7 Money Saving Tips

February 25, 2021

7 money saving tips

Money Saving Tips

 Here are 7 money saving tips to get you started on the path to saving.

Set-up automatic savings 

Saving through automatic savings is an easy and convenient way to save. To set-up automatic savings, instruct your bank to take a certain percentage directly from your paycheck and deposit it in your savings account. It will be a little hard at first as you are effectively getting a reduction in your pay check but you will adjust to your new income over time. This way you are ensuring you save first before you allocate your paycheck towards expenses

Be Realistic

Don’t try to be over-ambitious and save an unsustainable amount. Start small and work your way to an amount you are comfortable with and can be maintained over the long-term.

Start Budgeting

Make a budget, if you haven’t done so already, and budget an amount for saving. Budgeting is a great money management tool and will help unlock savings that you can put towards achieving your saving goals.

Review insurance

Be ready to shop around when your car and home insurance are up for renewal. You may have gotten a good deal with your current insurer but that may not be the case anymore. Shop around and see if you can get a lower rate, you may be surprised how much you can save by being willing to switch.

Review your cable 

Do you still need cable? Does your cable package still make sense for you? With Netflix and other streaming services, you may realize that you no longer need cable. You can unlock significant savings by reviewing your cable package.

Review your landline

We all have cell phones and we carry them around with us everywhere. So do you still need that landline? Even if you need a landline there are cheaper options than using a traditional landline. VOIP is much cheaper with excellent call quality if you use the right service. There are a lot of options when it comes to VOIP and they are a lot cheaper than your traditional landline.

Make your own lunch

Instead of buying lunch every day consider making your own lunch. Take your leftovers for lunch the next day. This is a great way to save a little extra everyday.

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