With your wallet being pulled in so many different directions, it is really hard to have money left over to put into savings. Promotions and marketing devices are on TV and in every store you visit, and they are hard to overlook. The next few paragraphs are packed to the brim with money-saving tips that you can use to save and spend wisely.
Most products will come with a warranty, and if they break, they are likely going to break during this time. Extended warranties only serve to profit the company you bought them from.
Replace older incandescent bulbs with high-efficiency CFL bulbs. If you replace your bulbs, you can lower your electricity costs and benefit the environment. Compact fluorescent bulbs also have much longer lifespans than incandescent bulbs. Over time you will save money by replacing the energy-efficient bulbs less often.
Make sure that you will end up in a secure financial situation before you pile up a great deal of debt with student loans. If you attend an expensive school while you aren’t completely sure what career you are wanting, then you could wind up in a large amount of debt.
If you participate in online banking take notice of what type of alerts are offered by your bank. Many banks will notify you when changes are made to your account, often through text or email messages. Alerts that let you know of a low balance or a large withdrawal will help you from overdrafts or fraud.
A lot of people frequently spend over $20 a week on lottery tickets in the hope that one day they will win the jackpot. However, you would be better off investing that money in a high-interest savings account that is sure to bring you benefits instead. You will then know the money will be there and grow instead of flushing your money away!
If you tend to use lots of money buying Christmas gifts, try making your presents instead. This will lessen the amount you spend shopping and can help you save a lot of money during the holidays. Creativity can help reduce your costs and increase your overall net worth.
An emergency savings account is a personal finance must to protect yourself from unexpected expenses. You can either save for something specific, like your child’s college education, or pay off debt with the extra money.
Flexible Spending Account
If you don’t already have one, consider setting up a flexible spending account. You will save money with your flexible spending account if something were to happen where you incurred additional bills. With a flex spending account, you set aside a certain amount of pretax money, which you can use to pay for needed expenses. As some conditions are usually attached to these accounts, be sure to consult a tax professional.
Just as you know, saving money is not always easy. But, learning to live within your means is possible, as you have discovered here. By adding this article’s tips to your fund of personal finance knowledge, you can do a better job of protecting your money and holding onto it.