2016 has made its way into our lives and we are already almost through the first two months. There is no better time to start saving money to set ourselves up for financial success than right now. We have about 10 months to save as big as we can, but wait! How will we save big?
One of the hardest parts about saving money is that you do not want to see a huge loss of money fly from your hands, so it can be hard to set aside hundreds of dollars a month. Below, we will go over some awesome ways to make saving a substantial amount of money painless this 2016!
- Limit How Many Fees You Spend
One of the worst things about saving money is not having the money to save, but when you start to think about all of the fees you spend to maintain accounts and withdrawal money, you will quickly see you are throwing a lot of dough out the window.
For example, if you use an out of network ATM, you will spend anywhere between one to five dollar to withdraw the money from the chosen ATM and then your bank will charge you ANOTHER service fee on top of this. Therefore, just to withdraw $100, you are paying $110. If you do this often, you are quickly tossing money out.
In addition, consider other things you may be paying fees for such as paper statements, pinless debt charges, etc.
- Student Loan Refinancing
If you want to painlessly save thousands of dollars this year, then look directly at your student loans coming – after all, they won’t see it coming. Student loan refinancing is a great way to keep money in your pocket while paying down the debt that you owe.
Student loan refinancing is designed to help get you a better interest rate on your student loans, which will save you a ton of money. For example, switching from a seven percent interest rate down to a three percent interest rate is a big leap and you can place this saved money right into your bank account.
- Avoid Eating Out
One way that you can save big this 2016 is to commit to eating at home more often. When you eat out, you are paying for convenience and a meal for two can easily be $30 at a restaurant. Imagine going out to eat five days out of the week, that is $150 just for dinner! You could spend that $150 at the grocery store and feed your family for the week.
When you can, use coupons for the items you buy too. If you have the extra time to do so, you can match up the coupons with some of the local ads and really save some bucks at the store.
- Avoid the Movie Theater
Alright, alright, maybe once or twice, but seriously, you should stop heading to the theater on date night. While you may not realize it at the time, your movie ticket is costing you up to $15 PER. If you visit the movies once or twice a month, this really adds up.
You could rent a movie or two from Redbox and spend significantly less than you would if you went to the movies. In fact, the rentals at Redbox are just a buck.
- Utilize Power Wisely
One area that people tend to spend the most is on their utility bill. This bill includes your power consumption and sometimes your gas consumption as well. If you take some time to turn lights off, keep the AC off, and use minimal power, then you will notice that your utility bill drops in price and you can set aside the additional money you would have been sending to the power company.
If you are looking to save a lot of money this year, consider the five tips above to help you. It is important that you eliminate things that you do not need from your budget or find alternatives, such as buying a generic brand and so on.
We believe you can start saving more than you think! Ready for the challenge? Let’s do it together!