Save Money the Easy Way.

3 Dec

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Looking for some extra cash at the end of the month? Do you consistently run short of money from paycheck to paycheck? Consider two different ways to accumulate cash. Commit to saving and commit to spending less. Two steps to achieve this are to ask yourself honestly if you’re purchasing something because you need it, or because you want it. Take these small measures to find that extra cash in your account each month.

  • Sign up for your bank’s ‘keep the change’ program. Each time you swipe your debit card the bank will round your purchase to the nearest dollar and replace the additional funds in an account which you’ve designated. Swipe your card for $1.50 and the additional $.50 will be savings. As most of our transactions are with cards and not cash, consider this the equivalent to throwing your coins in a jar for savings.
  • Scour the newspapers and company websites for coupon savings. Most of today’s major retailers have customer loyalty programs and bonus savings for signing up on the company’s website for email notifications. Take advantage of these and the savings can be huge.
  • Select one habit each week to eliminate. If you go out for lunch everyday, consider brown bagging it one day a week. Leftovers are an easy and inexpensive option. If you stop by a coffee shop every morning for your daily latte, consider skipping this one day a week. Transfer the average spending for lunch and coffee once a week to the same account as you’ve designated for keep the change savings.

In addition to these concrete steps, ask yourself if it’s more important to purchase small things now, or have the self discipline for delayed gratification of a larger savings, emergency fund accumulation or long term large purchase. Think of it as paying yourself first!

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