Q. How to save more every month?
A. There are many ways to save, some are easy, some are hard, but all take determination and action. Here is a list of 9 wise ways to save $1,000 a month:
A. There are many ways to save, some are easy, some are hard, but all take determination and action. Here is a list of 9 wise ways to save $1,000 a month:
- Create a penalty jar. Every time you indulge on something, put the equal amount in the penalty jar. If you can't do it, you can't afford the consumption.
- Do not lend free money to Uncle Sam. If you get sizable refunds each year from IRS, it's time to review your W4 withholdings and stop lending free money to Uncle Sam.
- Take the 5% challenge. Look at how much you spent last month, cut it by 5% this month, and keep it this way for other months, you can do it!
- Use credit cards wisely. Many good credit cards offer up to 6% cash back, and you can minimum earn 2% on anything you purchase with a Fidelity American Express card.
- Start a side business. Look at the book 400 the Latest and Greatest Small Business Ideas.
- Pay attention to fees, any fees. Such as ATM fees, checking account fees, credit card late fees, etc.
- Use technology wisely. For example, use Netflix or Amazon Prime and cut cable costs. Use VoIP and cut regular home lines. Use smartphone coupon apps and save anytime you shop.
- Stop paying recurring expenses. For example, gym fees, magazine and newspaper subscriptions, insurance costs, etc are all recurring expenses, visit them one by one and see which one you can cut or save.
- Forget brand name, unless they are on big discounts. Consider generic brands or no-luxury brands, you can stop paying those huge brand premiums.
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