Saving Money without Cutting Costs
Just the other day I was discussing with a friend on some secrets the rich teach that children that help then in maintaining their status quo; one of the things they teach according to Alex is the ability to spend carefully and invest wisely. It is common knowledge, however, that the average American never considers saving money. In short, he is outright terrible when it comes to saving money. He believes in the concept of spending as it comes and ends up most times in debt because he’s formed the habit of spending as he makes money. The funniest part of an indebted American is that he tends to accuse everyone else but himself for his current status.
Maybe you read articles that teach you how to cut cost thereby saving money but it saddens my heart to inform you that such a practice is hopeless and has yet to help anyone save money successfully. It would make more sense if you channeled your energy in making more money in other to feed your luxury needs than cutting costs. Well, the good news is, you are not alone in this world thinking that you can save money by cutting costs because that has always been the tradition for everyone.
Start Saving Money
According to a report made on about seven thousand Americans on personal financial stress revealed that as many as 80 percent of the total lot was stressed about the economy and their personal finances. As astounding as it sounds, it is possible that even one-third of your friends are really worried about money and how to overcome their financial crisis.
Unfortunately, with the trend of things going on right about now, people are no longer interested in investment strategies that would naturally balance their risks versus reward by regulating the proportion of each asset in investment collection according to the investor's risk tolerance, investment time frame and goals. There are no more proper reference and understanding given to the average returns made on stock markets.
Without further ado, let’s dive into the pointers I think it would be wonderful for your saving abilities. This list would make an impactful transformation in your saving if you start using them right away.
If you are really interested in saving money without cutting costs, then this article is for you. We are going to jointly discuss some best suggestions that have been experimented elsewhere and how it can be applied in the saving program. The best news however is, if you can follow through these points you would be able to save up thousands of dollars by the end of the year.
Money as we all know, answers a lot of problems. In the short phrase, money gives you access to a great life. However, the mindset and attitude needed to make money is never taught in any classroom and there are not hidden formulae on getting rich; you may actually read this entire article and feel motivated to make a change in your finances and save money without actually doing something. It is, however, people that take time to actually put into practice these tips that can really save money.
As Promised no need to cut cost while trying to save
Let’s get something straight, we are going to be saving $1000 in just 30 days so scrap off that idea of saving $1 or even $10 a week. Certainly, you cannot save up that amount even if you decide to cut back on the expenses you make daily on food, clothes, and house bills.
15 tips on successful saving without cutting costs. Before we start discussing the tips on effective savings, there are three secrets you need to associate yourself with to successfully complete this challenge.
Plan with time and recheck your strategy
To effectively apply these tips in your saving, I would suggest you spend an hour daily going through these lessons and taking actions in the right direction. The more time you spend crosschecking these, the lesser the mistakes you will encounter, and the more you will end up saving.
Nevertheless, the idea here is to set out time for what you need to do. If you do not start with this step now, you may end up coming back to it after wasting a lot of time on several mistakes. Waiting till later is becoming the norm with a lot of failed strategies and plans.
Look at ways to make maximum use of the money saved
Imagine the amount you can achieve when you have eventually saved thousands of dollars. There is no doubt that saving is the right step in the right direction and it would bring in the much desired financial freedom and you also get a chance to freely take charge of your finance. Saving would naturally restore the confidence that debts take and make you worry over personal finances on the barest minimal. Well, if you are waiting to read on how you can spend your money saved or even things you could buy with the saved up cash; then I am so sorry to disappoint you because we would not discuss that. However, since I am certain you would be finishing this challenge and you would soon have your $1000 slashed away somewhere, I can only suggest you find justifiable means to maximize the use of the money.
It will certainly make no sense that you would go through the entire challenge, save up to $1000 in a month only to spend it on some worthless luxury, however, you are accountable to yourself and no one else so, spend wisely.
Blame yourself for your mistakes
One of the secrets you may never read in books is the power of holding yourself responsible for your own mistakes. Strange as it sounds when you hold yourself accountable for your failures you tend to improve and thus making your experience with life and finances lighter and better. I can tell you for a certainty that everything I ventured out for while holding myself accountable is complete success stories but I failed innumerable times when I was nonchalant about my actions. To make this challenge more effective, get your family and friends to hold you responsible for any mistakes. Research has shown that a support system tends to push you to the finish line of any challenge.
