Whether you’re a business owner looking to get your finances in order, or a hardworking employee who wonders where your money goes every month, the chances are there are many areas where you could be saving money. Whether you dream of a fancy car, large house, Caribbean cruise, or simply just to meet your family’s needs, none of it can be achieved without saving.
If you’re the kind of person who hates to keep a track of things and who likes to spend money as soon as it’s in your hands, then check out these seven simple ways to save money without putting in much effort at all.
- Pay Off Your Debts – Before you can even think about saving money, you need to make sure that you don’t owe money elsewhere. Placing money aside each month into a savings account may be a good idea, but not if you’re paying 20% interest on your credit card debt from another account.
- Decide on an Amount to Save – Now that your debt is paid off and you don’t have to spend a chunk of your salary every month towards it, allocate the funds to a savings account instead. You won’t miss the money, as you were already subtracting it from your income and, before you know it, you’ll have stashed away quite a sum.
- Stop Losing Money – Check your statement this month. You don’t have to plan out a budget or even track all of your spending if the very thought of it gives you a headache, but make sure you’re not throwing money away on something you never use, such as a gym membership or magazine subscription you don’t read any more. Money clips are also a good way of keeping your bills inside your wallet and making sure that you’re not leaving a tip behind for the bus driver or waitress without realizing.
- Compare Prices Online – Price comparison tools are abundant on the Internet and can be really useful when deciding on the right product or plan for you. Before booking your holiday for example, check out a site like Trivago that compares all hotel prices for the same stay and shows you the cheapest one. Offers from companies like LivingSocial and GroupOn can also save you tons of cash on many purchases.
- Automate Your Transfers and Direct Debits – Automatically transferring the money into your savings account will mean that you never have to see the cash in your hands and won’t be tempted to spend it. Also, if you automate your bills, you’ll never be overcharged for late payments.
- Never Miss an Opportunity – How many times did you bump into someone and wish you’d had your information at hand to give them? Whether it’s a job opportunity or a referral, make sure you get a business card holder and that you have your details at hand at all times. You don’t want to wave goodbye to a million dollar opportunity.
- Diversify Your Assets – Or as your Grandmother would say, “don’t put all your eggs in one basket”. Today’s economic climate is volatile. Make sure that you invest in or bank with more than one institution. It’s always best to be prepared for any eventuality.
See? Saving money doesn’t have to be a Herculean task. It’s really just about adjusting perspectives. Before you know it you’ll be sailing off into the sunset or building up a college fund for the kids with minimal effort and rewarding results.
About the author: Michael Peggs is the founder of SEO agency Marccx Media, where they specialize in white hat link building, SEO and Content Marketing. Before Marcxx, Peggs worked at Google in business development, forming digital media and advertising partnerships. He is also a blogger and podcaster, hosting the iTunes Top 10 New & Noteworthy podcast You University – The Personal Branding Podcast.