When it comes to saving money, most people know they should build an emergency fund and pay off their debts, but saving doesn’t end there. Try these tips to help you save more money:
- The Envelope Budget System. Trouble overspending? Try setting a certain amount of cash in an envelope for spending. And once the cash is gone, it’s gone.
- 401(k). Often employers will match a certain amount of what you save in a retirement plan such as a 401(k). If you don’t take full advantage of this match, you’re leaving money on the table.
- The 24 Hour Rule. To avoid purchasing unnecessary items on impulse, think it over for at least 24 hours.
- Calculate Purchases by Hours Worked. Calculate purchases by hours worked instead of cost. To do this, take the amount of the item you’re considering purchasing and divide it by your hourly wage. If it’s a $100 pair of shoes and you make $10 an hour, ask yourself if those shoes are really worth working ten long hours.
- Unsubscribe. Unsubscribing from marketing emails lessens the temptation to purchase, especially when they tease you monthly promotions. By law, each email is required to have an unsubscribe link (usually at the bottom of the email).
- Create a Limit on Gifts. Place spending limits on gifts with your family and friends or create a system where you only purchase one gift for one person over the holidays.
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