No matter what you are saving for, whether it be a home, a car, or a sense of financial security – having a goal in mind is a great way to give yourself incentive and motivation. Look after your finances, and follow these tips to save more in 2017.
- Create a budget
Knowing exactly what’s happening with your money will help you immensely. From how you’re spending, to how much you can afford to save, to the length to reach your saving goals – keeping track of your money with a budget is vital.
- Avoid using credit cards
Interest-free payment methods such as prepaid Visa cards can be a much better alternative to traditional credit cards. Although credit cards are convenient, it can also very easily lead to overspending because of the available credit. Overspending can lead debt accumulation over time. Making purchases or settling bills with a prepaid card makes it far easier to spend and save money.
- Request overtime
Working overtime is a great way to supplement your income effectively. Before applying for a second job, see if your current employer is willing to give you some overtime – just a few hours a week can really add to your savings. While you’re at it, ask to be paid with a prepaid payroll card program instead of traditional cheques. Prepaid payroll cards eliminate costly cheque cashing fees and long bank lines which means it can be more time and cost efficient for you.
- Reduce food costs
The first rule when grocery shopping is not to go on an empty stomach. Write out your shopping list and budget and only bring what you’re going to spend. A great way to do this is by using a prepaid Visa card. You are able to preload the funds you need for your shopping trip, and use the card just like you would a credit or debit card – without worrying about overspending. Try visiting the shops towards closing time; there are often end-of-day deals and manager’s specials.
- Find the best utility companies
Utility companies bank on their customer being too busy to change their tariff or provider. This results in people spending far too much unnecessarily on their utility bills. Prevent overspending by doing the research. Use an online comparison site to check if a switch in tariff or provider could save you money. You can also find countless tips online on how you can reduce your bills.
It’s also a good idea to keep clear of using your credit card for recurring utility bills. Rather make use of a prepaid Visa card to prevent being overcharged. You can easily load a fixed amount of money on your card and link it up to your utility account. Only the funds you put on your prepaid card will be deducted.
- Use cashback sites
Registering on cashback sites means that you may get money back every time you make a purchase online. Don’t use your credit card for this – the interest fees you need to bear can lead to less money saved. Use a prepaid card to keep your payment interest-free, and net you more cash back.
- Keep an eye on your subscriptions
Monthly subscriptions can so often become a huge money drain. It’s hard to remember how many we have, how much we are paying, and if they’re even useful. Take some time to sort through your monthly subscriptions. Find out if you’ve forgotten about any, start using the useful ones, and cancel any you don’t really need.
- Sell what you don’t need
eBay and Craigslist are convenient ways to make money by getting rid of items you no longer need. Unclutter your life and add to your savings by taking a look through your belongings and selling off old electronics, CDs, DVDs, and mobile phones.
- Live within your means
You can tell that you’re living outside of your means if you have to apply for loans or max out your credit every time you want to purchase something. Spending this way lands you with a lot of interest and debt that can be difficult to manage. Using a prepaid Visa card as your primary payment method is a fantastic way to ensure you’re always living within your means. Like credit and debit cards, prepaid cards can be used to pay bills and make purchases in-store and online – without the worry of debt. You can only spend what you load on the card, making them a great tool for saving money and practicing responsible spending.
Visit www.transact24.com to learn more about prepaid cards.