It’s a common knowledge that skipping your daily dose of your “to-go” coffee and eating out will help boost your savings. Let’s be bluntly honest, this can be a real saver, especially for the young ones starting to build their financial bed. But, in order to save, this should not let you dampen all your nights at home eating the simplest of foods.
***You need to set a goal as to how much you are looking at for your savings. Make sure it should be a realistic goal!
Here are some hacks that could save you money but will not at least make you sacrifice your lifestyle too much:
> Keep a record of your savings – It will help you pinpoint any waste spending by showing where you can cut back. Seeing the amount of savings increase will also help you to motivate further.
> Learn the art of negotiation – If you feel that you are paying too much on your purchases or on your cable/internet subscription, perhaps you can ask for discounts. A 10 – 15% discount taken out from your payments can go a long way, too.
> Take advantage of work perks/offers – Some employers offer discounts to employees on few things; such as transportation, communication gadgets, health and fitness memberships, etc. You can inquire through our Human Resources department about company programs that could benefit and provide savings to the employees.
> Pay in cash on recreational spending – Hide your credit and debit card, make sure not to bring with you every day! Set aside discretionary fund every week. Say, $50 that you can use to buy coffee/snacks/personal needs. Once spent, that should be the end of it. DO NOT ATTEMPT TO USE YOUR CREDIT/DEBIT CARD! If you practice this routine, you will eventually learn to adjust on which of your daily spending matters.
> Use the right credit card (if needed) – Credit card companies are now offering such tempting perks in availing their cards. Review your spending and avail of the card that could match your financial needs and spending habits.
> Avail of rewards programs – having a bunch of loyalty and reward cards in your wallet and remembering to use them can be a hassle unless the cashier asks for it (sometimes). But you need to remember that they provide considerable savings and discounts. Also, check websites that offer money back when you shop at select retailers. These websites only require you to click through its portal before shopping online, then offers in-store cashback at some merchants. Rebates or cashback may not pay for your mortgage but still, it’s a good cold free cash!
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