We all want to save money. And whether you are depriving yourself of that $ 4 mocha coffee with milk once a week or postponing an exotic family trip, we all have our way of saving.
Use these tips to save money to generate ideas on the best ways to save in your daily life.
1. Eliminate your debt
If you are trying to save money through a budget but still carry a large debt, start with the debt. Not convinced? Add up how much you spend per month on debt maintenance and you will quickly realize. Once you are free to pay interest on your debt, that money can be easily saved. A personal line of credit is only an option to consolidate the debt, to be able to cancel it better.
2. Set savings goals
One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set savings goals with a timeline to facilitate savings. Do you want to buy a house in three years with a down payment of 20 percent? You now have a goal and know how much you will have to save to reach your goal. Use Regions savings calculators to reach your goal!
3. Pay yourself first
Set up an automatic debit from your checking account to your savings account every payday. Whether it’s $50 every two weeks or $500, don’t fool yourself with a long-term health savings plan.
4. Stop smoking
No, it’s not easy to quit smoking, but if you smoke a pack and a half per day, it means about $3,000 a year that you could save if you quit. According to the Centers for Disease Control and Prevention, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s.
5. Take a vacation at home
Although it may sound biased, the idea behind it is solid: instead of spending several thousand on plane tickets, look at your patio for a fun holiday near home. If you can’t drive, look for cheap flights in your region.
6. Spend to save
Let’s face it, it’s not usual for electricity costs to reduce overtime, so take the reins now and heat your home. Call your electricity company and request an energy audit or look for a certified contractor who can review the use of energy throughout your home. This can mean from simple improvements such as sealing windows and doors to installing new insulations, coatings or appliances, and high-efficiency Energy Star products. You can save a lot of money on electricity costs over time.
7. Savings in electricity
By lowering your water heater thermostat by 10°F, you can save between 3 and 5 percent in energy costs. And the installation of a water heater on request or without a tank can save up to 30 percent compared to a standard water heater with a storage tank.
8. Pack your lunch
An obvious tip to save money is to find everyday savings. If buying lunch at work costs $7, but taking it from home costs only $2, over a year you can create an emergency fund of $1250 or make an important contribution to a university or retirement fund.
9. Create an account that generates interest
For most of us, having the savings separate from the checking account can help us reduce the tendency to withdraw funds from those savings from time to time. If your goals are longer-term, consider products with higher performance rates, such as a Regions CD or a Regions Money Market account for even greater savings.
10. Annualize your expenses
Do you spend $20 per week on snacks at the vending machine in your office? That means $1,000 you are withdrawing from your budget in sodas and snacks every year. Suddenly, that habit becomes a considerable sum.