Everyone knows the old adage: a penny saved is a penny earned. Yet few are willing to stoop to the ground to pick up said penny. It’s certainly true that one penny will not make or break your financial situation, but a saver’s mindset is a valuable tool.
People are quick to spend money freely and claim they just want to enjoy themselves. This can become a habit and lead to a lack of funds for things that really matter. Good financial discipline allows you a better lifestyle later in life. Freedom Debt Relief reviews some ways to pinch pennies.
Make It a Game
The best savers love saving. Set a goal for your saving that you can work towards. Set up a separate bank account or investment account just for savings and make it your goal to save enough to put a down payment towards your dream home or pay for your child’s college tuition. This should be in addition to a 401(k) or other investment vehicles you have.
Freedom Debt Relief Reviews Piggy Banks
Rather than allow your loose change to live forever in between your couch cushions, put it in a jar. Every time you make a cash purchase make sure your change makes it to the jar. After a few months, you may have enough to add to a savings or investment account. Compound interest can make a little go a long way.
Freedom Debt Relief Reviews Rewards/Coupons/Cash Back
Anytime you go to a business, see if you can find a coupon. Companies are always offering deals to get customers in the doors. This is also essential when choosing a credit card. Credit card companies are competing for your business and so they offer cash back and other rewards when you spend. Research a card that will reward you for things you are already purchasing. Putting your bills on a rewards card is a great way to claim free cash. Just make sure you can pay on time or you’ll lose the savings to high interest rates.
Freedom Debt Relief Reviews Sell Unwanted Items
We have all made purchases we regret. However, you can offset your losses. Websites like eBay, Craigslist, and NextDoor make it easy to sell off unwanted items. Put the extra cash straight into a savings or investment account.
Freedom Debt Relief Reviews Cut Down Expenses
Make a budget with your monthly expenses to get a clear picture of what you spend your money on each month. Then, see what areas you can cut back in. If you like to eat out, try going to lunch instead of dinner. Make a goal to cook for yourself a few times a week instead of going out. Carpool to work rather than paying for a ride. Make it rewarding by putting the saved money directly into a savings account and keeping track of it.