1. Eliminate Your Debt
If you`re trying to save money through budgeting but still carrying a large debt burden, start with the debt. Not convinced? Add up how much you spend servicing your debt each month, and you`ll quickly see. Once you're free from paying interest on your debt, that money can easily be put into savings. An individual's line of credit is just one way to consolidate debt, so it can be repaid better.
2. Set savings goals
One of the best ways to save money is to visualize what you are saving. If you need motivation, set a savings goal along with your schedule to make saving easier. Would you like to buy a house with a 20% down payment in 3 years? Now that you have set your goals, you know what you need to save each month to reach your goals. Use the Regional Savings Calculator to reach your goals.
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3. Use to save
Face it, utilities rarely go down over time, so take charge now and make your home weatherable. Call your utility company to request an energy audit, or find a certified contractor who can provide an energy efficiency check for your entire home. This can range from simple improvements such as window and door sealing to the installation of new insulation, panels, or highly efficient ENERGY STAR appliances and products. Over time, you can save thousands of dollars in operating costs.
4. Energy saving
By lowering the thermostat of the water heater by 10 ° F, you can save 35% on your electricity bill. You can also install a demand or instant water heater to save up to 30% compared to standard water heaters.
5. Create an interest-bearing account
For most of us, keeping your savings separate from your checking account can help reduce the tendency to borrow from your savings from time to time. If your goal is long-term, you can save even more by considering products with high return rates, such as RegionsCD and RegionsMoney Market accounts.
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6. Annualize expenses
Do you pay $ 20 a week for vending machines in your office? That's $ 1,000, which is a reduction from your budget each year with soda and snacks. Suddenly, the habit becomes quite expensive.
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