What you might not be realizing now is that there could be money leaking from your pockets unnecessarily. We invest in many things, keep fixed deposits in our banks, and do many other things to help us get more money from what we have. Every dollar earned can give us more if we manage it properly.
The point here is that you could be losing some potential lifestyle-upgrader money right under your nose. Or you could be losing some benefits and extra services as well! What if I tell you that with these little sacrifices, you could make hundreds, if not thousands of dollars? Here are 9 overlooked but obvious ways to save money and earn more!
1. Personal Online Budgeting Tools
There is plenty of software and applications that help you track and budget your expenses. Such applications will help you realize where your money is going, how much you have invested and how much are you profiting from every dollar you save. Such budgeting apps can help you set lifestyle goals while keeping a check on your splurging habits.
There are many popular apps like Personal Capital, Pocket Guard, and CountAbout. While most of these could ask for money for their services, there are free trials, offers, and coupons that you might have let pass. Otherwise, use apps like Mint that helps you keep a close check on your money for free.
2. Do not miss out on bill payments
Use the personal online budgeting apps to observe your bills as well- for example, if you see your electricity bill increasing, do not ignore it as there could be a faulty electrical appliance or heater that is gobbling up too much electricity than what is needed.
Missing your bills also is a colossal waste of money. Use automatic online bill payments to save cash on envelopes and stamps- they also save a lot of time and make you more organized.
3. Save your change
We generally ask vendors to keep the change as it’s just a matter of a few cents or some dollars. But what you must not forget is that every dollar counts.
You can buy a lot from that one dollar you chose to ignore since you did not have time to get your change back. Now imagine if you saved all the changes you deserve in a year- the money could amount to tens (and maybe even hundreds) of dollars which if you had invested elsewhere, you would have got more out of it. So, start using more online payment methods or credit cards than cash to save every cent you earn.
4. Improve your credit score
Improving credit score can prove to be tremendously helpful as you can then gain access to loans that have lesser rates of interest.
Those who understand the value of compounding interest will know how much money can be saved in the long run when you manage such loans and investments with the proper financial knowledge. This could be the secret of being rich- the knowledge of compound interest.
With better credit scores, you can start considering refinancing as well. Also, regarding credit cards, avoid credit card debt, they are the worst kinds.
Refinancing is when you trade or change your loan terms conditions for a new one where you will have to pay a lesser interest, extending the loan duration or pay off your debts quickly. Here you can save money, especially on mortgages because your monthly payments have a lesser interest and thus more money can be saved in a compounding manner over the years.
Researchers have shown that instead of giving monthly installments, paying off debts every two weeks also helps save money if you do it in the right way.
6. Do not shop without proper planning
Do you go to a grocery store and buy more products than you would need regularly? Researchers have shown that you spend a lot more on junk and carbs when you shop with hunger without having anything in your stomach. To avoid this problem, you should start fixing your lunches and dinners, and carry small healthy snacks by yourself.
Avoid drive-ins and fast food at all costs. They may appear cheap but over a long period, they drain quite a huge amount of cash from your pocket and also come at the cost of your health.
Another way to tackle this is by fixing a budget for your shopping and creating a list so that you can manage your earnings. Many apps can show instantly the price of various products for you to compare and buy. This quality of thrift-shopping will help you save a lot of bucks. While you are at it, you can also try a hand at some bargaining skills and press the right points.
7. DIY is your next hobby
There are so many things that we can DIY to save a burning hole from our pockets.
Do you have a date? Try fixing up your dinner than going out- it is surprisingly cheaper than you think and maybe you can win their hearts through their stomachs as well! Cooking and baking have also proven to be therapeutic and make you happier. Go to wholesale markets and carry your containers (which you can make- check YouTube for some amazing DIY storage ideas) to store cereals and spices.
In this way, you will also reduce plastic waste generation and be a conscious buyer. You can start your garden as well! Tomatoes, salad greens, onions, garlic, potatoes, peas, and carrots- these are some easiest ones you can start with! What you can also do is start a DIY hobby like making jewelry, show-pieces, clothes from re-used materials and maybe start your own side business as well!
8. Use the vouchers and coupons!
Many services offer cash back for using them. Also, you have many vouchers and coupons when you buy products from your favorite, regular store. While ordering online, try to avoid full cash payments and utilize such offers, especially on food delivery apps. You can give people gift vouchers if you are confused about what gift to buy- this is a win-win situation.
There are also a lot of benefits attached to credit cards. Make sure you do not waste them since many such perks come with their annual subscription price which you must have paid off. So, do not let them go waste. Cards such as travel credit cards have a rewarding system based on miles or points you earn on using such cards and helps you to save money on travel.
9. Eliminate unnecessary services
Cut off all those unnecessary and unused memberships at clubhouse, gym, boutiques and other places that you do not use or stop paying for such services if you do not plan to use them in near future. Instead, you can choose alternative options like working out from home as there are a plethora of workout apps available out there.
Cutting off telephone connection or just subscribing to a basic plan can also help you save a lot of money. Change your internet plan according to how much you use. If you use your Wi-Fi only on weekends, then maybe rethink about subscribing to a basic plan. Stop your cable service if they are not worth their money. Nowadays Smart TVs have access to various apps through which you can update yourself with news, entertain yourselves and have fun.
So these are some overlooked but obvious ways through which you can save a lot of money by being productive and efficient.
Author Bio: I am Sapna Singhal Senior Content Writer at My Banking Information which is a Financial Content Blog which teaches non-financial people how to invest and also about finance in a simple and easy to understand way. Check out my website https://