It has happened to all of us to spend money recklessly, just to realize that we have lost thousands of dollars on unnecessary items. On the other hand, another thing that wreaks havoc on your budget is the lack of organization – if you do not track your weekly or monthly expenses, you are likely to waste money without even realizing it. If you are trying to put some money aside for the rainy days, then you surely know that every dollar counts and that being said, here you will find 8 simple and efficient tricks to save hundreds of dollars every year:
1. Save Money On Your Car Insurance
Car insurance can be quite pricey these days and although these policies come with great savings opportunities, most of us simply overlook them. This is the time to re-examine your yearly car insurance policy and see whether you can lower your premium. If you are a good driver and you had no accidents or speeding tickets over the past years, then this can help you get cheaper insurance – on the other hand, make sure to use online price comparison engines, as they will automatically analyze the offers from various insurance companies and come up with the cheapest and most comprehensive policy for your needs. This will help you save a lot of time, money and trouble!
2. Pay With Your Credit Card Rather Than Cash
Have you been paying with cash all along? If so, then it is time to change your strategy – paying with your credit card can help you save anywhere between 5% and 10% of the total sum, especially if you have a cash-back credit card. The only condition to be eligible for such a card is to have an impeccable credit score and if you do, then you can easily apply for one and use it to pay the monthly bills, pay for gas, groceries and anything else. This can help you save a lot of money in the long haul, so why not do it? It is fast, efficient and effortless and besides that, you do not need to worry about carrying large sums of cash with you. The cash-back credit card will give you the peace of mind you need, knowing that your money is safe even if you lose your wallet!
3. Switch To Prepaid Phone Cards
If you have a contract phone, then one of the best things you can do to save hundreds of dollars every year is switching to prepaid phone cards. Also known as “no-contract cards”, these cards work exactly the same as the contract cards, the sole difference is that you will re-charge them whenever needed. The prepaid phone cards are a cheaper alternative to contract phones, and if you have been tempted to sign a contract just to get the latest smart phone model at a cheaper price, you might want to thing again – some simple math will help you understand that you will end up paying more in the long run, as these contracts often cover a 24-month period, if not more. You will be able to save money only if you look at the big picture!
4. Consider Online Shopping
Nowadays, many people steer clear from online shopping, and for a good reason – it is normal to try an outfit or a pair of shoes before you buy it, especially if you plan to buy designer products. However, if you know your shoe or dress size, then you should definitely consider online shopping as most retailers offer special discounts to those who choose to shop online. Not only is it cheaper, faster and easier, but it is also a lot more comfortable as you get to buy the items you need from the comfort of your home. At the same time, many retailers offer significant discounts when you subscribe to their e-newsletter, not to mention the wealth of promotional codes, coupons and discounts that you can get online. However, it is very important to carefully check the return policy of the online retailer before you place the order, just to make sure that you can return the items and get a full refund, if they do not fit you.
5. Invest In Energy Star-Rated Appliances
Another very efficient trick to save a lot of money over the year is to invest in Energy Star-rated appliances. In a nutshell, these appliances are designed to reduce the overall energy consumption by up to 70% or even more. If your home is properly insulated, then buying energy-efficient appliances and investing in LED light bulbs will dramatically reduce the utility bills. You can get an Energy Star-rated TV, refrigerator, dishwasher, washing machine, coffeemaker and so on – besides this, make sure they come with a “power saving” mode, just to prevent wasting energy. This is both cost-effective and environmentally-friendly at the same time!