I know it: you’re still paying rent and bills. You can’t seem to find a way to save money, right?
But ... Are you actually trying hard and following the best strategies?
This infographic lists 10 best practices on how to start adding much needed funds to your savings account while renting, paying your loans and other bills:
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Trim the fat
Take an honest look at your current spending. Cancel the superfluous: magazine subscriptions, gym membership, costly vices, cable TV. Lower your phone costs.
Eat at home
You’ll save up to 50% on buying food out. Eat breakfast before leaving for work, bring your lunch to the office, fix your dinner when you’re back home.
Cut the cost of commuting
Organize an office carpool, take public transportation, ride your bicycle or walk to work. Negotiate with your employer to work from home a few days a week to lower transportation costs.
Consolidate your debt
Simplify your debts into one loan with one payment. Or pay off the highest interest rate first to save more money in the long run.
Rethink the way you shop
Do you really need to buy new clothes every month? Or new items to your rented apartment if you’re really planning to buy your own house?
Get a second job
This is a great short-term solution to help you stay afloat while you pay off debt and be able to add more funds to your savings account.
Get a roommate
Take in a roommate (or two) to lower your renting expenses, boost your income and increase your savings.
Live within your own means
Don’t spend like your friends; their financial situation might not be as it seems. Don’t buy expensive stuff based on what you believe your income will grow to be.
Treat your savings like a bill
Include a savings account on your monthly budget and treat it like a bill you need to pay off each month. You’ll be less tempted to spend that money.
Pay your bills on time.
Avoid paying unwanted fees, late charges, higher interest rates and negative dings against your credit report by paying your bills on time.