The following is a guest post about saving a little more every month. If interested in submitting a guest post please read my guest post policy and then contact me.
Many small expenses can come together and drain away your income each month. These expenses sometimes go unnoticed because they seem insignificant when viewed individually. However, any fee, no matter the size, grows exponentially when it occurs again and again. In an effort to help you take control of how much you spend and work toward saving more money every month, take a look at these six tips.
Switch to Automatic Bill Payments
Automating your bill payments is one of the easiest ways to stay on top of your monthly bills. By setting up your payments automatically, you’ll never have to worry about overdue bills again. What’s more, setting up automatic payments means you never have the chance to see the money that is being allocated to paying off bills, which means you never have the temptation to use it.
Setting your account up for automatic bill payments is easy, yet a large majority of Americans are hesitant.
Use Cash Instead Of Credit Cards
If you use a credit card and don’t pay down the balance completely each month, then you are actually paying more than what is necessary. This is because all of your charges are accruing interest each month. An easy way to save money is by starting to use cash or debit cards for purchases instead of credit cards. See, unlike credit cards, cash and debit cards have no interest fees. Using cash also makes staying within a budget a whole lot easier.
Bundle Insurance Policies
If you are dealing with high insurance premiums on multiple policies every month, then bundling those policies could help you save. Bundling involves using a single insurance company for all of your policies. Many insurers today can easily handle your car, homeowner and life insurance. These companies usually provide a discount on premiums when you bundle all of these policies together.
Cut Back on Monthly Services
Monthly services are items like cell phones, cable television or subscriptions to entertainment sites. Cutting back on these services can save you more immediately every month. Reducing the number of cell phone minutes, cancelling premium cable channels and trimming back on certain subscriptions can lower bills and give you a bit more cushion with your income.
Find Ways to Drive Less
Driving a car comes with many expenses: Having to pay for gas every week, taking your car in for regular tune-ups, and having to pay for unexpected repairs can easily take a toll on your finances. If you can find ways to drive less every week, many of these expenses will be reduced dramatically. Driving less could mean taking public transportation or car-pooling. You could also try to visit stores that are closer to home in order to save gas.
Bring Coffee and Lunch from Home
The cost of buying coffee and lunch while at work can start to add up quickly over the course of a week, a month or even a year. An easy way to save money is to cut back on eating out and pack a lunch every day. Though it may not seem like it at first, cutting back on restaurants and not buying expensive cups of coffee can make a real difference every month.
For a look at just how much that morning/afternoon/midday coffee and snack is actually costing you, take a look at this breakdown from CreditGuard. By starting small and working your way up, you’ll be able to save a bit more each month.