Have you ever wondered if a chunk of your salary is being wasted on unnecessary things, especially if you could have invested it into crypto? If so, here’s a short guide of where you might have gone wrong and perhaps we could save you some cash that can later turn into a profit.
If you want to save more money the number one thing you should take care of are any debts or loans you currently hold. To make your life easier and to understand the budget clearly, you can set up an automatic debt repayment. It is not only convenient to reduce the risk of a late fee, but also a chance to get an interest rate reduction for instalment plans. In case you have a high interest rate on your credit card, you can request your bank to make a credit card rate reduction. The bank may be willing to negotiate the rate in case you pay your bills on time every month.
Using balance transfers may be an alternative, if the interest rate is high and non negotiable, but you will be carrying a debt. The advantage of balance transfers cards is 0% APR for up to 18 months and you can also have some rewards program depending on the bank provider. With 0% APR you can pay off your debt and save money on the interest rate, however don’t forget to pay the transfer balance on time. Until your debt situation is not sorted, don’t use the credit card for payments if it’s possible.
Surprisingly, there are plenty of perks on your bank account that can assist you with money savings. There is an opportunity to set up savings account with automatic savings transactions. You can automate savings to your favour, for instance saving 5% of your spending or select to keep a specific percent from your earnings. You can also set restrictions on the use of savings account and choose the period and amount you can withdraw and use. Consult with your bank for more options and details.
In order to keep track on your money flow record and scrutinize all your expenses. That will stick up for budgeting, which is another saving booster. Try to master prioritisation and pinpoint unnecessary spendings.
Do you actually need the subscription for the channel you never watch anymore because you are now more into watching crypto reviews, analytics and tutorials online? Do you remember that time you signed up for a 3-month-free video maker for a single use? Well guess what, it’s been a year... Do not let that happen to you and your wallet, you clearly have more essential things to spend on.
To avoid superfluous purchases you will regret spending on simply follow the rule of 30 days. If you accidentally found your dream watch, for example, put it back, make a note or take a picture of it and...leave it. In case you still urgently need it the next month - buy it. (Note: the rule won’t be effective in trading). Another simple hack is to delete your card details from websites. One touch purchase is definitely not a savings advocate. For better budgeting mindset development annualized your regular spending. If you smoke, for instance, count how much you spent on cigarettes in a year and think of opportunity costs.
Most of the time utility bills form a solid part of the budget. And you can’t escape it. Actually, there are some life hacks that can change numbers in utility bills tremendously. Pay attention to the little things such as turning the lights off, using energy efficient lights and even the battery life of your phone. By the end of the day these little things end up being a major part of these accursed electricity bills.
Programmable thermostat will be able to manage efficiently about 45% of home’s energy which goes for heating and cooling. Despite relatively high installation costs it saves about 15-30% on bills. You can make claver move by investing in home energy audit which costs about $400, and yet can save you about $1,000 per year. Beyond doubt, this investment will pay off, for home miners in particular.
An organised maintenance of all the appliances in your house can also reduce costs and save you a considerable amount of money you spend on repairs or buying new stuff. Use vacuum and clean all the stockpiled dust, check all the vents to prevent mechanics blockage. Did you know that a clean car filter can reduce costs of running the engine? You are welcome! The maintenance on regular basis will keep the appliances’ durability, improve energy efficiency, and reduce damage and bankruptcy risks. Do not forget to also keep the gadgets “clean” and install reliable antivirus programs. There is no need to remind you that all your savings could be stolen if you are not following online security guidance.
Our lifestyles may have a negative influence on our wallets, but there are ways to improve it to our favour and to enlarge your rainy day fund (or Bitcoin purchase day fund). If you don’t have time for physical activities why not change the means of transportation? Riding a bike home will reduce costs and time spent in traffic. Are you a sociable person who cannot spend Friday evenings without a party? Why don’t you invite friends over a house party, it’s going to be less pricey than going out. Are you too bored with spending your entire weekend in front of your computer screen checking market trends and analytics, playing games but feeling like you’ll waste your money if you go out? Why don’t you subscribe for free events near you? You don’t want to miss that lecture happening in your city on blockchain or something like the “Transformation of economy: cryptocurrencies” event, just search for it online.
Food is another thing we throw our money on. The best way of handling this responsibility is to plan ahead. Always have a shopping list, make a meal plan and never go shopping hungry. By the way, drinking plenty of water not only improves your health (hey, less money on medicine), but also reduces your hunger and food expenses. Do a bit of research and price comparison first, before you become loyal to the nearest supermarket. Usually it’s cheaper to buy stuff in bulk, why not spend a bit more now to save long-term?
Always be curious! Is there a chance that you are missing on company benefits? Check it out; it may include a considerable discount for the gym membership, attractive credit card terms, or discounts at your favourite shop. There are countless freebies offers you can get from various companies. Learn about offers and upcoming sales if you’re aiming to buy something.
Saving is easy! Research it, plan it, organize it, and finally, why not invest it? In crypto for example.