In the modern world, there’s always a new gadget in the market every few days. People get to buy new clothes online, and everyone wants to look his best. With so many easy opportunities to spend money, saving money is not very easy. However, there are some good ways to help you save some money without turning yourself into a bitter miser.
1. Virtual Piggy Banks
Earlier, when people had some spare change in their pockets, they would simply toss it in their small piggy banks or bowls at the end of every day. Many people rejoiced how loose change could easily add up to some hundred dollars that could be easily used for entertainment, groceries or placed in a Roth IRA account. This used to be the best way of saving money.
In current times, the basic problem is that not a lot of people use real money to purchase items. These days, plastic money has become a popular phenomenon. With Keep The Change’ accounts, you can save some good money.
Many banks round off the remaining decimals on your transactions and transfer the amount to a particular Savings account. Over time, you save some dollars and this acts as your own virtual piggy bank.
2. Education Matching Accounts
In case you have kids, the best way to add some money to your kids’ education savings is via an Upromise Account. There is no membership fee and you will be able to easily save some good money by making standard consumer purchases.
Retailers who participate in this program always agree to match a part of the purchase price and contribute the money to an education savings account. Over 600 business organizations are already participating in this effort.
3. Act Smart with Your Car
Almost every maintenance manual for a car will recommend premium fuel for the car’s engine. However, you can easily get away with slightly lower grade fuel without hurting your engine’s performance. Before you choose to downgrade, you can check with a mechanic. If you save around 20-30 cents for every gallon, you will be able to save around $100 per year.
There are many other tips that can help you save some good money on your car.
● Properly Inflated Tires
● Replacing Dirty Air Filters
● Driving Under 60 Miles per Hour
● Cleaning the Trunk to Reduce Extra Load
4. Use Less Power
One of the most troubling and major expense comes with your utility bills. Fortunately, there are some good ways to save a huge amount on your utility bills. For instance, you can replace your existing bulbs with energy efficient fluorescent lights. This way, you will be able to save a huge amount of money in the long run.
Other tips include turning your lights off whenever you leave a room, purchasing a high quality thermostat with timer to adjust your home’s temperature whenever you’re working or sleeping and more.
5. Donate Some Amount to Charity
Besides helping other people in need, charity can be a perfect way to reduce your taxes. You should consider donating something to charity every year. You just need to go through various items in your basement or attic. These may include old clothes and toys. You should donate them to a qualified or registered national or local authority.
IRS calls this a charitable donation. Instead of tossing something in the trash, you can donate something to people who need it. You should always take some pictures of the things you donate. You may be asked to provide proper documentation for tax reduction.
In addition to this, you should also ask for receipts from the charitable organization. This will support your documentation. Most importantly, you need to make sure the charitable organization is legitimate. If you donate the money to an illegitimate organization, it will not help you save money on taxes.
Most of the time, saving money for the future means sacrificing some things in the present. This can make it feel like you are performing some tough chores. However, with the simple tips mentioned in this post, you will be able to save some good money without any substantial efforts.
You just need to watch out for some simple things in your life and bring basic changes. You also need to watch out for some good deals and offers. In time, saving money will become a good habit.