19 is an easy way to save money that many people don’t know
Savings make it possible to feel more confident in their future. And if it seems to you that your budget does not allow you to save money at all, you may not have found a way to save money that is right for you.
Edition Reader's Digest compiled a list of 19 easy ways to save money that many people don’t know about.
Automate bill payment
When you are seriously trying to save every possible dollar, you may lose the results of your savings in one fell swoop, when you suddenly notice that inadvertently delayed payment on one of the accounts and now have to pay a penalty. Brittney Meier, CardRates.com credit strategist, offers a simple solution: automate bill payment. This is very easy to do via online banking and you will never miss a payment again. Mayer believes that this strategy can save consumers about 30 dollars per month.
Take advantage of the advantages offered by your card issuer
Many credit card issuers have set up shopping portals and discount pages that offer discounts and bonuses for pretty much everything from buying a cup of coffee to booking a hotel. Use these portals to shop for items you will have to buy anyway and you can save up to $ 20 a month.
Find a credit card that offers protection against price increases.
Some credit cards will automatically look for lower prices on your newly purchased items and even refund the difference. This service is called “price protection” and can save up to 1 000 dollars per year, which means you can save up to 83 dollars per month.
Look for credit cards offering cash rewards.
Stop paying in cash or debit card purchases that you can make using a credit card that offers a refund of a portion of the amount you spent. There are cards that offer up to 6 percent return. Some credit cards offer higher money-back rates for certain types of purchases. Find the best card for you, and it will help you save up to 50 dollars per month.
Make sure you use the rewards received.
If you already accumulate cash rewards on a credit card, make sure you use them. For some credit cards this is a very simple, almost automatic process. For others, however, you may need to do several transactions on the card issuer's website.
Take advantage of other credit card benefits.
In addition to protecting against price increases and refunds, many credit cards offer other benefits, including extended warranty and travel insurance. You can save an average of 15 dollars per month using these benefits.
Apply for a tourist card from several brands
This is a credit card that the bank creates in partnership with a travel company. Some of these cards offer free luggage for flights, discounts on flights, free hotel accommodation and other services that can make your annual vacation cheaper. On average, this will save you up to 10 dollars per month.
Agree to abolish credit card annual fees
In most cases, if you ask the card issuer to cancel the annual fee for its use, the company will meet you halfway, since it is interested in keeping you as a customer. On average, this can save you up to 30 dollars per month.
Pay attention to credit cards with zero interest rate.
If you usually keep a positive balance on your card, it is worth Consider issuing a credit card with a zero interest rate. Savings will depend on your balance, but you are guaranteed to save something.
Use the money on the card with a zero interest rate to repay loans by regular credit card
Use a zero credit card to pay off credit card debts that carry a higher interest balance. Just make sure you can pay off your debts on a card with a zero credit rate over the coming 12 months.
Agree on a reduction in interest rates on your credit cards
Credit card issuers are often willing to make concessions if a customer asks to lower his interest rate. Your chances of success are much higher than you think, and the money saved can be significant. Do not expect a decline from 25 percent to 15 percent, but you can still save real money.
Improve your credit rating
Consumers can save money simply by improving their credit rating. Higher credit ratings can lead to better credit offers, including lower interest rates.
Use the free FICO checkout that credit cards offer.
While you are working to improve your credit rating, be sure to use credit cards that offer free monthly FICO checks (credit rating calculation system). This can save you up to 15 dollars per month.
Transfer your savings account to an online bank
Have you considered the idea of keeping your savings online? If not, be sure to pay attention to this option. Online savings accounts can earn over 2%. This is a higher interest rate than most traditional banks offer. If you have $ 15 in your savings account, that could give you an additional $ 000 a year in savings - or about $ 300 a month.
Download and use applications that offer rewards for purchases.
Another way to save money is by using apps that offer rewards for purchases. Examples of such programs include Ebates, NerdWallet, and Ibotta.
Download the app to protect against price increases.
The Earny Consumer Protection application automatically returns you money for the goods you bought when the price of this product drops. With this program you can get about 2200 dollars per year.
Audit your subscriptions
If you carefully review your monthly credit card bill, you may be surprised that you pay monthly for services you never use. Services like Hulu, Netflix, or gym membership can be helpful if you use them. If you do not do this, then it is a waste of money, so you should cancel those that are unnecessary.
There is an application that checks your current expenses.
If you are looking for a more efficient way to track your monthly expenses, the Trim application can perform an audit for you. Trim scans your transactions on a regular basis, offers you savings options and even cancels unused subscriptions on its own. But note that Trim charges US $ 6 for subscriptions that are “hard to cancel,” such as those that require registered mail notification.
Increase your contribution to 401k
Another great way to save money is to increase your 401k contribution. These contributions can be deductible from taxes, so even the slightest increase in investment in this account will lead to additional savings of several hundred dollars a year without affecting your salary.
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