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2 Ways to Save Money in 2018

Posted August 28, 2018 by EasyFinance.com to Frugality 1 0
This post was written by a EasyFinance.com Community member. The views expressed below may not reflect the views of EasyFinance.com.

It’s all about the Benjamins. I remember hearing that in a song a while back. Well, I can argue against it. A whole lot of things now revolve around money – time itself often translates into all sorts of currencies.

Whether we talk about basic needs, wellbeing, complex interactions or simply keeping our finger on this constantly changing world’s pulse (connectivity is paramount for any and all socially bound creatures), there’s very little we can do without money. Consequently, the ABC of financial education has progressed from sporadic to commonplace, in a very short span of time. And rightfully so.

Use the Plus-es More

As a result of the .com revolution, our everyday life is now a constant mix of online and offline, with the internet occupying more than a mere share of our personal domain. It could feel overwhelming and impersonal at times, but it doesn’t have to be so. Find the perks of ‘living’ online and capitalize on them! Save time, money and pointless tension by paying bills, booking important events or accessing relevant information online – whenever and wherever you can. Going online can help us:  

  • get better at our jobs (by providing 24/7 information sources)
  • be smarter shoppers (by enabling research opportunities)
  • fine-tune safety levels (by ensuring operational, connected alarms & monitoring systems for our protection and comfort).

Internet connections come in a number of alternatives, check out these NBN plans to get a detailed idea on what’s now available.

Find the Saving Strategy That’s Right for You and Automate It

There’s got to be something that works for you. It could be:

  • earmarking specific income for investment

Assign funds for savings and investments (the source is not necessarily relevant). Identify the account you want to channel the earnings into and make deposits as soon as you get them. There are no ‘too small’ deposits; the benefits of compound interest will undoubtedly add to your efforts.

  • make depositing savings a self-imposed rule

Don’t shy away from automated deposits, they are helpful because they (directly) take money from your paycheck and store it exactly where you need it. In the ideal scenario, where your savings account is plus-ed up, you can reroute your automated deposit into investment accounts such as mutual funds for example. Maybe you want to fatten up a Health Savings Account or, fingers crossed, a college fund;  building upon existing savings to ensure a large purchase (i.e. a house or a piece of land) doesn’t sound bad either – long-term deposits are sure going to be helpful either way.

  • automate bills

If you’re always fighting late fees and outstanding payments, chances are you will not get to the ‘piles of money’ part of your story. Save yourself the cost of all those stamps and keep the show running, by automating as many payments as you possibly can. Do you have a cash-rewards credit card? – that’s yet another tool: pay your bills from your card and you’ll increase your benefits even more.

Automation is making both personal and professional life a lot easier, so get cracking if you want to rip the benefits of automated savings while you still have a say in it!

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