If you liked Part 1 of our tips on how to save money segment, we’re back with part 2 to further delve into how to take control of your money and get the very most out of your personal finances.
Take Public Transit
Between gas, insurance and maintenance, owning and operating a vehicle is a huge hit to your bank account. Other transport options like taking taxis or using rideshare services like Uber or Lyft may not seem like a major cost in the moment, but over the long term it adds up. Instead, consider taking the bus or the subway. Taking your hands off the wheel has the added benefit of freeing up your hands and your focus to do other things you might enjoy, like reading books or surfing the web. If your commute isn’t too far, walking or taking a bike are other healthy alternatives that will help keep your savings intact.
Eliminate Unnecessary Bank Fees
You may not think twice about using another bank’s ATM normally, but all those small fees you’re incurring could be impacting you more than you realize. Keep track of your withdrawals and plan them for when you are able to access your own branch to dodge these fees. You should also choose a savings account that doesn’t require a minimum account balance, and keep an eye on other costs like transfer fees as well. All these small fees add up over time and aren’t doing much to serve you in the long run, so a little planning can make a big difference.
Utilize Employer Contributions to the Fullest
Many businesses offer their employees cost matching on their contributions to their retirement plans. Whenever possible you should take full advantage of these opportunities and sign up for as much as they’re willing to match. After all, it’s pretty much free money! You can get even more out of the added finances by transferring your funds to a low fee investment provider where that money can continue to earn over time.
Travel During the Slow Season
Even if you’re trying to save money, travel is an important aspect of many peoples’ lives that they just aren’t willing to give up. Instead of denying yourself these experiences, consider seeing your destination of choice outside of their peak season. There are sites completely dedicated to creating off-season travel maps so you don’t even have to do the research yourself. Different places experience their peak seasons at different times, so there’s always somewhere to visit on a budget. You’ll be surprised at how much of a difference it will make to the overall cost of traveling.
Keep Track of Your Coins
You may not think your pocket change adds up to much, but those extra cents add up to extra dollars. While the digital era has all but done away with loose change, there are amazing apps that will round up your purchases to the nearest dollar and put them into a savings or investment account. Other options include committing a portion of your paycheck into a savings account, or helping you eliminate subscription services you’re not using anymore and instead use that money you already weren’t missing to make further savings contributions.