When it comes to your spending habits, small purchases can add up fast. You may not even realize how much you’re spending until you evaluate your expenses and discover that those daily meals out cost more than your monthly rent.
Of course, this works both ways. When you set just a small amount aside each month for savings or retirement, you may be surprised at just how big of a nest egg you can grow with so little effort.
It’s all about habits.
Developing the right habits can help you live a financially stable life, and if you learn good money habits early on, you can have peace of mind for the future.
If you’re trying to save money, check out the money-saving life hacks below.
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How to Save Money Every Month
Applying the six habits found in the micrographic above to your lifestyle could potentially save you $3,677 each year, which could result in $230,604 if you invest those annual savings into a retirement account for 25 years.
Best of all, many of these life hacks aren’t difficult. They just require small tweaks to your lifestyle. Instead of buying coffee at a shop, make it at home. Instead of paying for cable, use a cheaper entertainment service. You still get your coffee and TV shows, but just in a different and more cost-effective way.
Remember that you don’t always have to cut something out to save money. At PSECU, we offer a 2% cash rewards* credit card. There is no annual fee and your cash rewards never expire. Using this card, you earn extra money that you can put into savings simply by purchasing your necessities.
Looking for more money-saving tips? Check out this post on easy ways to save money without really trying.
Try a few of these money-saving tips this year. Even if you think that the extra money you may be spending is worth it, after changing your habits, you may decide that keeping that money is more important.
Find more money management tips on our WalletWorks page.
* You can earn 1.5% cash rewards on purchases. You can earn 2% cash rewards on purchases if you maintain a PSECU checking account and qualifying monthly direct deposit(s) of at least $500. See the Visa® Founder’s Card and Visa® Alumni Rewards Card Rewards Program Terms and Conditions for full details.