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1. Eliminate your debt

If you are trying to save money through a budget but still carry a large debt, start with the debt. Are you not convinced? Add up how much you spend per month on debt maintenance and you will quickly notice. Once you are free to pay interest on your debt, that money can easily be saved. A personal line of credit is only an option to consolidate the debt, in order to cancel it better.

2. Set saving objectives

One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set savings goals with a timeline to facilitate savings. Do you want to buy a house in three years with a down payment of 20 percent? Now you have a goal and know how much you will have to save to reach your goal. Use Regions Savings Calculators to achieve your goal!

3. Pay yourself first

Set up an automatic debit from your checking account to your savings account each payday. Whether it’s $ 50 every two weeks or $ 500, do not be fooled by a long-term healthy savings plan.

4. Stop smoking

No, it is not really easy to quit smoking, but if you smoke a pack and a half per day, it means about $ 3,000 a year that you could save if you quit. According to the Centers for Disease Control and Prevention, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s – join the club!

5. Take a vacation at home

Although it may sound biased, the idea behind this is solid: instead of spending several thousand on plane tickets, look at your own yard for a fun vacation near home. If you can not drive, look for cheap flights in your region.

6. Spend to save

Let’s face it, it’s not usual for electricity costs to be reduced over time, so take the reins now and climateize your home. Call your electricity company and request an energy audit or look for a certified contractor who can conduct a review of the use of energy throughout your home. This can mean from simple improvements such as sealing windows and doors to installing new insulation, coatings or appliances and high-efficiency ENERGY STAR products . You can save a lot of money on electricity costs over time.

7. Savings in electricity

By lowering the thermostat of your water heater by 10 ° F, you can save between 3 and 5 percent in energy costs. And installing a water heater on demand or without a tank can save up to 30 percent compared to a standard water heater with a storage tank.

8. Pack your lunch

An obvious advice to save money is to find daily savings. If buying lunch at work costs $ 7, but taking it home from home costs only $ 2, over a year you can create an emergency fund of $ 1250 or make a significant contribution to a college or retirement fund.

9. Create an account that generates interest

For most of us, having the savings separate from the checking account can help us reduce the tendency to withdraw funds from those savings from time to time. If your goals are longer term, consider products with higher rates of return, such as a Regions CD or a Regions Money Market account to enjoy even greater savings.

10. Annualized your expenses

Do you spend $ 20 per week on snacks at the vending machine in your office? That means $ 1,000 that is withdrawing from your budget in soft drinks and snacks every year. Suddenly, that habit becomes a considerable sum.

Categories: SAVINGS

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