Ever thought of how you could save money easily without rechecking your monthly budget again and again? You will think there is no way to do it without going to hundreds of grocery stores in order to get the cheapest deal. But there are pretty simple ways that you can follow in order to save more. Want to know how?
The small, frugal hacks of daily spending are a great way to develop a habit of savings and conscious spending. Redeeming coupons and cashing in on various deals whenever you get an opportunity is an intelligent way to save some extra money, but for the bigger and longer term savings, try these “super” hacks.
- Save on interest.
In order to save on interest you must grab the best deal in your favour. On a major loan repayment like a mortgage, a little upfront effort can save you considerable amounts of money for years to come. To make this hack work, you need to get your credit in shape. Which involves checking your credit history and making payments on time (and in full)? And also making your debt to available credit ratio as low as possible. That means paying down your EMI’s on all your credit card accounts. The higher your credit score, the lower your interest payments and the higher will be your savings.
- Forego the tax refund.
Adjust your withholding exemptions so that your payments to Uncle Sam match your actual tax liability, and you won’t wind up with a big refund come April. As exciting as it is to get that big check in the mail, that’s money you’ve been loaning to the government for free rather than having it accrue interest in your own savings and investment accounts. As of the start of April this year, the average tax refund was $2,831. That’s $235 a months’ worth of money that could be working for you.
Every month you spend a lot of your time arguing with your service providers for cable, telephone, internet, etc. And many a times it happens that you do not get what you deserve. In such situations, you can try threatening them by asking them to call their manager or transfer your call to the ‘Complain Redressal’ department and see how you turn the tables. If you’re unable to haggle down to get the savings you want , you can always shop providers to get your service elsewhere, probably with a new customer discount rate, too.
- Buy in bulk
When you go for monthly shopping, you can buy non-perishable stuffs in large quantities and keep a stock of it. This will save a great deal of money in two ways:
- You won’t have to drive to the supermarket to buy these things.
- Buying in bulk will entitle you for some special discounts as well.
- Get healthy.
Don’t just pray for good health and long life. Practice the concept of healthy life sincerely. Get a health and life insurance for yourself and your family members. Have a safe and happy life.
Keep it to the minimum. Try to have things that meet your requirement rather than buying large things which will need more maintenance. If you have a larger house you will have more rooms that will mean more electricity charges and also more maintenance of various things. So have as much as you need.
- Hold off on retirement.
Try to maximize your age and work beyond your capabilities. Holding off your post retirement benefits will help you generate more money. Also, you can go for post-retirement jobs that will generate a substantial income for you.