Save $100 (or More!) This Month
We all know we should be saving money, especially in these troubled economic times. If you're like most people, though, you just don't seem to have any money left to save at the end of the month. Take heart: With a few tweaks to your spending style, you can pack away thousands of dollars in no time. Read on to find out how.Put Your Savings on Auto-Pilot
You've probably heard the axiom that the best way to save is to "pay yourself first." An easy way to do that is to automate your savings. Most banks provide the option for automatic monthly transfers from your checking to your savings account. Even easier: Employers that offer direct deposit can often split your paycheck according to your specifications. If you're paid twice a month, try channeling $50 per pay period directly to your savings. You won't even miss it - but if you find that you do, your money is easy to get to.
Find a Savings Account That Works for You
The benefit of a savings account is that, unlike a typical checking account, it pays you compound interest. But if you're saving with a big consumer bank, chances are that your interest rate is negligible - a yield below .5% is common. Online banks such as ING Direct and HSBC Direct offer rates several times higher than the national average, with no fees or minimums. If you're uncomfortable going Internet-only with your money, check your local credit union for a better deal. The difference in your wallet could be hundreds of dollars a year.
Audit Your Subscriptions
Are you paying over $100 a month for premium cable channels you never watch? Are you forking over $20 to Netflix for the privilege of having three movies sitting on your coffee table, unwatched? Are you keeping your gym membership open because you just know you'll get back in there soon? Take a hard look at those seemingly trivial subscription fees getting zapped from your account each month. They can really add up.
Stop Buying on Credit
According to the credit monitoring agency TransUnion, the average credit card debt per borrower is $1,673. Assuming you're paying the average interest rate of 13.54%, that's nearly $20 a month in interest payments alone! And if you pay only the minimum, it will take years to vanquish this debt. Instead of letting interest benefit the credit card companies, let it go to work for you. Pay off your credit card debts as soon as possible, and put the difference into your savings account.
Give Up That Morning Coffee
Three bucks for your morning latte doesn't sound like such a big deal, especially considering the boost it gives you at work. But do the math: $3 a day is $15 a week. In a month, you're spending more than $60 on coffee alone. Put that 60 bucks in a savings account yielding 2.75% and after one year you'll have more than $729. Talk about "venti"!
Bring Your Lunch to Work
Whether it's a sit-down meal, which includes tax and tip, or a quick and greasy take-out order, buying lunch every day can be unhealthy for your body and your wallet. Bringing a lunch every day takes only a little planning. For just a few dollars a day, you can put together a tasty, healthy meal to get you through the day. Try low-cost lunch items like fruit, veggies, and yogurt to supplement a sandwich and a drink, and get an eco-friendly reusable bag to save even more over the long haul.
Take a List to the Grocery Store
It's not your fault that marketers know exactly how to make their snack treats look irresistible on the shelf. You can fight back by putting together a list before you go to the store, and sticking to it. Don't be tricked into tossing items you don't want or need into your cart. Either plan for it or forget it. Adding even $10 to your weekly grocery bill will cost you $520 a year. Here's one more money-saving tip: Never go to the supermarket hungry! Make Your Home Energy-Efficient
Going green doesn't just help to save the Earth - it's pretty good for your bank account, too. Making your home energy-efficient by installing CFLs, unplugging unused AC adaptors, replacing worn-out insulation, and more, will have an immediate impact on your energy bills. With energy prices rising all the time, the more you can do to cut back on your consumption, the better.
Visit Your Local Library
Your library has more than just books - although it's hard to imagine a better value than paying zero dollars for those, considering the hours of thought-provoking entertainment they can provide. Most libraries these days also carry a healthy selection of DVDs and CDs, which can be checked out for free, or for a minimal cost. For the kids, keep an eye out for free library events like storytelling hours.
Sell Your Old Stuff
How many DVDs, books, CDs, toys, video games, collectibles, and other old stuff are you hanging onto, even though you never use them anymore? Go through your house, top to bottom, and think critically about everything you own. Are these things you use, or are they just taking up space? Sell anything you're ready to part with. Try posting your items on eBay or Craigslist, or consider holding a yard sale. You could make hundreds or even thousands of dollars, with minimal effort.
