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Saving money is easier said than done, and it can be quite a struggle to establish a sizable nest egg. If you’re tired of living paycheck to paycheck, follow these tips to start setting aside money for a prosperous future.
Have Fun at Home
Having fun with friends and family doesn’t need to come with a high price. Instead of going out to a bar after work, invite your friends over to your home for a Netflix marathon or board game night. Spending time with loved ones is important, but that doesn’t mean that your bank account should take a hit every weekend. As an added bonus, going out to a restaurant or the movies will feel extra luxurious when you save these events for special occasions only.
Stick to a Grocery List
Even though you might feel productive when you head to the grocery store right after work, you’re likely throwing away money when you go without a shopping list. To cut down on wastage, make meal planning a priority. Next time you go to the store armed with a list, be sure to stick to your plan and only buy essentials for the week.
Transfer the Balance of High-Interest Cards
If you’re in quite a bit of credit card debt, the interest on these cards alone can take a big bite out of your paycheck. To expedite your progress and reduce the amount spent on interest, look around for good deals on balance transfers. In some cases, you might be able to transfer your credit card debt to another card that has zero percent APR for up to two years.
Re-Negotiate Insurance Costs
When you’re trying to make each dollar count, it’s important to look for savings in every way possible. Auto insurance rates can slowly creep up each year, and you might not even notice the extra costs. However, it’s wise to take a look at each and every household bill at least once a year to see where you can save. If you’re overpaying for auto insurance, shop around and explore the option of a local insurance agency. You might be surprised by how much money you’re able to save simply by switching insurance companies.
Buy in Bulk
If you have a growing family, investing in a wholesale club membership is usually well worth the cost. Feeding multiple mouths can take a huge toll on your income, and buying in bulk is a fantastic way to cut costs. Household essentials like toothpaste, toilet paper, and over the counter medications are usually quite a bit cheaper at wholesale stores, and you’ll also be able to save on common ingredients like rice, beans, and dairy. To stretch each dollar even further, take it to the next step by meal prepping in bulk and storing leftovers in the freezer to bring out at a later date.
Buy Used Vehicles
Many people subscribe to the false belief that a new vehicle is the only way to go when it’s time for an upgrade. If you’re in need of a different set of wheels, purchase a car that you can afford rather than splurging on a brand new vehicle. Not only will you save money on the payments each month, but your insurance payments will also be lower.
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