Having a money-saving checklist can help set you off on a journey of managing your finances better. It can help you have a better understanding of your finances. For one, you get a more effective overview of your finances particularly your expenses. This will help you make the necessary adjustments to get you back on track.
Having a money-saving checklist will also yield some savings in your budget. Having some elbow room in your finances can be a lifesaver when you are coming up short in your monthly payments. That amount can mean the difference between a minimum payment and keeping you up to date to being assessed with penalties and interest and seeing a dip in your credit score.
Apart from helping you save money at present, having this checklist can give you the chance to make better payments on high-interset loans. There is a good chance that your credit cards are up on this list together with any payday loans you could have taken out. Paying them down more aggressively helps you save money which otherwise would have gone to paying interest in the loan.
These are just some of the benefits of having a savings checklist you can read up and review. What is even better is that the situations below are items in a checklist you can implement right now which can give you instant results. Of course, there are a lot more you can do which will take time but looking at the items below could be the jumpstart you need to a healthier financial life.
Go over your electricity
One of the items you can include in your money-saving checklist is your electricity. It is one of the things you cannot live without. It powers almost everything inside your house. From your televisions sets to your lights and even the AC. It is safe to say that you rely on electricity on a daily basis. That being said, it is a good place to start to look for ways to save money.
One thing you can do now is to walk around the house and inspect all your electrical devices and switches around the house. What you do is unplug everything you do not use on a regular basis. Take your TV for example where you only get to watch it in the morning before work and after when everyone is home. The time when it is not in use but still plugged-in consumes energy. It goes for most of the items in the house. You obviously would not pull-out your fridge because you always need it plugged-in.
This goes for phone charges and even your hair dryer. Leaving them all plugged in but turned off still consumes electricity. You can also be more conscious of your lights turning them off when leaving the house or even the room. If you can, having your walls and even ceilings weel-insulated can help you lower down your electricity.
Look for cheap gas
One other item you can include in your money-saving checklist is looking for cheap gas. You might not think much about it but if you use your vehicle every single day, paying for lower gas can mean extra fuel in your car at the end of the week. It can also be extra dollars in your car budget you can save or even put towards extra debt payment.
To find out where cheap gas is, you can research like asking around family and friends. There are also apps you can put in your phone which can help you locate the cheapest gas based on your location. There are also driving techniques to help you make the most of your fuel. This will help you not only in saving gas but taking care of your car as well.
For one, you need to anticipate acceleration and slowing down. Jackrabbit starts and stops consume more gas. Timing your stops also gives you the chance to let your foot off the gas pedal early saving fuel along the way. It is also a good idea to maintain tire pressure to improve fuel economy. It also helps you keep your tires for a long time.
Saving on gas can also mean carpooling or even considering public transportation. It is also an option to use a bike or walk to and from the office. You get a good workout from it as well. If you have to go out on errands, combine as many as you can and park in a central place and just walk from one shop to another. Remember to also not use your trunk as storage because it makes your car heavier requiring more power from the car and thus, more fuel.
Cook your meals and do not forget your leftovers
Did you know that NY Post shared recently that Americans spend an average of $70,000 on takeout food and delivery over their lifetime? This is a good time to start taking a more hands-on approach with your meal. Not only will it help you bring down your food cost, it will also make sure that you get to give your family a healthy one.
Once you do start making your own meals, one of the things you need to keep an eye out for when doing your money-saving checklist are your leftovers. When you make your own food, ther will be times when you have a little extra food after your meals. Rather than throwing them away, why not bring it as packed lunch tothe office the next day?
You will save some serious money over a few months when you start bringing food for lunch. What you can do is start making a list of what you have been buying and eating for lunch over a month. Then start bringing packed lunch and you will see how much you have saved. You can also do it with coffee where you can brew your own cup in the morning and have another one for your travel to the office.
Negotiate credit card rates
One item you need to include in your money-saving checklist is reaching out to your lenders and see if they can lower down your rates. All it takes is one phone call to your lender, getting to talk to the right person or department and making that request. You might think that this is a weird request but there are a lot of consumers who call for that exact purpose.
Of course, approval would have to depend on how you have been paying your bills the past few months or even years. If your lender decides that you are in a pretty good standing, they might agree to a lower rate. You have to understand that your lender imposes a high interest rate because they are trying to make up their exposure with it. This means that if they find out that you are not a risky borrower, their risk exposure is not that big and they can adjust accordingly
These are just some of the items you can include in your money-saving checklist which you can implement right at this moment. Getting a jumpstart on your financial health and making sure you manage your spending wisely can help you plan better for the future.