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by Chris Blakeley March 1st, 2021

5 Top Tips to Help Your Save Money

Most of us confidently add ‘save money’ to our New Year’s Resolutions list each year but put it off when things get tight. No matter how much you commit, something keeps coming up that tears your saving plans apart. Things like a hefty medical bill, late-spotted plumbing repairs, renovations, etc., are often the biggest culprits. And then you can’t say ‘no’ to your friends as they finalize the weekly outing plans.

It’s important to understand that saving money will only remain a vision unless you prioritize your future needs over your existing wants and learn some healthy money habits. But at the same time, you don’t want to make your ‘present’ miserable. To assist you, we’ve come up with some useful tips to help you save money without having to forgo much:

Tips To Help You Save Money In 2021

We know that sometimes the most challenging thing about saving money is getting started. Here we bring you some easy tips to help you save money and plan a simple and realistic strategy. When you’re ready to meet your short and long-term savings goals, we’ve got you covered.

Track Your Spending

One of the biggest reasons most people struggle to save is that they won’t keep track of their money outflows. If this sounds like you, merely tracking your expenditures can make a huge difference because you’ll be more conscious about what’s essential and what’s a luxury. There are plenty of budget apps that will help you track your cash flows. 

There are even apps these days you can sync upright with your bank account to help you track what you’re spending and make a plan for your goals.

Set Goals for Saving

When you have specific goals in mind, saving becomes easier. For instance, you can set goals like ‘pay off my credit card balance in a year’ or ‘save $6000 in year’. If your retirement is drawing near, you can set a goal to ‘save $10,000 for retirement.’  A savings calculator should be of great help in this case. It will help you ascertain how much you’ll need to save each month from accomplishing your goals.

Utilize an Automated Saving Tool

Almost all banks offer automated transfers from your checking account to the savings account. All you need to do is specify the amount you want to be transferred to your savings account each month. Also, you may want to split your direct deposit. In this case, a portion of your paycheck will land directly into your savings account. When an amount is never deposited in your checking account, there won’t be a temptation to use the money. 

Seek Discounts

Frequently, you end up paying higher for products or services just because you fail to ask about discounts. You may not know, but museums, movie theaters, and many other entertainment sites offer special discounts for students, seniors, teachers, and military members. Even if you don’t belong to one of these groups, never underestimate the power of negotiation. Start bargaining from today, and you’ll be amazed by how much you save with this simple habit.

Consider DIY Projects

You don’t have to call a technician for every other repair that comes up. The service comes with costs, which can be easily avoided with a DIY approach. You’ll only need to pay for the materials, borrow the tools from a neighbor, and run a Google search or find a YouTube tutorial to complete the repairs. Call a technician only when the task involves danger or is too technical. 

This could also trickle down into other DIY things, like cooking dinner or making coffee. If it feels like you’ve been going out a lot, it could be costing you more than you think! Planning a meal plan is just as useful as preparing a budget when it comes to tracking your spending and meeting your goals. 

Conclusion

Saving money is easier said than done. But following the above-discussed tips to help you save money should make your life a lot easier, and you’ll be more likely to achieve your long-term financial goals. Check out some of our free budget calculators that can help you do just that! We would love to help you get back on a better path towards financial health, whether it’s with tips to help you save money or get you out of a sticky situation. We’ve all been a place where we needed a little extra money, but at Credit Fair-E, we actually want to help you build your credit and not get you in a deeper hole. 

If, however, you’re feeling trapped by debt, obtaining a loan should help improve your credit situation. To break your cycle to debt, apply for a loan from Credit Fair-E. We’ll only give you what we know you can pay back. Reach out to us today to learn more.

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