15 Tips to Save Your Way to $1 Million
iStock.com/BernardaSv
4. Make the Most of Credit Card Benefits
To make the most of your money you can use a credit-card that will earn you cash back. Some cards offer as much as a 6% return on grocery shopping. Also, if you travel a lot, pick a card that doesn’t charge transaction fees when you spend using foreign currency.
Just be careful not to get roped into rewards points schemes. The idea of them does sound great, but less than 7% of Americans used rewards points to pay for part of their vacation last year. So, if you’re paying an annual fee on your credit card in the hope of getting a free holiday – don’t. Ditch that card, and get one that will better suit your needs.
5. Monitor Your Finances with an App
Having access to your accounts at the touch of a button gives you more self-control over your finances. And, studies show those who check their account more, tend to spend 15.2% less than those who don’t check their accounts often.
More apps you can use to your advantage are cash-back apps like Ibotta, SavingStar, and Checkout 51. It’s also a great idea to download the app from your favorite grocery store. These apps are full of promotions, coupons, and rebates. And, the app starts to learn what you like to buy and will make offers that match your shopping list.
6. Never Miss Out on Savings
Make use of coupon sites like RetailMeNot.com and CouponCabin.com to get access to discount codes. The average CouponCabin user is reported to save $460 every year. You can also install Honey, which is a browser extension that automatically finds coupon codes for hundreds of different retailers. According to the Honey website, users save $100 each year.
7. Switch to a Cheaper Car Insurance Provider
Instead of automatically renewing your car insurance with the same provider, shop around every single year. You can use price comparison websites to find the best deal. Drivers who switched insurance companies last year saved an average of $365.
Once your car is more than 10-years old, find out it’s estimated value and think about cutting back on insurance. By ditching collision coverage, and holding onto injury and property damage coverage you could save 40% on your premium.
