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10 Money-Saving Tips That Most People Often Forget

10 Money-Saving Tips That Most People Often Forget

Growing up, many of us were instructed on the values of saving money and being responsible consumers. Even the best of us, however, tend to forget some of the best ways to exercise excellent frugality, and our bank accounts end up suffering for it.

Below are just a few money-saving tips to keep in mind before you head to the checkout counter. As you read, you may notice that you knew some of these tips already but just forgot about them.

1. Buy used items.

We remember to buy used items with some purchases, like cars and video games. But we usually forget to shop for used items when looking for clothes, electronics, or even furniture. Obviously, this doesn’t apply to perishable items, but utilizing websites such as Craigslist and social media platforms can lead to huge savings for you.

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One of my favorite past times is visiting thrift shops on weekends (even before the song came out) and gauging the prices. When I’m in need of something later on, I know (roughly) how much it’s going for at discount stores.

2. Wait a day before you make a purchase.

This is crucial for big purchases. Impulse buying is a major contribution to why our bank accounts aren’t where they should be, so If you really want to buy something, wait a day or longer and see how you feel then. Chances are that you’ll be less tempted to make the purchase, unless it is something you really need.

3. Buy in bulk.

The guideline for this is simple: if it’s something you know you’ll be using, like toiletries or food items, then save yourself some money by purchasing in bulk. Toilet paper, tissues, toothpaste, and other essential items are great for bulk because you’ll be saving money in the long run without buying things you’ll never use.

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4. Treat yourself once in a while.

The psychology of impulse buying and over-spending is quite complex and interesting, but a lot of it can be curbed by positive reinforcement. Rewarding yourself, sparingly, is a great method for maintaining control of your finances without going overboard. Set rules for yourself, but don’t be afraid to give yourself a break when appropriate.

5. Shop around.

This is a given for some people, but you may be the type of person who falls in love with the first option they see for a purchase. Exercise some financial discipline and visit other stores (or even online) to compare prices and features. You may find that what you were about to drop significant funds for can be found way cheaper, or better, somewhere else.

6. Use cash.

Credit cards, while gloriously convenient, can be exceptionally deceitful. We tend to use them flippantly, not considering the impact they’re really having on our personal finances. If you use cash, however, your subconscious is more likely to feel the pain from losing that money, resulting in a more conscious effort to curb your spending.

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For big purchases, you might find it worthwhile to use money orders for that same reason, and that will help establish a mentality of preparing your finances before making big decisions.

7. Borrow (or buy) from your friends.

Ask around! Friends are a great resource for borrowing essential items such as furniture, kitchen accessories, and more. You may also get a great deal if you buy from your friends, seeing as they’re motivated to help you while also getting a form of compensation, and they may even offer some items for free that they don’t need. Just remember to return the favor.

8. Cook instead of eating out.

We forget this when we opt out of planning our meals. Organize your week by determining when you’ll have time to prepare a meal and stick to it. You can then purchase your groceries for that meal and save a ton of money.

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If time isn’t on your side, try cooking a lot of food on a day with more free-time. You can use this food for dinners and lunches, as long as you freeze what you’ve cooked.

9. Watch Matinees.

Sure, we typically reserve theater visits for weekend dates, but you should also consider watching the matinee in order to save some money, especially if you watch movies every weekend. In some theaters, tickets can actually be up to $5 cheaper for the matinee. For families, that means you’re potentially saving $20 per visit just by watching the same movie a little earlier.

10. Unplug electronics when you’re not using them.

This is a great tip for saving money on your electric bill, especially during winter. Remember that certain electronics can take up a lot of energy, even when they’re turned off. While you’re sleeping and/or at work, make it a habit to unplug the nonessentials, which include kitchen appliances, televisions, and video game consoles. The money you’re saving over the course of just one year can be a staggering amount.

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Jon Negroni

An author and blogger who shares about lifestyle advice

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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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