While good savings rates can help you accrue money in your savings accounts, you need to take other proactive measures to save money. Don’t rely only great savings rates. Employ frugality in everyday living. Here are some ways to do so.
1.Don’t undervalue that loose change. You can accumulate quite a good chunk of cash if you save loose change. Use a piggy bank or some other storage device to conserve these funds.
2.Keep detailed records of your spending. Every month, you should review bank statements and credit card bills so that you are aware of how much you have spent. Always balance these funds and put any extra money in a savings account.
3.Think before you buy. Many people buy very expensive items, only to regret it later. Don’t be impulsive when it comes to buying expensive things. Make sure you can really afford whatever you are buying.
4.Limit credit card purchases so that you can be sure to pay credit card bills at the end of the month. Avoid over drafting your account with a debit card. This way, you can put more money into emergency savings accounts.
5.Avoid those expensive coffee drinks. If you’re a fan of coffee, just drink a regular cup of joe. You can save over $2,050 a year if you switch from fancy mocha lattes to regular coffee.
6.If you can bring lunch to work, then do so. Buying lunch usually costs twice as much as making lunch at home.
7.Try not to eat out too much in general. People who visit restaurants more than 20 times a month end up spending over $450 in meals.
