We recently asked members of the BuzzFeed Community to tell us their best tips for saving money. Here are some of the most helpful tips they shared:
Note: Not all submissions are from Community users.
1.Pay yourself first.
2.Feel like you're spending too much for cable, phone, or internet? You might be.
3.If you're in the market for a credit card, use NerdWallet to find a card that makes the most sense for you.
4.Avoid spending your money on processed junk food by sticking to the outer ring of the grocery store.
5.And while you're at it, plan your meals for the week ahead of time.
6.Join ALL the rewards programs you can!
7.Be like Terry Crews and carry a photo to discourage spending.
8.Stop! Before you buy that fresh new thing online, download the free Google Chrome extension Honey. It works by scanning the 'net for tons of great deals, coupons, and discounts, and applies them directly to your items at checkout.
9.SAVE YO' RECEIPTS!
10.Use the Acorns app to save money every time you spend.
11.Or use Digit.co to save tiny amounts of money each day.
12.Your credit is important! If you get a ding on your credit, you can challege it by filing a dispute with TransUnion.
13.Create a weekly or monthly cash-based budget for yourself — and stick to it.
14.Unsubscribe from retail store sale emails!
15.If you're still in college (or you have a student ID that's still somehow valid), USE THAT SHIZ.
16.Continue to pay yourself, even after you've paid off your debt.
17.Buy in bulk when it makes sense — and if you have the storage space.
18.Keep your savings and checking accounts WAYYYYY separate.
Some entries were condensed for length or clarity.
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Set goals. Set savings goals that motivate you, like saving up for a house or going on a dream vacation, and give yourself timelines for reaching them.
Budget. Make a budget and make saving a necessary expense. ...
Evaluate income and expenses. To make room for saving, you'll need a meticulous budget that outlines all your sources of income and all your expenditures. ...
'Start Small.Think Big,' with a short- term goal. The truth is, people save more successfully when they set a short-term goal. For instance, committing to saving $20 a week or a month for 6 months is much more attainable that setting a goal to save $500 a month for a year.
The $1,000 per month rule is a guideline to estimate retirement savings based on your desired monthly income. For every $240,000 you set aside, you can receive $1,000 a month if you withdraw 5% each year. This simple rule is a good starting point, but you should consider factors like inflation for long-term planning.
Saving £1,000 a month could have a substantial impact on your long-term financial wellbeing. At an average interest rate of 2.35%, saving £1,000 a month for 10 years would result in a total savings of around £134,215. It's crucial to strike a balance between saving and meeting your current financial needs.
In fact, at the end of the five years, if you invest $1,000 per month you would have $83,156.62 in your investment account, according to the SIP calculator (assuming a yearly rate of return of 11.97% and quarterly compounding).
Introduction: My name is Kimberely Baumbach CPA, I am a gorgeous, bright, charming, encouraging, zealous, lively, good person who loves writing and wants to share my knowledge and understanding with you.
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