How to Save Money Fast
The best rule ito saving more money is to do it regularly and have a goal, this way you will stick with it.
1. Automate savings transfers each payday If you're struggling with savings scheduling auto transfers to savings can be a huge help. When money is moving from checking to savings automatically there's less temptation to spend it and you can easily watch your savings balance grow over time.
This is easy to do with our various Savings Challenges throughout Be Secure Financially. Click on the budget tab and go through the various savings challenge options.
Review your budget and choose an amount that you can commit to on a regular basis, then put your savings on auto transfer.
2. Put credit card, checking and loyalty rewards to work Using a rewards checking account or rewards credit card, or signing up for loyalty programs offered by your favorite restaurants and retailers is an easy way to save more money. Just be careful you aren't tempted by the many sales at retailers.
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3. Go cash only if you're tempted to overspend on credit cards While your credit card can put cash rewards in your pocket, it can also lead you into more debt. Pull out some money, whatever you feel comfortable with and keep it in your wallet, try cash only for a day, then a week, then a month. You will realize exactly where you are putting your money and become more conscious of how you spend.
4. Round up your transactions In addition to automatic savings transfers, you can give your savings another boost by rounding up your purchases. If you spend $25.73 at the movies, for example, round it up to $26 in your checkbook and send the other $0.27 to your savings account. You can even increase the roundup to the next $5 or $10 mark if you're ambitious and good at tracking your money. For example, instead of rounding to $28, you could round to $30 or even $40.
5. Negotiate your bills
Some bills, such as your rent or mortgage payment, may be non-negotiable, you may have some room for negotiation with others. For example, you might be able to find a better deal on your car insurance, cell phone service, at home internet. Comparison shop and find better rates or call your provider and make sure you are on the best plan.