Areas To Save Money

Filed under Debt

Everyone wishes that they had more money in their bank account. The good news is that you can take steps to ensure that your bank balance is a little higher this year. For those who want more money in their wallet, here are some good ways to stop spending so much of your hard earned cash.

You Won’t Need To Borrow Money If You Can Save Money

Save Money On Your Taxes

There are a lot of options available to those who want to cut down on their tax bill. If you are a business owner, you can write off most of your business expenses. Even minor bills such as pens and paper can be written off. Additionally, there are credits available for those with children or who make less than $13,000 a year. Putting money into an IRA or other eligible retirement accounts can reduce your tax burden by hundreds or thousands of dollars each year.

Pay Cash Instead Of Taking Out A Loan

• Whenever possible, pay cash for a large purchase instead of taking out a loan. This helps you save money because you don’t have to pay interest in addition to the cost of the purchase.
• For example, if you purchased a $10,000 car with cash, you will only pay $10,000. However, if you pay for that car over 60 months at 5 percent interest, you will pay nearly $1,300 more for the car.
• Additionally, when you pay with cash, you have an asset that you own outright. For those who are currently in debt, a debt consolidation can lower the interest rate that you are currently paying on your debt. That can help you save a significant amount each month.

Reduce Money Spent On Utilities

• You can reduce your electric bill each month just by unplugging lamps and electronic devices when you are not using them. Turning off the lights when no one is in a room is another way to save on electric bills.
• Keeping the water bill to a minimum is as easy as taking shorter showers, reducing the amount of laundry done in a day and by making sure that there are no leaking or dripping faucets.
• Installing energy efficient windows can help reduce your heating and cooling bills. Another way to cut back on heating and cooling costs is to keep the thermostat at a lower temperature when no one is in the house.

When it comes to your money, you want to keep as much of it as possible. Fortunately, there are many different ways that you can reduce expenses throughout the year. If you are willing to look over your taxes again, pay cash instead of taking out a loan and turn the lights off when no one is in the room, you can save hundreds or thousands of dollars a year.

Avoid Overdraft Fees

Filed under Debt

There is nothing more frustrating than getting hit with an overdraft fee from your bank. If you accidentally overdraw your account, your bank can charge you at least $35. If you overdraw your account frequently, you will waste a lot of money. Here are some great tips on how to avoid overdraft fees.

Stop Overdraft Fees And Put More Money In Your Pocket

• Be Alert – If you want to avoid overdraft fees, you always have to be alert. An easy way to become more aware of your funds is to use a software package that allows you create text message alerts. When your account is low on funds, you will receive a warning on your phone. Banks usually offer this option so take advantage of these overdraft alerts.
• Create a Budget  – One of the best ways to avoid overdrawing your account is to create a budget. If you make a budget, you will avoid spending money that you do not have. After you have figured out how much money you have to spend on bills each month, determine how much money you can spend each week on miscellaneous items.
• Think About Overdraft Protection – If you are not good at keeping track of your expenses, you may want to look into overdraft protection. Most banks offer overdraft protection for absolutely free. When you have overdraft protection, your checking account will be linked to another account like a savings account. If you overdraw your checking account, money will be taken out of your other account.
• Start Using Cash More Often  – Instead of using your debit card to pay for everything, try to use cash more often. It is always a good idea to use cash on smaller purchases like a cup of coffee or pair of socks. If you constantly use your debit card, you can easily lose track of your account balance.
• Keep a Decent Amount of Money In Your Account – It is easy to overdraw a bank account if you only have $20 in it, so you should always keep a decent amount of money in your bank account. If you always have at least $100 in your account, you will not have to worry about a delayed deposit.

If you follow these helpful tips, you can avoid overdraft fees and save money. If you do happen to overdraw your bank account, make sure to pay the overdraft fee as soon as possible. Your bank will likely charge you additional fees if you do not pay the fee within a couple of days.