Money & Savings: Smart Ways To Save Big Dollars

Posted on Dec 5 2018 - 7:01am by Editorial Staff

Stressing over money can be unhealthy, especially when you have an emergency. While considering a quick loan, sometimes you also think of smart ways to save big dollars as well. For many people they understand why it is essential to pay up their loans while saving in the process; it’s just a matter of proper planning.

If you want to be a millionaire so bad or stop spending your salary before you have it, there are some surprisingly easy ways to save a little money. Several simple methods are explained below on how to go about it. Before choosing one, make sure you understand how to settle your quick loans in advance with any particular lender you are using.

Pay your credit card every month

Whenever you carry down a balance, you risk paying interest on your credit card. If you want to save money, you should avoid interests.

Choose a bank that gives in return

Find a bank that makes more sense to you. Look for benefits like high-interest savings accounts, no ATM fees, and no overdraft fees. Smaller banks usually offer better rates of benefits and interests. If your bank does not provide these benefits, call them and ask if they will.

Lower your accommodation costs

Housing tends to be the most significant monthly expense typical of Canadian workers. But if you’re willing to make commitments, you can save a lot on your mortgage or rent payment and put that money directly into savings.

Segment your salary

Ask your company’s human resources department to divide each of the payment checks between your current account (if you have one) and savings accounts. Set a specific percentage to deposit your savings automatically, so you’re less inclined to touch it. Note: Interest rates are generally higher for savings accounts than for current accounts.

Do-It-Yourself

Many of us outsource the maintenance of our home, even when it comes to things we are more than capable of doing alone. Although it makes sense to take sewers or nippers to avoid potentially dangerous jobs, mowing

Use ATMs in moderation

Be smart with ATM withdrawal. Try to withdraw a lump sum every week and stick to it, so you do not have to hit an unaffiliated bank (and you will be faced with ATM rates). To stay organized, you can divide the money into sections with categories like transportation, rent, miscellaneous, food, rent, pension, etc. When the amount allocated to that section is exhausted, it is time to stop spending on that section (or exchange funds from another).

Get a side hustle

If the current income and expenses do not save you a lot of money, getting a second job could be the ticket to making extra cash.

Replace beauty products with do-it-yourself alternatives

For the ladies, beauty products can be pretty expensive. Consider the possibility of creating one from a few ingredients. Coconut oil, for example, can be used as a hair conditioner, skin moisturizer, and make-up remover.

Bottom-Line

Getting a quick loan can sometimes be inevitable but you can also save during the process of repaying your loan.

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts.