Over the past twelve months, Florida Capital Bank has provided you with simple and easy-to-implement ways in which you can effectively save money to reach your goals. Whether you are saving up to afford a down payment or for a rainy day, those tips (combined with diligence and dedication) can help you get.
Here is every money-saving strategy we’ve given you so far:
- Prepare your meals by the week. Meal-prepping is a great way to both stay healthy and cut unnecessary eating-out costs. Instead of running to the deli for lunch, try packing one of these mason jar meals:http://hubs.ly/H01-dXR0
- Save what you spend. Whenever you spend money on indulgences put the same amount in savings. One of two things will happen: Your savings will grow because you are able to casually spend money, or you will learn restraint from frivolous spending once prices seem to double. Either way, your savings will increase.
- Stick to your lists. When you are out shopping, write down what you need and stick to it. This will prevent you from purchasing things that aren’t exactly necessary.
- Sleep on a splurge. Take two days to think over buying a really expensive (but not quite necessary) item. You may realize in those 48 hours whether or not you’re better off without.
- Keep your goals in sight. Remembering what you are saving for, whether it is a new house or money to start your new business, will help you prioritize where your money goes and keep you on a budget.
- Invest in LED lights. These energy-saving bulbs can decrease the amount you spend each month.
- Holiday shop after the holidays. No matter the holiday, you can save money for the next year by buying gifts, decorations and cards after the holidays end, and the merchandise goes on sale.
- Take baby steps. Make short-term goals that are realistic and easy to meet. Instead of trying to cut off fast food altogether, plan to reduce the number of times you eat out. As time goes on, it’ll become easier to reach your overall goal.
- Check your account. To avoid the fees associated with bounced checks and overdrafts, be sure to check your available balances frequently. (This can be made easy with smartphone apps, such as the FLCB Mobile Banking App. Available on iTunes and Google Play.)
- Buy in bulk. Keeping in mind your specific use of an item and the length of its shelf life, buying your more common items in bulk can save money in the long run.
- Utilize auto BillPay. Take advantage of automatic bill payments to avoid late fees on payments from cable to credit cards.
- Go on a Staycation. Heading out for a week away can get pricey for couples, and even more so when kids are brought along. Instead of fussing over airplane miles or hidden hotel fees, take the time to explore your city and find new things to do at home.
- Close your curtains. Curtains left open during the day cause your AC to work harder at keeping your home cool. Instead, close the curtains both when you’re not home and when the AC is running to avoid wasting energy. (Turning your AC off when you aren’t home can bring down your energy usage even more!)
- Shop tax-free. During back-to-school season, take advantage of the tax-fee weekend when buying school supplies.
- Buy or rent used textbooks. Spring semester is coming up and this tip still stands. For college students, textbooks can be a financial burden. Buying or renting used textbooks (or even older editions) is often a cheaper alternative than buying new. However, be sure to check with your professor before buying any older editions!
- Make coffee at home. Taking the time to make coffee at home before work can save you a lot of money. Imagine: spending just $5 every week day on a cup of coffee can run you $1300 by the end of the year! That’s a full week’s vacation!
- Go to class! Whether you’re a freshman entering college from high school or a continuing education student, going to class is a way to get the most from the money you’re spending. Skipping enough classes can cause you to fall behind, and even fail – having you to repeat a class (and repeat the payments).
- Cut the cable. If you find that you aren’t using it enough, you can cut out a large reoccurring bill by getting rid of your cable. Signing up for one or two streaming sites can fill the hole of your favorite shows and still come to be a fraction of the cost.
- Subscriptions to product boxes, magazines and/or other monthly services are worth the cost as long as you use them. If you find that you’re not taking full advantage of your monthly subscriptions, it may suit you to get rid of them altogether.
- Just say “no.” Shopping during the holiday season can be overwhelming, but it helps save time and money to stick to your list. Avoid impulse buys and say “no” to anything that goes outside of your budget.
- Utilize reward points. Many credit cards allow you to build up reward points which are redeemable for a variety of items from electronics to travel tickets. Keep this in mind the next time you’re spending on something large—check your rewards points and see if they can help!
- Embrace potluck parties. If you’re going to be hosting or attending a family dinner during the holidays, considering dividing up meal responsibilities instead of having the cost fall on one household. This way everyone contributes, and everyone can show off their amazing kitchen skills!
If you’ve chosen to follow these or any money-saving tips, you’re already on the right road to financial security. Stay focus and you’ll find yourself reaching your goals in no time!