Wednesday, July 15, 2009
I have two small ways I save money which take absolutely no energy and doesn't effect my lifestyle the least bit. The concept of saving money is very easy, it is the actual implementation of actually saving it, which is hard. Once I sat down and figured out where I could save, I found more and more places. The great thing about finding small places to save money here and there is that it can help you in other areas of your budget. For example, you might not want to cut out eating out or a similar costly lifestyle, so the more you save elsewhere, the more your budget frees up for the stuff you really want to spend your money on.
One of the ways I save, which is not mind blowing, is that I save my loose change. I have a box by my door and I throw my loose change in it. Once it is full, I will take that money and usually find a goldstar machine(which I get charged 8%) and cash it in. I might take the $40-$80 I have saved up over 6-12 months and either reinvest it by putting in a high yields savings account or if I have a big purchase coming up, I will use instead of breaking into any of my other savings.
Another way I save money is rounding up every dollar when balancing my checkbook/budget. Even if it is $1.01 I round it to $2.00 and so forth with every dollar I spend. This surprising adds up really fast. I have been doing this for about 3 years and I have accumulated close to $400.00. I balance my checkbook every week and base all my numbers off the numbers in my check book, not what my bank is telling me online.
This also acts as a buffer for any overdraft and such. I keep an extra $1000.00 in my checking and use the 1k as my profit line or $0.00. I have a budget and I know where all my money is going so I don't really need it, but it is better than having to worry about getting overdrafted or if anything where to come up. I also take the remaning amount of money sitting in my account that is left over from the month before that is over the $1k and transfer it into my high yield savings account. That way I maximize the money that can be working for me.
I have more small tricks I use, but they are not a easy as these. Like I mentioned earlier, this has never effected me or my lifestyle, it is just a way of life. Again it all starts with the small stuff, I believe this can save you somewhere between $100-$500 a year if you implement these two. If you can find 5 things you can save this much on, you will start to accumulate wealth, which can be saved or reinvested.
Have any saving tips that do not effect your lifestyle? Leave a comment and let me know!