The fastest way to save money is to stop spending it. That is a lot easier said than done. But it’s not impossible. Let’s look at some ideas below to save money and squirrel it away for a greater need. Using some of these tips below can help you save money faster.
Start Using a Budget
One of the best ways to save money is from a budget. Track your expenses and create a budget for yourself. You need to know where your money is going and where you can stop or decrease spending it. You’ll find more details on budgeting here: How to get out of debt in 2020.
While you are budgeting, cancel any subscriptions that are unused or that you can do without. These can include gym memberships, magazines, and streaming services.
Set Up a Savings Account
Savings accounts may not be known for great interest rates, but there are online savings accounts with sign-up bonuses and better interest rates available. The other benefit of an online savings account is that it can take a bit longer to access your money so you can’t spend it without some effort.
Stop using your credit cards and pay them down if you can. Try to make sure that your credit cards have rewards programs like cash back. But don’t use the credit cards just to build up your cash rewards. You probably shouldn’t use your credit card for everything. Learn more about what items you should pay for with a credit card here.
If you have a good relationship with your credit card company, you can ask them for a lower interest rate or you can always try to transfer your balances to a balance transfer card. Just read the fine print to make sure you are getting a good deal and understand what terms they offer.
Go through your online accounts and remove your credit card, paypal or debit card numbers. This will help you cut down on impulse purchases.
If you’d like to speak to a specialist about your debt, they can help explain all your options for free.
Downsize Your Home
Look for a smaller, more affordable place to live if you have that option. If you can’t move, try to renegotiate your mortgage or rent. If you have an extra room available that you’re not using, consider renting it out short-term on AirBnB, or find a long-term roommate.
One option is to rent a storage locker if you have too many belongings. Unload what you can into a storage shed. Sell it, consign it, donate it, recycle it, or throw it away.
Groceries & Food
Make a shopping list, buy items you use in bulk and on sale if possible, and use coupons when you can. Most grocery stores have a coupon or savings program they offer. Ask your local grocery clerk where you usually shop, you may have to download their mobile app to participate. Next plan menus ahead of time and use the grocery store sales as a guide. Make more and freeze it for brown bag lunches or those nights when you just don’t want to cook.
In most cases, a deep freezer is a great addition to any home. Stock it based on sales and then use it. A crock pot is another great investment, especially if you don’t have a lot of time for food prep. A bit of effort in the morning will result in a hot, tasty, economical meal that evening.
Misc Money Saving Tips
- Use credit card rewards programs wisely to maximize your spending.
- Shop after the holidays and take advantage of any seasonal sales.
- Check bills for services you don’t use and try to drop them. Ask for fees to be waived when you sign up for new services.
- Look into automatic payment plans. Occasionally you will get a rate reduction and you won’t get hit with late payment fees.
These tips can help you save money. Some take a little time, but the effort can be well worth it in the end. If saving money is just more than you can manage and you can barely make your minimum payments on your debt, Pacific Debt, Inc may be able to help you.
About Pacific Debt
Pacific Debt Inc is one of the leading debt settlement companies in the US. We help you understand your options and whether or not debt settlement is your best option. If it is not, we will refer you to a trusted partner who may be more appropriate for your unique financial situation.
If you’d like more information on debt settlement or have more than $10,000 in credit card debt that you can’t pay, contact Pacific Debt, Inc for a free consultation. We may be able to help you become debt free in 2 to 4 years and we’ve settled over $300 million in debt for our customers since 2002.
Once you’ve completed our debt settlement program, your financial situation should start to improve. You’ll then be able to take the money you once had to pay towards your debt, and be able to use it for other purposes like saving, investing, retirement, etc.
Pacific Debt, Inc is accredited with the American Fair Credit Council and is an A+ member of the Better Business Bureau. We rate very highly in Top Consumer Reviews, Top Ten Reviews, Consumers Advocate, Consumer Affairs, Trust Pilot, and US News and World Report.
Pacific Debt is currently providing debt relief coverage in the following states:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, District of Columbia, Florida, Idaho, Indiana, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Mexico, New York, Oklahoma, Pennsylvania, South Dakota, Texas, Utah, Virginia, Wisconsin
* Other states can be connected to one of our trusted partners
For more information, contact one of our debt specialists today. The initial consultation is free, and our debt experts will explain to you all your options.