Saving money is a critical part of any financial plan — whether saving for retirement or building an emergency savings fund. Some may think they can’t save money, especially if they’re living paycheck-to-paycheck. By following these tips, you’ll learn ways to save money that you may not have imagined:
1. Track your budget. Not only should you design a reasonable budget, but you need to track it monthly. Find out what you’re spending, areas where you can cut expenses, and consider ways to add income.
2. Set up automatic savings to your accounts. Many financial planning experts recommend saving 20% of your income each month. Of course, this may not be possible for everyone, so determine what’s feasible for you and set up automatic deposits to a savings account. Even if your budget only allows $20 a paycheck, that’s better than nothing — and you won’t ever see it if you automatically transfer your funds to a savings account. Learn where to start at QCB.
3. Use QCB’s Q-Up Program. When you connect your QCB checking account to a QCB savings account, we’ll round each transaction up to the next dollar. Then we’ll transfer the remaining change automatically into your QCB savings account. Learn more.
4. Negotiate better pricing for the services you use. Your monthly bills can add up. Start by reviewing your cell phone, streaming services, internet, and insurance costs. Do you need every streaming service? Can you get a better deal? For example, contact your cell phone provider and ask what specials are available. If you can’t negotiate a better deal, shop around. Spending $50 less on monthly bills can add up over time and allow you to save more money in the end.
5. Use loyalty points, gift cards, and credit card perks for things you buy anyway. While it may be tempting to use these special perks to treat yourself, it’s a better plan to use them for the things you’d buy anyway. For example, use cashback rewards to pay for groceries or use gift cards to purchase essential items you need at home. And never allow your loyalty points or other perks to expire. Take advantage of the free money you can spend on the things you need. Check out the benefits of a QCB Visa® Credit Card.
6. Exercise at home or outside. How often do you use your gym membership? In light of the recent COVID restrictions we’ve all faced, most of us have learned we can work out at home – with or without equipment. Consider replacing your gym membership with an on-demand workout program, or get free workouts through YouTube. Or you may want to get outside and start a running regimen.
7. Cook dinner more often. If you can commit to cooking most of your weekly meals, you’ll save hundreds of dollars each month. Plus, you’ll likely eat healthier and spend more valuable time with your family members.
8. Use coupons and stock up on groceries when they’re on sale. It’s essential to have a supply of staples on hand, especially if you experience an emergency. Things like paper goods and canned and packaged goods last a long time. When you see items you need on sale or have a coupon for them, buy them. It’s never a bad thing to keep your pantry stocked with the stuff you need.
Saving money is a commitment, but you can do it. And you’ll find that once you begin to reap the benefits of saving money, you’ll continue to make it a priority every year.
It’s time to save for your future with QCB. Find out more.