Saving money doesn’t have to be a grueling experience, and it doesn’t have to change your lifestyle. There are simple things you can do to save money on your purchases and commitments, without feeling like you are making drastic sacrifices to just get by.
1) Maintain and raise your credit score: With scores ranging from around 300 on the low end, and 850-900 on the high end, having banks and creditors see you as a credit worthy investment could save you tons on interest payments. To start building your score, make sure you don’t have late-bill payments or frequently max out your credit cards. Both decrease your credit score significantly.
2) Refinance your debt: Consolidate your debt and lower your interest payments. Interest payments can drastically increase the total costs of your purchases, and limit what you can contribute towards your investments. The quicker you can pay off the principal amount, the better.
3) Pay for things in cash: Try avoiding excess ATM fees, credit card charges and overdraft fees.
4) Set up automatic payments: Set up automatic payments online or through payroll at your work. One less thing to worry about will make your finances feel that less burdensome.
While saving money doesn’t occur without some sacrifice, it doesn’t need to be an off-putting experience one dreads. By making it part of your everyday decisions, it will soon become effortless. And for some, the added money can have the same effect as getting a raise or a part-time job.