Career Advice - A Community Blog

Erik Larson writes about the job market, resume improvement, and career advice

8 Simple Ways to Save Money

Written by Erik Larson, Community Blogger | Aug 18, 2017 3:04 PM

Saving money typically requires you to change your spending habits as well as your mental mindset about money. These can be difficult things to do, but they are possible. These are some of the top steps that you can take to save more money on a regular basis.

Create a Budget

One of the best steps that you can take is to create a realistic and accurate budget. Start by listing out all of your expenses for each month, and do not forget about the small purchases that you make for coffee, meals at restaurants and entertainment on the weekends. After you have a budget that itemizes where all of your money is going each month, you can more easily identify the areas that you can cut back on in order to save money on a regular basis.

Eliminate Impulse Buying

Impulse buying is a problem for many people. You may impulse buy something like a candy bar at the gas station or a new TV for the living room. Regardless of how large or small your purchases are, they add up. Identify this action in your own behavior, and take steps to prevent it from happening again. There are different strategies to consider, such as only carrying enough cash in your wallet each day for the purchases you need to make and keeping your check card at home.

Stop Paying for Cable Television

Another great way to save money each month is to eliminate some of your unnecessary expenses altogether. Cable TV was once a great way to enjoy cheap entertainment at home, but rates have skyrocketed. More than that, more affordable alternatives are also available, such as Internet-based TV programming that are available at a fraction of the cost. Paying a high monthly cable bill is simply a waste of money.

Switch Banks

Analyze your bank statements to determine how much money you are paying each month on bank fees. This includes monthly fees, overdraft fees, ATM fees and more. Some banks have much more lenient rules regarding how fees are applied than others. Furthermore, the amount of the fees varies. You can easily compare bank account options to find a more affordable account to use.

Stop Using Credit Cards

Credit cards cost money in the form of interest charges, late fees and annual fees. The best idea is to pay down all of your credit card debt to avoid paying interest charges. Always make your payments on time to avoid late fees. In addition, if you want to keep an account open for emergency situations, ensure that you select an account that does not have an annual fee.

Look for Promo Codes and Coupons

When you make online purchases, always look for promo codes and coupons before you finalize your order. Promocodewatch is a great resource that you can use to quickly and easily locate online savings available through top e-retailers and service providers. With this strategy, you can save potentially thousands of dollars per year.

Use Your Employer's Matching Retirement Contributions

If your employer offers a matching contribution plan for retirement accounts, ensure that you take full advantage of it. This is essentially free money that your employer is offering. The only thing you need to do to qualify for it is to save money yourself.

Spend Your Time Volunteering

Many people spend an excessive amount of money going out with friends on the nights and weekends. If you find that your budget is skewed by a high entertainment expense category, consider volunteering at local organizations. Through volunteer activities, you can spend at least a portion of your time helping others without spending a dime. This helps your community, and it also reduces the amount of money you spend each week.

At first glance, saving money can seem elusive and challenging. However, you can see that these are all very easy steps that you can take to save more money on a regular basis. Implement these tips in your life, and you will see your savings balance grow at a faster rate in the years to come.

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