The Most Popular Money Saving Strategies This Year
Financial success doesn’t come in a day. It’s all about changing your mindset, committing to positive thinking, setting goals, and adhering to certain money-saving strategies which take time. Did you know that 69% of Americans have less than $1,000 in their savings accounts, and only 30% make budgets and do financial planning?
Indeed, saving and managing money is hard, especially if you usually struggle to make ends meet. Though, no matter how challenging the task may sound, it surely isn’t impossible to accomplish. All you need is a good piece of advice and the right money-saving strategies – and this is exactly what you’ll find in this article.
Here Are 8 Effective Money Saving Strategies
1. Create A Budget
Most money-saving strategies include budgeting and setting goals. So, what you need to do first is figure out how much money you have coming in. Next, write down all your monthly expenses, detailing both needs (bills, gas costs, clothing) and wants (entertainment, travel). Write down any financial goals you may have which may include everything from getting out of debt to paying off your mortgage. Finally, develop a plan and stick to it. Adjust your habits correspondingly if necessary.
2. Lower Your Payments Where It’s Possible
Effective money saving strategies also include ways to lower your monthly costs. So, unsubscribe from unnecessary subscriptions, get rid of the memberships that you don’t use, buy generics instead of brand names – there are plenty of ways to spend less money. And the good news is that you can save even on the things you need (such as even bills) by negotiating them with the provider.
3. Sell Items You Don’t Need
Your house is probably chock-full of items you either rarely or never use. Money saving strategies can be boosted by selling big-ticket items like furniture or electronics. Though selling smaller items, like books, CDs, and clothing may also come in handy. All that incoming money adds up fast.
4. Track Spending
There are hundreds of mobile apps to help you maintain your money saving strategies by showing how much income is coming and how much you spend. For example, NerdWallet has a free app that tracks your payment history, incoming cash and credit score all in one. This will definitely help you stay on track and stick to your goals.
5. Pay With The Cash You Have
Debit and credit cards are big modern conveniences, but they can negatively impact your money saving strategies. People lose track of their spending when using them. Instead, based on your monthly budget and goals, take out the amount of money in cash you have budgeted for— and just use that. When the cash is gone that means you’ve spent your limit.
6. Pay Off Credit Cards
Speaking of credit cards, one of the most important money saving strategies is paying down any debt you have. Paying off credit cards and debts requires commitment, but the result is certainly worth of your efforts.
7. Stop Impulse Buying
We’ve all been there. You see a flashy new car, a gorgeous dress or suit, or the latest phone – and the money starts burning a hole in your pocket. If you feel the impulse to buy such expensive items —don’t. Take a day or two to think about whether the purchase is really necessary and how it will impact your money saving strategies. Soon, it will likely seem less necessary than you thought.
8. Use Title Pawns For Emergencies
Your money saving strategies may work well when things are going as planned. But what happens if you face a financial emergency, such as high hospital bills or home and auto repairs? In this case, a title pawn may be an option worth considering.
What Is A Title Pawn?
So, what is a title pawn? It is a short-term kind of loan that allows you to get emergency cash using the value of your vehicle. To get a title pawn, you need to be an outright owner of a car, truck, or van and prove it with appropriate documentation.
With a title pawn from Georgia Auto Pawn, Inc., you can receive up to $15,000 same-day cash in exchange for your car title depending on the value of your vehicle. You get to keep your car AND receive fast cash to cover your emergency expenses.
Getting a title pawn is a fast process, as you only need your car for inspection, a lien-free title to it in your name, and a driver’s license or state-issued identification.
Fill out an online form on our website or visit the Georgia Auto Pawn, Inc. location of nearest to you. If you qualify, you meet a loan representative for a quick vehicle inspection, and they will determine the amount you are eligible to receive. If the amount meets your needs, you’ll be asked to sign the agreement, after which you can get your cash. Sometimes bank delays apply, and the cash may be available on the next business day.
Get Started Today!
Take your first steps towards the path of financial prosperity by following the money saving strategies mentioned above – and you’ll soon see how your money management skills are improving. And when you need assistance to cover emergency costs, get in touch with Georgia Auto Pawn, Inc. by calling 800-514-2274. You can get also started with your online title pawn today by submitting a short intake form on our website!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.