Posted on Monday, March 26th, 2018 at 7:00 am
America Saves motivates, encourages, and supports low- to moderate-income households to save money, reduce debt and build wealth. They have plenty of advice on saving money. Here are a few of their simplest pieces of advice for saving money.
Save Your Loose Change
What do you do with the change you get after making a purchase with cash? It might not seem like enough money to worry about. According to America Saves, putting aside just 50 cents over a year will get you way to a $500 emergency fund.
Use the 24 Hour Rule
Right this minute, you might feel a strong need to buy a specific thing. Whatever it is, you feel like it is something you cannot live without. It isn’t something you actually need, though. Wait 24 hours before buying it. This prevents you from spending money on impulse buys.
You bought a t-shirt from one of those online websites that sells unique designs. Or, you signed up for emails from a store that you like to shop at. As a result, you end up getting email from them with coupons, sales announcements, and photos of things you would be interested in buying.
Unsubscribe from those emails. Remove the temptation to spend money on things you don’t really need. Out of sight, out of mind.
Check Your Credit Report
America Saves suggests that you check your credit report once a year. You can get a free credit report from the credit reporting bureaus once a year. Check for inaccuracies that should be removed and for opportunities to raise your credit score. America Saves says that a low credit score can increase the cost of a 60-month, $20,000 auto loan by more than $5,000.
Use Your Local Library
Before you buy more books, or movies, check to see if your local library has a copy you can borrow for free. Today, more and more libraries are offering e-books that you can check out through the library’s website. Some libraries have DVDs you can borrow. You can be entertained without spending money.
Get Preventative Health Care
If you have health insurance, it probably covers at least some forms of preventative care. For example, an annual checkup will probably be covered. Go get it. Preventative care can help doctors detect health issues before they turn into expensive problems. Dental check ups can help prevent fillings, root canals, and more.