You have goals, we all do. No matter if it’s a family vacation, buying a house, reducing your spending enough to stay home with your kids or going back to college, extra cash is always a good thing.
In celebration of Financial Education Month, try these money-saving tips to help you reach your goals faster.
- Brew your own coffee – With the average cost of a cup of coffee inching toward $3.00, giving up your daily stop at the coffee house could save you over $700 a year.
- Sign up for auto pay on bills to avoid late fees – Make automatic payment options your best friend. Not only does auto pay help you avoid costly late fees, it can also help increase your credit score by ensuring payments are made on time.
- Designate no spend days in your week – If you are tempted by impulse buys, consider designating a no spend day each week. Try using up the remaining groceries in your pantry instead of ordering take-out, downloading a podcast instead of renting a movie, or going on a walk with a friend.
- Search for promo codes when shopping online – When shopping online, always do a quick search for promo codes before checkout. Even a few dollars saved can make a difference.
- Enact a 24-hour rule for non-essential buys – Consider waiting 24 hours before making a purchase that you weren’t planning to buy – think clothing, home décor, new technology, books and more. During the 24-hour embargo, consider whether or not you need the item, calculate what else you could do with the money and ask yourself if you could find the same item for a lower cost elsewhere. After 24 hours re-evaluate how you feel.
- Cancel unused subscriptions – Take a quick peek at your bank statement to look for any recurring charges that hit your account. If you haven’t been to the gym in months but are still paying a monthly fee, cancel it. Same thing with that magazine that you never read. Don’t renew the subscription or cancel as soon as you can to save even more.
- Find entertainment at your local library online – Looking for some entertainment? Look no further than your local library's website. With an array of e-books, audio books, e-magazines and movies, taking advantage of all the offerings from your local library can add up to some serious savings.
Learn more about building your savings with Hancock Whitney Financial Cents for Adults.