Since the “great recession” hit, people in the US have gotten into the habit of trying to save more money. This has paved the growth for new sites like groupon, which recently turned down a bid from Google and has raised half a billion dollars. In light of this new trend of saving money I thought I’d post 10 easy tips to save money and grow your savings accounts. These are all simple things we can all do that don’t take much time.
1.) Actually Use Rebates
If you’re like most people you fall for items that have rebates and tell yourself you’ll send them in. Then time passes by and your forget about them and they expire. That’s easy money down the drain. Rebates take a few minutes to fill in and you can get anything from 5 bucks to hundreds of dollars in the case of some cell phone rebates. Filling out rebates are well worth your time no matter how little they’re for. Send them in as soon as you get them.
2.) Bundle Your Phone/Net/TV
Verizon and Comcast both offer huge savings to bundle your phone, internet, and cable together. Often the prices are about the same as getting two of these services alone. If you have a land line, you should definitely bundle your services.
3.) Buy Refurbished
Refurbished items are products that have been returned to the manufacturer to be fixed. When the fix is simple they will resell these items as “refurbished” items. They cost substantially less than new items and are often just as good. Be sure to read up on what was wrong with the item before you buy so you know exactly what you’re getting.
4.) Use Your Library
I know it’s nice to keep the books you buy, but how often do you actually reread those books? If you’re interested in reading a new book, check your library to see if they have it first next time. The same goes for DVDs.
5.) Never Overdraft
Never, NEVER overdraft from your checking account. Do what you need to do to make sure you always have enough funds to cover your checks and debit card purchases. A simple debit card purchase for a pack of gum can turn into a $25 overdraft fee, and there’s no reason for it. Be aware of how much money is in your checking account. If you don’t do online banking, you may want to start to stay on top of your accounts.
6.) Use Rewards Credit Cards
If you don’t have a good rewards credit card, it’s time to get one. You automatically get rewards on every purchase and there’s really no reason not to. I put just about everything on my credit card and have collected over $1,000 in rewards, all for not doing anything but use my card.
7.) Lose the Home Phone
If you’re like me you really don’t have a use of a home phone. Since cell phones came around nearly everyone has one, while home phones have gone out of fashion. If you don’t need a land line then get rid of it to save some money every month.
8.) Don’t Buy Extended Warranties
You should really only take out insurance on things that you can’t afford like catastrophic health insurance, or auto insurance. Does your computer really qualify? The exception to this rule is if you’re accident prone and you tend to break things you’ve bought in the past easily.
9.) Keep your tires inflated
This one is easy to do and you end up saving on gas while also increasing the safety of your vehicle.
10.) Get Good Savings Products
If you’re reading this blog then you probably keep tabs on the latest savings and CD rates. It’s good to stick with a bank that you have a good relationship with, but if you’re interest rates fall too far from the leader, it’s time to switch to a new bank. Keep track of interest rates so you know exactly how competitive your bank is and don’t be afraid to pull the trigger when your bank becomes less competitive with their deposit accounts.
Some of the suggestions in this article aren’t really bright or thrifty. Directly: #2, want to really save money?
Dump the cable and turn off the TV. You’ll do yourself some good not listening to the media lies and have more time for everything else. You don’t need DSL, an ISP is $7.99 per mo. #3, refurbished is garbage – when it doesn’t work 6 wks after you’ve bought it, it usually isn’t returnable/replaceable or the terms to do so are rotten. #5, overdraft?, be serious. I’m an adult, I’ve never bounced a check in my life. #6 Reward cards usually carry higher percentage rates and the “reward” points or whatever are just a psycological trick to make you spend more. Finally, #7 my land line cost me $123.12 a year-do the math-find a cell phone for that price. People who follow advice like what’s in this article are either wasteful or crying cause they’re losing their house. WAKE UP, AMERICA!
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