Saving money doesn’t have to be a huge struggle or a big time-consuming effort. You don’t have to spend hours reading books or listening to podcasts to learn the newest money-saving habits. In fact, there are many simple money habits that you can start today that will help you save.
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Here are seven surprisingly easy-to-learn money habits that can help you save.
Set Up Automatic Transfers
Nationally recognized money-saving expert, writer and on-air contributor Andrea Woroch recommended using automated transfers to build up your savings. To start, set up transfers for small amounts, like $10 per week or $25 per month. Set automatic transfers to move those amounts into a separate account so that money is out of sight and out of mind.
“Setting up automatic deposits takes the work out of saving and keeps you consistent,” Woroch explained. “Once you start seeing your balance building, you will feel motivated to keep working toward your goal.”
As you get comfortable with the transfer amounts, you can gradually increase them. Since you’ll get used to living without that money, saving it won’t feel like such a huge sacrifice.
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Organize Your Debts
When you’re balancing credit card, student loan, car loan and other debt payments, it’s easy to get overwhelmed. Strategically paying off your debts can help minimize the interest you pay and save you money.
Mary Hines Droesch, head of consumer and small business products at Bank of America, recommended that you start by organizing your debts. Create a list of due dates, minimum payments and interest rates. “This will give you a clear picture of what you owe and help you prioritize which debt to pay off first,” she explained.
From there, you can prioritize paying off high-interest debt to save you money in the long run. “Since interest on debt can accumulate quickly, it’s best to use extra funds to tackle the higher-interest balances first, while still making the minimum payment on each debt,” Droesch explained.
Pay With Cash
Woroch advocated paying with cash, which can help you avoid making purchases you don’t need or didn’t plan to make. Since you can’t spend more cash than you have with you, cash payments can help keep your spending in check.
She explained that paying with cash doesn’t mean that you have to miss out on rewards. With platforms like Fetch.com, you can take and submit photos of your receipts to earn points that you can put toward gift cards from popular retailers.
Plan Ahead
According to Droesch, simply planning ahead can help avoid making impulse purchases so you can save more money. Include every expense in your budget, no mater how small, to help you stay on track with your spending.
For example, if you’re attending a sporting event or concert, plan ahead and explore the best transportation options. Driving might not be the cheapest choice. “Alternatives like biking, using public transportation, carpooling or even walking (weather and time permitting) can help you save on gas and redirect those funds to your savings account or something meaningful,” Droesch said.
Identify Unnecessary Spending Triggers
Spending a little time identifying your personal triggers that lead to unnecessary purchases can help you understand how to fight those triggers. “For example, if you can’t resist a sale, turn off push notifications in deal apps and unsubscribe from store newsletters,” Woroch said.
If you often shop when you’re bored and when browsing popular sites and apps, delete your payment information from those online accounts or social media sites. “This will require you to get your credit card and may be enough time to make you rethink the purchase or simply deter you from buying,” Woroch explained.
Create Separate Bank Accounts for Different Purposes
Droesch recommended that you consider setting up different bank accounts for specific purposes. For example, create a checking account for bills, a checking account for monthly spending, and a separate savings account for short- or long-term savings goals.
“This will help keep your finances organized and curb any temptation to dip into savings that are intended for emergencies or goals, such as a vacation or car purchase,” she explained.
Woroch highlighted the value of opening a high-yield online savings account for your savings. With a high yield account, you can earn higher amounts of interest on your money, and your savings will grow faster.
Review Your Monthly Bills
Take a few minutes to sit down and review your monthly bills to identify additional ways to save. “Begin by negotiating bills with current service providers and asking about any new promotions you may qualify for or discounts for setting up e-billing,” Woroch recommended.
Cancel any subscriptions that you don’t use, pause memberships, bundle your insurance policies and regularly review service rates with competitors to see if you could save money by switching your providers. Periodically review your bills to identify any areas where you’re overpaying or paying for services you don’t use, and you could save money throughout the year.
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This article originally appeared on GOBankingRates.com: 7 Surprisingly Easy-to-Learn Money Habits To Help You Save
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