If you are like most families today, you are constantly searching for tips on how to save money to stay within your budget. Often this means looking for ways to cut costs each month so that you can afford everything it takes to keep your household running smoothly. Proper budgeting is the key to maintaining your finances each month and is a good life lesson for your children as well, who will benefit from learning your thrifty habits in the future.
How to Save Money Without Feeling A Major Impact
The key to successfully putting aside some money each month for savings is to make savvy choices that will cause little to no impact on your monthly budget. When you learn how to lower the costs on monthly expenses, you can save money without compromising the wants and needs of your family. The key to successfully managing your money each month is smart money-saving habits that will allow you to see your savings continue to grow. Be sure you have the perfect savings account in mind for your extra savings. An IRA, Money Market Account, or Savings Account may be the best place to store your extra savings.
Teaching Your Children How to Save Money Is Important
Learning how to save money at an early age is the key to your child’s financial success in the future. By your children witnessing your efforts to save and having it be part of your family’s open dialog and regular conversations, you are teaching them healthy habits that will last a lifetime. Learning how to cut costs and save money now will help ensure they make good money decisions later, meaning a brighter financial future for them and their family.
Here's 8 Tips to Help Your Family Cut Costs and Save Money:
1. Save Money on Groceries
A large amount of any family’s monthly budget goes towards food. Saving money at the grocery store will go a long way to conserving funds each month. Making a list and sticking to it, using coupons on regularly purchased items, and staying within your budget are good habits while shopping for food.
2. Use Rewards Programs Wisely
If you shop at businesses that offer reward programs – use them! Taking advantage of these special savings programs can really add up. From credit cards and airlines to grocery stores and restaurants; using points and credits can earn you things like cash back, free travel, and more. The Finex Cashback Rewards Debit Card, lets you earn cashback on qualifying debit card transactions.
3. Save Big on a Used Car
Buying a used car versus a new one can save you so much money. Savvy consumers know all the extra costs that come with purchasing a new car and know they can do themselves a great financial favor to buy a used and save on the immediate depreciation of the vehicle, a higher monthly car payment, higher rates on insurance, and more. Even in times when there may be parts shortages or inventory shortages, consider repairing your existing vehicle over buying a car and start your research early. When considering your car purchases make sure you are getting a loan offer that has low rates, no pre-payment penalties, and full financing options.
4. Sell Your Stuff for Extra Cash
Try selling items you no longer want instead of just tossing them. You may be surprised how quickly the cash from your unwanted goods adds up. Try having a garage sale or selling your items online for fast results that can earn you some extra cash for your Savings Account.
5. Lower Insurance Premiums
Many people are over-insured, which is costing them a lot of money each month. Check to make sure you have enough insurance without wasting money on costly premiums for insurance you don’t need. From life insurance and health insurance to homeowners insurance and auto coverage – check on your existing premiums and research alternative companies to save big.
6. Do You Really Need that Service?
Save money by simply eliminating one service from your monthly expenses that you can really do without. Maybe you have a gym membership you don’t use, cable TV channels you don’t watch, or that antiquated landline you never even think about that can reduce costs.
7. Be Thrifty
Shopping at thrift stores is a great way to save money. From clothes and books to furniture and electronics – there are deals to be had at local thrift stores. This is especially helpful for clothes for kids since they grow quickly and also for barely used furniture that still has a lot of life left in it to enjoy.
8. Take Advantage of Skip A Pay Features
As much as we try to save money and cut costs, there will be unforeseen circumstances when we all need a little break from making loan payments. Skipping a payment frees up funds for day-to-day expenses. Removing financial stress can help when you have expenses that come when you have kids or even elderly family members you may be caring for.
Where is the Best Place for Your Savings?
There are many types of Savings Accounts that are a good solution for your extra savings. If you haven’t already, be sure to invest in your future and consider adding to your 401k or IRA.
If your retirement is already planned for, consider placing your extra savings in a Money Market Account, CD, or traditional Savings Account. Depending on how much money you have and how accessible you will want it to be will help determine which savings account is right for you. Need help deciding? Please contact Finex today!