Now let get into our saving tips….
Get rid of bank fees in less than an hour
This is certainly a good way to save money without spending. Most people have no idea they can comfortably save up to $60 to about $120 yearly just by getting rid of some unnecessary bank fees. Let’s see how you can really do that:
The first step to doing this would be you logging into your account to find the precise amounts and the dates to your bank fees, when this is done, the next step would be putting a call across to your bank. You may be wondering where the bank telephone number can be found, look at the ones listed online or on your debit card.
When on a call with the bank representative, put across the idea of getting your fees waived to him and ask how you can go about it. The bank rep would eventually tell you to hold on while he confirms, if on getting back to your call and their answer is no, ask to speak with the supervisor personally and suggest in the most polite way ever that you are tempted to employ the services of another bank; the next trend of conversation will surprise you. They will eventually get around to getting your complaint solved and your request attended to. See, it is that simple.
When you are making the call to negotiate your bank fee waive, be sure to avoid questions that will entice the bank rep to give you a negative response; for instance, you ask questions such as “are you certain? Can I not be helped?” Again, do not give up even when they make your request look hopeless and impossible, make it very hard for the bank rep to refuse your request. One more thing, do not forget to always track your customer service calls.
Scratch fallow subscriptions
Way back in college or even while starting out the life, I am sure you had never imagined spending within the range of $2000-$6000 monthly just to get your life on the track but the fact is, as we start making more money we began enriching our lives and the expenses that came with it continually grew. However, if you really have time to look through some of the things you spend on, you will notice that most of them are not necessary and mostly just for the pleasure of it. Other times you unwisely spend on things we may never use without even realizing it.
Well, you may be thinking, “I am too careful with my spending and I don’t spend on unnecessary things.” I use to think the same way too until I read an interesting article on personal finances and unnecessary spending.
Think of it in this manner, whether it is your unused gym membership or your Netflix queued up monthly movies, they are not getting used, you pay for those things without using them. See? There are also cash-draining services on auto-bill linked to that special TV program you enjoy on a regular basis. So what should you do?
Login to your bank account and access your statement for the past six months and go through those subscriptions you actually pay for without using, go on and scrap those unused subscriptions from your bank and you can actually be saving up to $240 monthly.
Some subscriptions you should look out for:
LinkedIn Premium
Cable and internet
Software subscriptions (apps, antivirus, etc.)
Cell phones
A landline telephone (yes, some people still have these)
Netflix, Amazon Prime, Hulu
Magazines and newspapers
Pandora, Spotify, SiriusXM
Game rental and online gaming
Accumulate about $180 to $1,200 on car insurance in less than 50 minutes
One mistake most of us make on choosing our insurance rates is, most of us stick to a rate without making plans to readjust them in the future. Newsflash, when you do not go back after a stipulated length of time to check on the rates, you are gifting about hundreds of dollars to these insurance companies because of the pricing on insurance changes from time to time. When you don’t visit or get updates, you end up forfeiting the offers and discounts available for you.
Now you are probably wondering how you cut back on your car insurance and still stay protected, the first step would be putting a call across your insurance company and ask money-saving questions about your offer and your coverage. The fastest way to get a slash down implemented on your insurance cost would be constantly checking on the company’s discounts page and calling regularly for it.
Strange as it sounds, most of us have thousands of dollars benefits sitting idly on our cards, benefits such as special pricing on things purchased from laptops to cars and memberships, travel discounts, and reimbursements. Yes, it is an established fact that if you know the right place to look, you can tangible discounts on your cell phone bills, cable subscriptions, tickets, and a lot more. Most times you don’t get notifications to this regard and thereby having those benefits buried inside a lot of paper works.
However, in the bid to accumulate on your savings, you may have to uncover all the hidden treasures.
Spending Reductions from workplaces
Daily jobs are also some source of markdown on spending but most time we do not consider this because we have not really thought it through. Do you know that for instance, you could get discounted rates on your cell phone, affordable rents on houses and so much more? In bigger companies, there are lots of shocking discounts that could amount to as much as 15-25% off your entire cell phone bill, plus cheaper insurance and other benefits. The problem however is, most of us have not been hired in a very long while and others have no idea that such discounts exist in jobs.
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