INVESTING
8 Frugal Habits That Will Save You Money
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Goals and ambitions for the upcoming year begin to take shape. For many, this entails traveling abroad or finally making that big purchase, while others will prioritize reducing debt, improving savings, or achieving better overall financial wellness. Regardless of your goal, the new year presents a fresh start to instill these small but powerful frugal habits that will help pave the way toward success.
Budget Review
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Reviewing your budget (If you have one) isn’t just a financial check-up; its the true identifier on where you are on your financial journey. Regular audits of spending and saving habits can reveal patterns and opportunities to help steer towards your financial goals.
Automate Savings
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Automating your savings transforms financial discipline into a seamless habit, ensuring consistent contributions from your paycheck towards savings without having to rely on willpower alone.
Negotiate Bills
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Negotiating bills empowers you to secure better rates or discounts, potentially saving a significant amount of money over time. It’s a simple and savvy financial strategy that can lead to lowered expenses.
High Interest Debt Repayment
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Paying off high-interest debt swiftly is important as it prevents interest from accruing and consuming a substantial portion of your payments. It not only saves money in the long run but also liberates you from mounting financial burdens.
Save For Retirement
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When it comes to saving for retirement, the earlier you start the better. As an early start ensures a longer time period for investments to grow, harnessing the power of compounding interest. It’s a proactive step toward securing financial stability in later years, offering peace of mind and independence during retirement.
Cancel Unused Subscriptions
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It’s easy to forget about every music and video streaming or other subscription services you’ve signed up for. Especially if you signed up for a free trial and forgot to cancel. Regularly reviewing and axing forgotten subscriptions prevents unnecessary drains on your budget.
Contribute To An HSA
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If you have a Health Savings Account (HSA), be sure to contribute as it offers tax advantages and a dedicated fund for medical expenses, fostering financial preparedness for healthcare costs. It’s a strategic move that allows you to save pre-tax dollars, building a safety net for current and future healthcare needs.
Cashback Credit Cards
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If you are looking to sign up for a credit card in 2024, consider cards that offer cash back rewards. These cards offer an advantage by rewarding you for everyday purchases, effectively earning you a percentage back on what you spend. It can be a smart financial tool that helps stretch your budget further, which can accumulate into substantial savings over time.
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