Money Saving Tips

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Coins-1523383_1920There are a lot of simple ways anyone can incorporate into their daily activities and money management strategies that can add dollars a day to your bank account. While dollars may not seem like much, over the years they can add up, and with a wise investment in a top-performing mutual fund, money market, account or even in CDs, you will add to your retirement.

Here are a handful of simple money saving tips you can do starting immediately:

  • Pay your savings account first – Set up an automatic withdrawal to coincide with your automatic pay deposits. Move a dollar amount each paycheck into a savings account before you even have a chance to start spending.
  • Pay cash or with debit when possible – Whenever possible, pay with cash or with debit rather than credit. Credit interest is substantial for most individuals and families, and simply eliminating that will leave a lot more money for saving.
  • Use layaway rather than credit – If you are buying a big item or for holiday gifts or other purchases, use free store layaway programs rather than using your credit card. This is another way to save money on interest and to have your purchase paid for quickly.
  • Cut down on eating out – Eating out is a great way to treat yourself and the family, but it is a costly habit. Consider limiting this to once a week or perhaps once a month, and see the difference in your saving account.
  • Don't visit the coffee shop daily – Like eating out, buying a five-dollar coffee a day adds up. In a typical year, there are about 251 working days, which means simply cutting out the coffee would save you $1255 per year.
  • Shop sales for necessities – Buying something because it is a good price is only a money saving tip if you actually need the product. Often people buy sale items that are a "deal," but they don't typically use the product, which means it isn't a deal, it is an added expense.
  • Use reward programs – Online retailers and even local businesses are more willing to offer significant rewards programs to customers. Collecting points or rewards for items you need can help to save money.

Remember, it also is essential to have a realistic operating budget. An accountant can help you to set up a workable program that helps you to save money while also being able to do the things you enjoy.