Money-saving Hacks For This Summer
The COVID-19 pandemic has left many wanting to make every penny count. With unemployment on the rise, it’s more important than ever to make sure you’re saving up enough money and practicing healthy financial habits. If you’re in dire need of improving your personal finances, here are just some ways you can save more money this summer!
While this may seem like a no-brainer, cutting down on expenses is the first step to staying on the right track financially. You’ll first want to list out all of your expenses and identify which are essential and those that are simply wants. Essentials can include things such as your rent and car payments. Non-essential expenses or wants can include streaming subscriptions and video games. You will then want to eliminate any unnecessary or unused expenses in order to save money. Take a look at all of your subscriptions and expenses to determine which are least important or even unused. Bundling your phone and internet, and taking the necessary steps to reduce electric use-age are other ways to help limit your spending. This will bring you greater financial wellness and put you on the right path!
Cut Down On Expenses
Stop Paying Unnecessary Fees
There are a lot of ways to save money on everyday expenses, however a more uncommon way is to include looking at the fees that may be hidden within your finances. For example, many financial institutions will charge a fee for overdrafting or not maintaining a minimum account balance. Consider a spending account without fees, and looking into your bank statements weekly to ensure you’re not paying more than you should be through using specific financial apps or services. This will not only help you save even more money, but allow you to use your account worry-free.
Setting a budget will help keep track of how much you should be spending in a given month, and will also help you to hold yourself accountable. Creating a spreadsheet with all of your expenses will help you visualize how much money you should be spending and how much you should be saving. Typically, you will want to follow the 50/30/20 rule, which says that you should be spending 50 percent of your income on essentials, 30 percent on non-essential spending, and 20 percent toward your savings. Sticking to this rule will allow you to consistently save and limit overspending.
Saving your money is crucial in times like these, but with some added attention and planning, it can be easily incorporated into your everyday life.
