To have a big saving account and maintain a healthy and stylish lifestyle is a dream of many peoples like us. Is this is the same with you then I am writing this article for you. Before thinking of saving money you should keep your mind clear that you have to be very patient. Money saving is a time taking process it will test your patience you will have to create and recreate financial goals many times. But once you start achieving your monthly goals things will get easy for you. In this article I will tell you about some tips and tricks that will help you to increase your savings quotation in your budget. So to achieve financially stability and achieve your goals you would have to make your mind and I will tell you how you can do it fast. So starting from the 1st,
1-Automate your account
If you are not successful in achieving your monthly financial goals then the thing you should do is to change your goals to weekly and daily basis. Pay a visit to your bank and ask your accountant to set a specific amount to be transferred in to your saving account on daily basis. By this your saving account will increase gradually and you will be able to increase your worth slowly. By automating your account your temptation to spend money will not succeed. Therefore you will be able to save a good amount of money. If it is not possible to do it on daily basis then you can do it daily on your mobile banking app. If even this is not a possibility you can ask your banker to do this deposit on weekly basis or even monthly. But doing this step is very important towards money saving.
To make sure this saving does not affect your monthly expenditure and living standard. Calculate an amount from your budget to be automatically transferred in to your saving account and when you are opening a saving account make sure that it is the best in town means the one who gives the highest interest rates. By this you will be able to set your saving account on autopilot and you would be able to increase your worth gradually.
2-Automate your Bills.
As with your account you should automate your bills payments. By automating your bills payments you will be able to save any late fee and you would not lose your credit ratings. Late fee and fines can affect your budget very much so you should try your best to avoid any late fee. When you are paying late on your bills your credit rating will fall down to a very low extent. This means that whenever you would need a loan you would have to pay them a higher interest rate because people with high credit rating pay a less interest as compared to people with low credit rating. So paying your bills and payments on time helps you to maintain a high credit rating so that you can get low interest rates whenever you need a loan.
3- Use your rewards
If you use loyalty cards or your credit card rewards you some cash back for shopping then you should use them while shopping because these little habits can help you to save a good amount of money. By linking your stores loyalty card with some apps you can earn cash backs and sometimes it can get you online coupons that you can use to earn discounts and sometimes rewards. This is a very step towards money saving you just have to follow a simple steps and you can then save a good amount on everything you buy.
Your debit card and credit card can also give you cash back or discount on certain products and you can use it with your loyalty cards to increase your savings. Make sure you check your cards details and offers so you can avail these offers effectively. One thing you should keep in mind in this buying process that you should not get out of your budget. Do not get tempted towards buying useless stuff just to earn rewards. Always buy the things you need and earn reward on them you can buy in bulk to earn rewards and discounts too. So earn on every penny you spend but don’t get de tracked from your budget so that it could destroy your saving goal.
4- Utilize online tools that help to save
There are hundreds of online tools, apps and websites that help you to earn cash backs, rewards and other offers if you use them. Most of them are free and you just have to download and use the app or website. These simple apps can save you almost 10% to 15% of your shopping budget. For instance Honey is a browser extension that helps you to get all the available online coupons before you check out. This help you to save a good amount. Another example is Top Cash Back that helps you to get to get cash back on every item you buy online. They claim to give the highest cash back in the country. While Ibotta is an app that helps you to avail offers on certain products and you can earn cash back too on grocery shopping using this app. These apps and website are very easy to use. So you should use them to increase your savings sections in the budget. This simple trick will not affect your life style and it will still increase your savings account. You can also use them with your loyalty card, credit card or debit card rewards to increase your savings account and you would be able to save without disturbing your normal routine of shopping.
5- Use cash while shopping
If you cannot control being tempted to buy unnecessary items then you should try not to use credit card. These credit cards can lead you towards loans so it is much better that you should use cash instead of credit card. Because when you are shopping with a credit card it will not stop you to buy extra items and even if you do not have enough money it will lend you money and in the end you will have to pay high interest rates. So as you are moving towards fast money saving you should try to skip credit card shopping and use cash so that you are not tempted to get distract from your budget.
6-Mustering your Transactions
In addition to all these tricks, you can speed up your saving by mustering your payments. Suppose you have gone out to eat something in your favorite restaurant and your bill is $17.67 here the thing you should do is to round up your transaction in to $18 and send the remaining $0.33 in to your savings account. This little step will help you to build your savings account gradually and you will be able to get more. If you want to increase your savings faster then you should round up the amount of above example in to $20 or $25 that means that you should save $3 to $7 on every transaction you do. This will surprisingly boost up your savings to a next level and you will be able to get your dream of financially stability in no time.
7-Eradicate an expense from your budget
While making you budget you should be very careful because this budget making decides how much money you are going to save this month. So to increase your saving section, the thing you should do is to just skip a little expense that is not that much important in your life. For example you can skip your newspaper subscription that you just pay and you do not have time to read that and you are paying $10 for that every month. Save that amount and put that in your saving account. This will help you to boost up your saving a little more and when you will make a habit of skipping an extra expense from your budget every month then you will see a drastic change in your savings account.
8-Negotiate your payment
While buying something and paying for your payment you should try to negotiate some of your payments. Some of your payments like your mortgage and rent are not negotiable but many of others are. Before shopping for something the thing you must do is to compare their rates with others. Although this will be a time taking process but you will be able to save a good amount of money through this and this would be counted as a time well spent. You can even find a lower mortgage rate when you do a little search. So always go for comparison shopping. There are some online tools that will help you in this regard.
So these were some pre-eminent tricks and tips to boost your saving process. Do comment in the comment section below and also share your experience of saving money and boosting them with these methods.
Have a good Day!