A Penny A Day
Aug 4, 2008 Tips & Tricks
Are you in need of debt consolidation, debt relief, debt help, or the need to consolidate debt? Sure, there are a lot of online resources that can help, for example, like Bills.com, but why not start with the very basics so you can avoid falling into debt? Simple, you can start with saving money! 
I’ve been doing exactly just that lately, and it feels great because now I don’t need to worry about how to pay off my bills all the time, or where I’m going to get that money from. Besides, it feels good to have lots of extra cash sitting in your bank account. You never know when you might need it. 
I’m going to list a couple of ways that I use to save money:
- Open a free checking and savings account in the same bank. I have both with Wachovia, and it’s great because they automatically withdraw $100 from my checking account every month, and every time I use my debit card, another $1 will be transferred to my savings account. The interest is extremely high for savings, so it’s a good way to grow money (literally). Bank of America has a similar system where they automatically round up your debit card purchases to the nearest dollar, and the extra change will go into your savings account. Bank of America will also deposit however much you saved in the first 3 months into your savings account as a bonus! If you’re interested in opening an account, please email me.
- Avoid using your credit cards. It’s easy to spend more than you can afford when using a credit card, but when the bill comes, that’s when you start fretting where you’re going to get the money to pay it off.
- Make a habit of recording your expenses and incomes. That way you’ll always know how much money you’re spending and how much you have left, so you won’t spend more than you have.
- Make a shopping list. Don’t buy things on impulse, but instead, write the things you want on a list, and wait a couple of days. If you still want it or feel the need to get it, then go buy it. Often I buy things on the whim only to realize that it’s useless. :/ Talk about a waste of money or time.
- Turn the shopping list into a budget list by listing the prices of the items as well. That way you’ll know what you can and can’t afford, and you can better decide what you should/want to buy first, and what you can save for later.
- Use sales to your advantage. You’d be surprised at how much you can save if you shopped in the clearance section vs the full-price section. My motto is: never buy anything at full price unless it’s absolutely worth it (like a Tiffany jewelery).
I hope you found these tips helpful, and if you have any you’d like to share, please leave a comment. Thanks!
Tags: finances, saving money
August 5th, 2008 at 3:19 pm
I think saving is great!
Reading through your tips I actually realized that I’m doing most of it already!
My boyfriend and I have checking accounts and savings accounts in the same bank and we regularly transfer money in our savings accounts, we do not use credit cards (we have one together but that is for emergencies, I’ve only used it two or three times since we got it five years ago!), I always make a list of what I’m going to buy when I go the store.
I’m working on recording my expenses but somehow that never turns out well!
Also when you have money to spend you never seem to find something worth spending them on! But when you can’t afford it, you always find something you just ‘need’ right now!
August 6th, 2008 at 3:48 pm
Very good tips on how to be smart with money in this economy anyways. I’m doing most of your list already, and every little bit counts.
August 6th, 2008 at 6:14 pm
@ Hera: Recording is also something I’m working on, as usually I get lazy and forget to do it. But it’s a good habit to develop. And yes, I always get my shopping urges when I can least afford them!
@ Gill: Every penny counts indeed. I’m surprised at how much I’ve saved by doing these little things!