Savings Rate can Save You Money

The first thing that people think of when they hear the word savings is often a savings account.  While savings accounts are good and they are even better if you can find one that offers great rates, real savings depends on limiting what you spend and taking advantage of everything possible to save money.  Here are 7 things you can do in your daily life to save money and take advantage of the rates your account offers.

Take advantage of loose change.  Empty your pockets each evening and put the change away in a container.  When the container is full, take it to the bank.  This is a good way to save for something special you want to buy without harming your budget.

Keep a detailed written record of what you spend.  By annotating each expenditure, no matter how small, you will be able to see exactly where your money is going and then take steps to stop the unnecessary spending.

Get into the habit of deliberating each purchase.  We often think we can’t live without something when we first see it or the thought first enters our minds.  But if we wait a few days, the urgency often declines and we realize the item wasn’t as important as we first thought.

Credit cards are for convenience and emergencies only.  They should not be used to provide yourself a quick loan.  This is how many people end up in financial trouble.  Get into the habit of paying off your cards each month.  Even better, trade in your credit cards for debit cards, which only use the funds you actually have.

Kick the coffee habit.  You don’t have to give up the addiction, but you should give up the daily payment to Starbucks.  Make your own coffee and take it with you in a thermos.  If you won’t do that, buy your coffee in a convenience store and avoid the corporate markup.

Make your own lunch.  Often, people head to a fast food joint for lunchtime.  Even if it’s something healthy like a turkey sandwich from Subway, you can save yourself several dollars a day and eat healthier by preparing your own lunch.  This can be done before you go to bed so you don’t have to think about anything in the morning.

Make eating out something you do on special occasions rather than a general form of entertainment.  Instead, invite friends to your home and ask them to each bring a dish.  That’s right, a good old fashioned pot luck.  You’ll have more fun, save money and get to show off your culinary skills.

About the Author

Submitted by Magnus Smith, a junior copywriter for Ratelines.com. Since 2004, Ratelines’ goal is to provide consumers and borrowers alike with the proper tools and information about cd rates and savings accounts.

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