Saving money can sometimes seem to be a Herculean task. However, if you take baby steps and implement your changes over time, you might not even realize at first how much you are saving. Here is a look at a few things you can do to save money painlessly.
Get a Loan
What? How can getting a loan save you money? Think about it. How much interest are you paying on your credit cards? Now, what if you took out a short term alternative to a payday loan to pay off one of your credit cards? How much money could you be saving while you are paying off some of your debt at the same time? These loans are easy to get from places like MaxLend. All you need in order to qualify is a job that they can verify, a social security number that is valid, and a checking account that is active. You can get approved for as much as $1,250 and the funds can be deposited in your account as soon as the next business day after you have been approved. Repayment terms are flexible too.
Food
One very easy way to save money painlessly is to approach your food purchases differently. Try to pack your lunches every day with things like small snacks, fruits, and vegetables that are both cheaper and healthier than getting fast food. When you need to eat out, getting the lunchtime portions as opposed to dinner portions can save you a few bucks too. Avoid eating out when you can, though. It is always more frugal to make your own food than it is to eat out.
Banking
Did you know that you can save money by choosing your bank wisely? Look for banks that make a lot of sense to you. Some of them will have various perks that can include things like no overdraft fees, savings accounts with high interest, and no ATM fees. Banks that are smaller might offer things like better perks and interest rates. Find out what your current bank offers. If they don’t offer what you need, maybe it is time to move on to a bank that can save you more money.
Automated Saving
Setting up saving to be automatic can be the most effective and easiest ways to save money. It can put any extra funds out of your line of vision and therefore, out of your mind. Each time you get paid, you can have your employer take a certain amount out of your paycheck and then transfer it either to a savings account or a retirement account. If you want to find out more about how this works, talk to your human resources representative. Another way to do this outside of work is to have your credit union or bank transfer a set amount of money from your regular checking account over to an investment or savings account.
IDA
Is your income low? If it is, you might be able to qualify for an Investment Development Account or IDA where any money you save will be matched. How this works is that you will attend sessions for financial education and plan to save money for a business, home, or education, and in return, you will generally be matched dollar for dollar in your savings. This means that by saving only $25 of your own money each month, you could end up with more than a few hundred dollars at the end of the year.
Debt Counseling
Consumer Credit Counseling Services is typically the most readily available help you can get for managing your debt. CCCS has a network of counselors who are non–profit and can work with you judgement free and confidentially in order to assist you with things like coming up with a budget, determining what your options are, and negotiating with your creditors in order to get your debts paid off. The best part of all of this is that the counseling sessions that last anywhere from 45 to 90 minutes, are available with no obligations and they are free.
Have a No Spend Day
Set aside one day each week where you will not spend any money on anything. Eat at home, go to the park, whatever, as long as it is free.