• sreya.sewkaransing@yorkmail.cuny.edu
  • New York, New York
Financial Success
5 Money-$aving Hacks!

5 Money-$aving Hacks!

Have you ever wished that you had a way to save money while still enjoying life’s greatest pleasures? Read about possible methods you can implement into your daily life that will not only transform your bank account but change your perspective of how you spent MONEY!

  1. Switch to a cash-only budget

You may be spending more money using a debit card and a credit card than using paper money. The reason behind this is because we eliminate the aspect of setting a fixed amount that is to be used in daily transactions. Subconsciously, we allow our self to spur on the things we want but by using money that is only available to us on hand it creates a limit to how much a person can spend in a day.

2. Stop Shopping at Convenience Stores

If something is convenient it tends to costs more, hence the price difference in products such as a cup of coffee at a convenience store will cost you $8.00 but a bag of coffee will only cost you $4.00. Simply put, convenience stores are used when a person needs an item right away, this will gives the business the advantage to raise the price since convenient stores supply consumers with items that are in high demand.

3. Ditch New for Used

Although this might not be ideal for every item, a great way to score a great deal are by shopping in thrift shops for clothing which are less expensive and often better quality compared to some retail stores. Another way to find used items are from sites such as E-bay and Craigslist.

4. Cut Utility Bills

Most people don’t think there is much you can do to change the cost of your utility bills but you can first, decreasing your consumption of water by installing low-flow showerheads and faucets. Second, you can put your thermostat a bit lower in the winter and summer by sealing the windows and doors to retain the heat/cool air from escaping outside. Lastly, you may be interested in investing in solar panels as it saves you more money in the long run compared to gas and electric heating systems. Also, until the end of 2020, you can claim 26% back on installation cost in federal tax.

5. Stop paying interest

One of the best things you can do is come up with a plan to reduce the amount you pay in interest, for example, call your credit card company and see if they can offer you a lower interest rate or transfer your remaining balance to an interest-free credit card to help you save while you are paying off your debt. For example, discovery is currently offering a 0% Intro APR for 14 Months on Balance Transfers and No Annual Fees.

~ $PEND LESS $AVE MORE!

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