Whether you live paycheck to paycheck or rake in the dollar bills with a high-paying job, everyone is interested in saving money where we can. Of course, we know the basics of saving, like opening a savings account, contributing what we can to our retirement accounts, and eating in as much as possible. But, there are a few more unique ways to pocket a little extra money at the end of every pay period. Here are a few genius ways to live well and save money at the same time.
Save your work-related reimbursements.
If you have a job that entails submitting work-related expense reports, don’t just pocket the money when it’s given to you by your employer. Add it to a savings account instead of your checking account and you’ll build your savings over time.
Budget with a gift card.
Curb your overspending by buying gift cards for yourself. Here’s how it works: at the beginning of every month, purchase a gift card to the restaurant you usually pick up lunch from. Once the gift card is spent, don’t allow yourself to visit the restaurant (or retailer or boutique grocery store) until next month.
Spend with cash only.
Debit and credit cards are handy – almost too handy if you ask us. So, curb any mindless spending by carrying cash only. Keep a stash of bills at home and pull from them when you meet a friend for coffee or go out shopping. Pay only with cash and you’ll have a better idea of what you’re spending.
Request money-saving gifts.
Whether they’re gifts for yourself or your children, the right presents can save you cash. For example, instead of another pair of shoes, ask for a coffee maker that can whip up pricey espresso drinks. If you have kids, ask for gift cards to the local zoo, aquarium, or children’s museum.
Declare no-spend days.
Do you find yourself spending money day in and day out? Declare a no-spend day, during which time you won’t spend a single penny. According to some financial planners, no-spend days can save around $50.00 per day, and even more, if you commit to a no-spend week or month.
Eliminate credit card balances.
While eliminating credit card debt is much easier said than done, this still remains one of the best ways to save cash. According to NerdWallet, the average household with debt pays around $900.00 per year on interest alone. The sooner you can pay off your credit card balances, the more money you’ll save.
Optimize every aspect of your life with these interesting tips and ideas, courtesy of the professional team at Mission 106 Apartments in Leawood, Kansas.