National Savings Day is Monday, October 12, 2020, and there’s no better time than the present to begin saving money and setting yourself up for a happy and healthy financial future. However, we shouldn’t limit saving money to one day – we should save money year ‘round. Below are some tips for saving money, courtesy of reputable lender MaxLend. You can use these to figure out what to focus on during National Savings Day, and every day moving forward.
Ways to Save Money
1. Begin Budgeting
Take each and every dollar you spend into consideration and begin to build a budget. Pile up all your receipts for every purchase you make so you can see where each dollar is going, and where you can cut out some expenses.
2. Set Up Automatic Savings
By setting up automatic savings from your credit card or debit card when you swipe, you’re saving money without even thinking about it.
3. Use the 24-Hour and 30-Day Rule
Avoid purchasing items on impulse by thinking about them for 24 hours, 30 days, or both. Stopping yourself from feeling the instant gratification you may get from buying something is one of the ways to save money. You may often find that the want or need to purchase something dissolves after a while, which can give you a fresh perspective on what’s worth spending your money on.
4. Cancel Automatic Subscriptions and Memberships
Sometimes you may have automatic payments coming out of your account that you don’t even realize you’re paying for every month. Cancel any subscriptions or memberships you don’t use on a daily, weekly, or monthly basis.
5. Unsubscribe from Email Lists
Believe it or not, you may be enticed to purchase when you see “FLASH SALE!” or “Buy One Get One Free” emails for things you don’t necessarily need. Unless they pass the 24-hour and 30-day rules, unsubscribe from emails so you’re not tempted to spend money. Bonus: your inbox will be less cluttered, too.
6. Pack Your Food and Eat at Home as Often as Possible
Buying lunch may seem harmless when you’re spending a couple of dollars every day, but those dollars add up. If you spend $15 on lunch every day that you’re at work during the week, you’re spending $75 a week, which adds up to $300 a month. Prepare food at home and start saving money.
There are many ways to save money and you can start saving money right now. All you have to do is begin setting realistic financial goals for yourself and watch the savings pile up.
If you’re running low on cash and feel as though you require emergency funding, MaxLend offers an alternative solution to payday loans. You can apply for cash online and find out if you’re approved for an installment loan of up to $3,750. For more information about obtaining cash loans online, contact us at MaxLend by calling 877-936-4336 – we’re available 24/7.
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