Saving money is so important no matter how much you make or spend, especially when you have bad credit. So, to make sure you have every advantage, we’ve come up with a list of 10 great, simple ways to help you save even more money!
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Track How Much Time Your Purchases Are Worth
You work hard for your money, and yet you still probably overpay for things that just aren’t worth it all the time. So, to help put things into perspective, start calculating your purchases by hours worked. If you make $15 per hour, and you’re tempted to splurge, consider just how many hours you had to slave away at your job for that amount and then see if it’s still worth it.
Splurge & Save
Another way to keep you from over-indulging is to force yourself to save every time you splurge. If you want that $6 latte or those $100 headphones, that’s fine, but you then have to also save that amount as well. After all, if you have money to spend, you have money to save!
Adopt a 24-Hour Policy
If you’re a shopaholic and have a big problem with saying no to things you’re not even 100% in love with or need, you need a new 24-hour policy. Anytime you see something that you just “have to have,” wait. If you still need it in 24 hours and are willing to drive all the way back to wherever to get it, go for it!
Immediately Save Your Windfalls
It can be tempting to immediately start daydreaming about ways to spend your bonuses, tax refunds, and other large sums when you find out they’re on their way – however, if you really want to save, consider putting the money aside instead. You’ve survived all year without it anyway, what’s a little longer?
Enroll For All The Employer-Match Programs
A lot of the time employers offer special retirement match programs to employees, which are essentially just free money programs, so don’t forget to ask your employer about them and see if you can start putting more away for your retirement today!
Start Thinking About Retirement Now
It’s never too early to start saving for your retirement, and the earlier you do, the longer your money will have to gain interest and grow!
There are all kinds of ways to save automatically without even thinking about it. You can have your employer or banking institution automatically send part of your paycheck to a savings account, or even enroll in different investment apps that round up your daily checking account charges up to the nearest dollar and invest the change!
Keep More Cash
If you have a problem keeping track of how much is going in and out of your account, you may want to consider keeping more cash on hand so you can see the actual amount increase and decrease as you earn and spend. By sectioning out all the cash you need for bills and necessary expenses, you’ll be able to actually see up close how much you have left in residual funds.
Create A Budget & Emergency Fund
One of the best ways to keep track of your earning and spending is to create, and frequently update, your budget. Write down how much you make, after taxes of course, and what all your bills and expenses are. Just make sure you also include an emergency fund separate from your regular savings account to ensure you never have to deplete your savings even in the worst situations. The more prepared and in-control you are, the better off you’ll be. Apply Now to get your pre-approval so you can start car shopping our available inventory right away!