7 Tips for Boosting Your Savings Without Feeling Deprived
Saving money is just like going on a diet. There’s no better time to start it than today to reap the benefits later. Just like dieting, many people don’t really enjoy the whole idea of saving money because they feel deprived. After all, you won’t be able to bring your money to your grave, so why not enjoy it?
“You must gain control over your money or the lack of it will forever control you.” -Dave Ramsey
Well, with prices skyrocketing through the roof at an incredible rate, saving money today would guarantee that you get to enjoy life even more.
Here are seven tips on how you can start saving money without feeling deprived:
Switch off the TV
Now, you may be wondering whether turning off the television has anything to do with saving money. The truth is, lots! Stepping away from the TV will help lower your electric bill. This will, in turn, contribute to reducing your expenses. It also stops you from being exposed from all those home shopping ads that are just so enticing to buy, which you will you later regret.
Open a different bank account
Many banks charge a monthly fee for checking and savings accounts. Although they may be just a couple of dollars, this quickly adds up over an extended period of time.
Today, there are banks that not only do not charge monthly fees on checking and savings accounts but also provide more attractive interest rates and sign-up bonuses when you transfer funds over to them.
Take advantage of loyalty programs
Loyalty programs are big these days. These programs enable you to earn points each time you shop or pay your bills. Many of them allow you to use these points to redeem discount coupons that you can use in your future purchases. Others even enable you to use them like cash to pay for your next purchase.
Depending on what state you’re in, a pack of cigarettes can cost anywhere between $4.96 and $14. Even at the minimum, that easily over $1,800 a year spent on your pack of smokes! Quitting smoking allows you to use that money on something else. At the same time, you also help yourself avoid any additional and unwanted expenses that may result from medical bills. Kick the habit!
Generic grocery shopping
Most groceries and supermarkets offer generic versions of your favorite food items. These are considerably far cheaper than branded ones. Additionally, they taste just as good!
Always carry a list when you do your groceries
One of the biggest pitfalls when it comes to saving money is impulse buying. There’s no better place where this happens than in the supermarket. Before heading out to the grocery, write down a list of the things you really need and stick to this.
Follow the 10-second rule
Before picking up an item and heading over to the cashier, stop for a good 10 seconds and ask yourself why you’re buying it. Do you really need it? If you can’t find a good answer other than it’s on sale or that it looks good on you, put it back and step away.
“By definition, saving — for anything – requires us to not get things now so that we can get bigger ones later.” — Jean Chatzky
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