“Simple Everyday Changes to Save More Money”

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11 Everyday Habits to Boost Your Savings

Your daily habits can significantly impact your financial goals, such as saving more money and paying off debt. While small impulse purchases can hurt your budget, simple tweaks to your spending and money management routines can help you build your savings. Here are 11 everyday habits that can help you save more money every day.

1. Track Your Spending

Understanding where your money goes is crucial for making impactful changes. Tracking your purchases provides a clear overview of your expenses, enabling you to make adjustments aimed at saving more. Consider using a budgeting app that links to your bank account to view all your transactions in one place.

2. Cut Back on Dining Out

Dining out can be fun and convenient but can also become a significant expense. To break the habit, stock up on foods that require little preparation, such as frozen meals, deli sandwich ingredients, and boxed pasta. These options can be cheaper alternatives to frequent restaurant visits.

3. Use a Cash Back Credit Card

Using a cash back credit card responsibly can put more money back into your pocket. Cover your everyday purchases, like groceries and gas, with a cash back card to earn a percentage of what you spend. You can often redeem these rewards as a statement credit, check, or direct deposit.

4. Adjust Your Thermostat

Save on your electric bill by tweaking your thermostat during the coldest and hottest months. A programmable or smart thermostat can automatically adjust the temperature to use less energy when you’re not home, helping you save without sacrificing comfort.

5. Try Thrifting

Buying secondhand items at thrift stores can save you money on clothes, home goods, and more. Thrifters save an average of $150 a month, or $1,760 a year, according to a study from CouponFollow.

6. Comparison Shop

Before making a purchase, take the time to shop around. Use online tools like Honey and Slickdeals to find the best prices. Often, you can find a less expensive version of what you need without sacrificing quality.

7. Join a “Buy Nothing” Group

“Buy nothing” groups are online communities where neighbors offer and request free items. You can find local groups on social media or through BuyNothingProject.org, which helps you locate your community.

8. Take a Minimalist Approach

Embrace minimalism by focusing on what you truly need. Instead of buying new clothes each season, make do with what you already have. This approach can help you save money and reduce unnecessary purchases.

9. Monitor Your Credit

Higher credit scores mean better borrowing terms. Keep an eye on your credit by signing up for free credit monitoring services like Experian. This will help you stay informed about your credit score and provide personalized recommendations for improvement.

10. Try Paying in Cash

Some people find it easier to resist overspending when they pay with cash. Use the cash stuffing method, where you allocate money for different spending categories into envelopes. When an envelope is empty, you know there’s no more room for spending in that category.

11. Track Your Net Worth

Tracking your net worth can provide a big-picture perspective on your financial health. Calculate your net worth by adding your assets and subtracting your debts. Use a budgeting app like You Need a Budget (YNAB) to track your net worth and plan your spending.

The Bottom Line

Implementing these habits can help you align your daily actions with your financial goals, leading to more savings. For larger purchases, improving your credit can help you qualify for better interest rates. Check your credit report to understand your credit standing and how it affects your borrowing ability.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you achieve your financial goals!

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