6 ways to save money today!

6 ways to save money today!

In 2017, only 2.4% of the average American family income was saved. This is the lowest rate since records started in 1960. It is also half of what was saved in 2016, and less than a quarter of the saving rate in 2012.

According to experts, you should be saving about 20% of your income per month. So how can you save this amount? Here are some top tips that make saving easier.

1. Switch bank accounts

If you’re paying for your checking or savings accounts, you can make savings immediately by switching. Some banks will offer you incentives to switch, including money in your account or better interest rates.

2. Turn off your television

Turning off your television helps to save you money in several ways. Firstly, you’re exposed to fewer advertisements that can entice you into spending. Also, you can cut down on your electricity bills. In addition, you can cut costs by lowering your subscription or cutting cable television out altogether.

3. Use the 30-day rule

When you’re thinking of making a purchase, be sure that you really want something. This can be done by waiting 30 days to make the purchase. If you’ve waited this long and still want it, then you can be sure it is a good purchase. If you’ve forgotten, then it was something you didn’t really need.

4. Write shopping lists

Another great way to save money is to write a list of everything you need when you go shopping. Only buy items that are on your list. If the shops don’t have that particular item, don’t substitute, as this can encourage more add-ons or alternatives which can quickly raise the cost of shopping.

5. Drink more water

Water is much cheaper and healthier than alternatives such as soda, coffee and juice. Don’t get caught in the trap of buying bottled water either. Tap water is just as good for you and costs very little in comparison.

6. Stop shopping to de-stress

Stress can often bring on a shopping spree. However, these purchases often only give you limited satisfaction that doesn’t last long. Find other ways that help you unwind in stressful situations like exercising, watching your favorite film or listening to music.

Just because you want to save, that doesn’t mean you shouldn’t buy things you need. If you can’t afford something straight away, but need it, then you should look into short-term or payday loans. These are available for everyone, whether you have good or bad credit history.

At all other times, saving is really important. The tips above can help you save so you’ll always have money for emergencies. It will also help you save for the next stage of your life, such as a new home, a new baby or a great family holiday.