4 Simple Tips that Anyone Can Use to Save More Money

Trying to save money? Saving money doesn't mean that you have to be a penny pincher on everything you see. There are many things that you can do aside from putting a tight leash on your budget. Here are four simple tips that anyone can use to save more money whether they're a student, homeowner or a young adult.

 

  1. Consolidate Your Credit Card Debt

 

One of the easiest ways to save money is to consolidate your credit card debt. It might shock you to hear that the average household carries $16,883 in credit card debt but it's absolutely true. Trying to pay off your debt with minimum payments when the high credit card interest rates (usually 20%-22%) keep mounting up can be an uphill battle. To save money, you can do either two things: consolidate your debt or transfer it over to a new credit with an introductory 0% interest rate.

 

Many credit cards offer a 0% interest for the first 12 to 18 months after signing up. If you have decent credit, it's likely that your application to these cards will be accepted. Transferring your balance over to the 0% interest introductory plan is a good way to catch up on your debt and halt your interest payments for a while. There are also financial companies like Bestegg, Marcus, Upstart and Lending Club that offer personal loans ranging from 7% to 14% depending on your credit score.

 

  1. Switch Your Auto Insurance Plan

 

One of the easiest ways to save money on your auto insurance is to shop around for a new car insurance plan. CBS News reports that there isn't one specific company that's better than the others. For example, there are some consumers that saved money switching from Progressive to GEICO while others saved by switching from GEICO to Progressive. How much you can save will really depend on your unique motorist profile and the insurer's criteria.

 

A big mistake that many consumers make when shopping around is not looking at the smaller companies. Many of the lesser known insurance companies may be able to save you more than the big insurance brands for the same kind of coverage or a slightly downgraded plan. But how much can you save by switching to another provider? You can save a couple of hundreds of dollars a year. Some consumers have saved close to $500 by switching and making adjustments to their coverage.

 

  1. Use These Retail Deal Hacks

 

Whether you're shopping for groceries, clothes or for your home, there are many ways you can save without coupon clipping. The easiest way is to view the online weekly or weekend circular of the retail store for the best deals and weekly discounts. Another great way is to sign up for the retailer's branded credit card. Some big retailers like Target offer 5% cashback on purchases. Retailers also have a separate loyalty program or one built into their branded credit cards which will help you save even more money.

 

Next, you can buy gift cards for 5% to 10% off using services like Gift Card Granny. It connects people who want to sell their gift cards to buyers who want to get deals on their favorite retailers. Another cool service that helps you save more money is Paribus. It works by tracking your purchases to the retailer and automatically getting a refund for you if the price has dropped. Many retailers offer purchase protection guarantee and funny enough, tend to change their prices fairly often.

 

  1. Automate Your Financial Budgeting

 

Trying to form a new financial habit can be difficult when there's a lot of manual accounting work that has to be done. Fortunately, apps like Digit and Qapital will transfer your deposits into your savings account automatically. All you have to do is to set your financial goals with the apps and they'll take care of the rest. So whether you're trying to put more money into your savings, grow your 401k account or trying to curb your spending habits, you can make it easier to save money by using any one of these automated tools.

 

These tips will help anyone get closer to their financial goals. But don't stop here. Keep searching and you'll find many more ideas on how to save money.

 

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