Here are some top money saving ideas that will make your wallet fatter in the long run:
1. Pay Less Taxes
People love when they check their mailbox and finally see that huge tax refund check waiting for them. Free money! What could be better? How about correcting your tax information so you only pay the money you owe the government every paycheck? Your tax refund is actually just extra money you have been giving away. It eventually comes back to you, but why bother? Not paying more taxes throughout the year puts more money into your pockets ever payday. Of course you don’t get the lump sum refund, but on average it means having an extra few hundred dollars in your pocket every month.
2. Bulk Up
Buying in bulk means you can save in money what you may give up for in space. It’s an idea that works best for anything that won’t spoil and that you know you will always need: toilet paper, soap, etc. Canned food and other dry goods that won’t spoil are also a good idea to buy in bulk. You’ll be able to cross these items from your weekly shopping lists for quite a while, which both opens up space in the shopping cart and saves you cash.
3. Pay Less Interest
You may be paying a higher interest rate than other people because you have…let’s call it a not so great credit score. A better interest rate means paying less when the bills are due, and saving more. Impossible as it seems, there are ways you can do this. You need to find out exactly what your credit score is to begin with. Start making all of your payments on time, even if you don’t pay your bills off in full, which you should be doing anyway. Pay down all your balances as soon as possible. If you have to talk to your creditor to work out a payment plan, do so. Getting your financial standing in shape means you can get better interest rates in the future, which will especially help with loans and mortgages.
4. Pay With Cash Instead of Putting on Your Card
It isn’t always the best solution, especially with very large payments, but you can wind up saving money by paying with cash instead of using your credit card. Doing this means working against your instincts not to spend your cash, though. Psychologically, it is harder to part with the cash, since it takes up less space in your wallet the more of it you use, while the credit card is always there. The payoff is considerable though, as you don’t have to run the risk of incurring interest payments for purchases you may not be able to pay off all at once when it comes time to pay the credit card bill.