Everyone has a period of time in their lives where money is tight. The good news is there are many ways to save money starting right now.
Re-establishing Your Credit
You may think that your credit has nothing to do with saving money. However, nothing could be further from the truth. When you have good credit you get the best interest rates, you have higher credit card limits and you rarely need to put a deposit down things like gas, electric and hotel rooms. If your credit is below average or even poor, work towards improving it.
Sometimes, a consolidation loan can help. If your bank denies you when you apply for one, check out online installment loan direct lenders. Their requirements are typically less strict than traditional banks and by making your payments each month on time you’ll build your credit score up.
Most people have favorite stores that they frequently shop at. Are you aware that many of those same stores have a rewards program in place? And, the best part is the programs are free. All you have to do is give a little personal information and you’re in the system. Retail stores and supermarkets have adopted them as a way to promote customer loyalty. Some offer cash credits and discounts on future purchases, where others let you earn points for cash off purchases and discounts on gas. Some businesses, like insurance companies, are even using monetary incentives for client referrals to expand their business through the use of existing customers.
Stop Using Credit Cards
Credit cards are nice to have around if you use them correctly. They provide you with a way to purchase things without the need to drain your bank account. However, if you start using them for daily coffee on-the-go and food shopping, and carry a balance at the end of each month, you’re digging a deep hole that’s hard to recover from. Instead, allocate a certain amount each week for spending and once the cash is gone, so is your spending spree.
Shop Around for the Best Rates
If you’re like many people, you trust that when you sign up for gas, electric and cable services you’re getting the best rates. This, unfortunately, is not always the case. Instead of accepting services offered locally, do some research on your own first. This will require a little effort of your own. However, the time vested is well worth the savings. Another way to experience savings on items you purchase is to wait until after it’s on the market for a couple of months. A new cell phone or a toy that everyone wants is priced high due to supply and demand. Once the demand subsides the price can be drastically lower.
Cutting the Expense of Food Shopping
Leaving the house without a list, coupons and the local flyers in hand can mean you overspend hundreds or even over a thousand in a single year. That’s because when you don’t make a list (and stick to it!) you tend to buy things you don’t really need. And, when you don’t search through the free flyers nicely provided by the local supermarkets you end up paying more for the same thing you could get at another store for less. It’s also important once you compile your list to go online and see if there are coupons available for the same products, this can help you to save even more money.
There are so many ways to save money each day. Make a valent effort to be conscious of where your money goes and always shop around to make sure you are getting the best price possible.