Saving money today can give you peace of mind tomorrow. Depending on your financial situation, finding money to save can be challenging. Here are 10 small steps you can take to reduce monthly costs and free up money to save:
1. Pack a lunch.
Buying lunch and coffee every day can add up, costing as much as $10-$25 a day. Brew your own morning coffee and make your own lunch. That could free up hundreds of dollars a month.
2. Take those credit cards out of your wallet.
If you don't want to put your credit cards in the freezer, at least take them out of your wallet. You can’t use them if they are not readily available.
3. Sign up for rewards programs.
Many retailers offer rewards programs. Check out your favorite local stores to see if they have loyalty programs. You can earn great discounts, cash back, savings at the gas pump, and other money-saving benefits.
4. Be aware of bank fees.
Are you paying high monthly fees on your checking account? Check out your institution's different types of accounts to see if there is a better fit for the balance you carry. Also, avoid using out-of-network ATMs unless you have an account that offers reimbursements.
5. Plan your meals.
Avoid the temptation to go out to eat or order in by planning your meals for the week. You can even pre-cook and freeze food in advance so you can quickly heat a good meal if you get home late or are too tired to cook.
6. Shop for grocery deals.
Planning will also help you save money at the grocery store. Take a look at sales flyers and try to find the best deals on the foods you need.
7. Reduce gas expenses.
Gas can be a significant monthly expense. One way to conserve it is to run all your errands one day instead of making several weekly trips. Also, if you have co-workers that live nearby, ask them to carpool.
8. Use your library card.
Reading is a great hobby, but if you purchase your books online or at the bookstore, it can get expensive. One easy way to avoid book expenses is to use your library card.
9. Avoid shopping when you're upset.
Many people spend more money when they are emotional. If you're feeling down or anxious, the worst thing you can do is visit a store or shop online.
10. Cut excess subscriptions.
It's great to have a variety of things to watch on TV, but do you need cable, Netflix, Hulu, and other subscription services? Choose one or two providers and save.
Have questions or need assistance?
If you have questions about this topic or need assistance with your banking needs, please speak to one of our bankers at your local Bar Harbor Bank & Trust branch. We’re here to help you build a solid financial future.
