As the New Year approaches, people have been turning their attention to money issues. Millions of individuals and families are looking for ways to save more with inflation making every day life expensive.
Amy Maliga, a financial educator at Take Charge America – a credit and debt counseling management agency) has tips to make saving in the coming months a priority. “Looking to boost your savings is a worthy goal. But to make it work, you have to take small steps that add up to big change over time… By exploring a few small changes in your day-to-day life, you can curb spending and put more money in your savings throughout 2023.”
Accept And Live By A Budget
You will never have control over your finances if you don’t track your spending and income. Figure out what you spend your money on, where you can make changes, and save more by writing it all down or using one of the many budgeting apps at your disposal. Track for 30 days to see what’s possible!
Save Those Cash-Back Rewards
Directly deposit your rewards from a cash-back credit card into a savings account. Using your card this way will automatically add to your savings every time you use it. Keep your card balance paid off every month by paying it off on time.
Upgrade Your Account Performance
Check into your bank account. If you don’t have a (high-yield) savings account, it might be worth researching the options available to you. A better interest rate can really help when saving up for your goals – and there are lots of options available. If you’re paying too many fees for your checking account, look for a free account that offers more benefits!
Remove The Digital Distractions
It’s a bad habit, but we all fall victim to too many emails from our favorite retailers at some point or another. To clear out your inbox and keep temptation at bay, unsubscribe to any unwanted marketing emails you don’t care about. You can do this manually by going through a company’s mailing list, but an easier option is to use email decluttering services that do this for you automatically.
Shop Smart With Price Comparison Tools
As a shopper, it can be tempting to immediately jump on the first deal you see. However, spending just a few minutes to compare prices can end up saving you money in the long run. Automated apps like ShopSavvy and BuyVia will take barcodes and find the best deals for you, online and in-store. When shopping online, browser extensions such as Honey and InvisibleHand will help you find a lower price than what you were about to buy and even alert you of promo codes available.