Let’s face it, we’d all like to have extra money left over in our pockets every month to enjoy the lifestyle we please all while managing our expenses and savings. Luckily, there are a few tips and tricks you can try out to save extra money.
1. Set up automatic savings
Set up a service with your bank that allots a portion of your paycheck every month to your savings account. By instating automatic transfers, you won’t notice the missing funds and can build up yours savings with time. You don’t have to set aside a large portion of your paycheck every month though. Even a small amount, such as $30 can build up over time.
2. Create multiple streams of income
Depending on your line of work, you can sell products and services or take on freelance gigs to generate an extra source of income.
3. Ditch late fees
Make sure to set up automatic billing through your checking account to make sure you avoid accruing late fees that can add up quickly before you take notice.
4. Move raises to your savings account
If you get a raise or bonus at work, move the extra funds to your savings account. If you don’t see it in the first place, you won’t notice that it’s not there.
5. Use cash
If you withdraw cash on a monthly basis to pay for expenses, such as transportation costs, groceries and small purchases, the likelihood of staying on budget will be greater than if you you use your debit or credit card for every transaction.
6. Make friends with your tax accountant
Your tax consultant can provide you with insightful tips and loopholes for saving extra money on your tax returns.
7. Drive down transportation costs
Gas bills are quite expensive, particularly in larger cities. If you can bike to work, carpool or take public transportation, you can save a lot every month while helping the environment on a small scale.