance with credit card debt, or any unsecured debt such as payday and installment loans, medical and phone bills, please call Progressive Debt Relief 1.877.590.1847 for a free consultation.
