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Spring is close by. It is the time of the year you spring clean your house and remove the clutter from your possessions.
But why stop there?
Why not spring clean your finances and save more in the end?
“How do I save?” you ask. “Isn’t it by pinching pennies, using coupons and restricting my spending?”
The thing is there are three main methods you can use to save more:
- Plugging the leaks – Stop paying for things you’re not using.
- Spending less – Spend less for items you need or forego luxuries.
- Making more money – The more you make, the easier it is to spend on your needs and keep the rest.
Most people concentrate on number two. Well, I’m going to show you how to use all three.
Come on; let’s explore eight amazing and innovative ways to save money this coming spring.
1. Challenge Unwarranted Payments:
Go through your paperwork, debit cards, credit cards and unopened envelopes.
You might find out you’re still paying for the subscription you cancelled or there’s an extra payment you don’t recognise.
If you find out you’re making an extra payment you shouldn’t, call the supplier or company and claim your money.
2. Create Another Source of Income:
Who wants to earn the same amount of money forever?
We all want to make extra cash. The advantage that comes with it is we can save more.
You might need to get a loan or funding for it. Don’t see this as a setback to your finances. You’re trying to set up a business here.
Besides, you get the added growth experience of being an entrepreneur.
3. Negotiate a Pay Rise:
Still on the part of making more money – why not take a bold step and request a pay rise or find a new job with a higher salary?
The first quarter ends on March 31st. It’s also the end of the financial year for some.
This is the time to go to your boss, show them your worth and the goals you’ve achieved for the company and negotiate an increase in pay.
Alternatively, you can dust your resume and apply for new jobs. Lots of organisations will be on the look out for new hire.
4. Put a Percentage in Your Account:
The age old trick of setting money aside is still important.
Decide to save a percentage of your income. It could be between 10-30%, depending on how much you can comfortably forfeit.
Automate your savings so it’s deducted from your account monthly.
One you’ve saved it, don’t withdraw it. Put it in a fixed deposit account or use it for investments.
5. Chase the Old Monster Debt Away:
Follow the same route as your savings for any debt you’ve got.
Get some professional financial advice, set a percentage aside, and automate your debt payment.
6. Live in Your Own House:
Are you paying rent?
That’s money going down the drain.
Arrange to purchase a house. You can get mortgage. Search for an attractive mortgage rate deal too and you’re good to go.
7. If You’re Not Using It, Don’t Pay for It:
If you’re not going to use all that data or watch all those channels, why pay for it? Get a Netflix subscription, pay for a cheaper TV subscription, or buy less data.
Check your cable payment, utility bills and everything you pay for. Make sure you’re not paying for what you’re not using.
8. Take Advantage of Free Holidays and Free Transport:
The fact that you’re saving up money doesn’t mean you shouldn’t have fun.
Simply change your style of fun. Go for free holidays and sometimes use free transport.
Go to the beach, cycle to work, hike. You can even use it as a means of exercise.
In addition, some credit cards give you points for gas, booking hotels and flights. You can use that too if you really want to take that holiday trip.
So you see, you can spring clean your finances and save a lot in the process. Start the process this spring and you’ll be surprised at how much money you’ll save.
The post 8 amazing and innovative ways to save money this coming Spring appeared first on MoneyMagpie.