Saving money, saving money. Even for the person most committed to the cause it can be difficult at the best of times. Here is a question for you- should you worry about the small little purchases that you make in life? For example the latte you bought on your break yesterday or the magazine you bought the day before or the sandwich you grabbed for lunch on your way to a meeting across town?
While there is nothing wrong with enjoying little purchases once in a while when you indulge in small purchases too much it can really chip away at your attempts to save money. What is good to know is that there are small steps you can take to save your money that might be things that you have completely overlooked. Once you get out of a spending state of mind and get into a saving state of mind your money habits will start to change and your bank account will positively reflect that change. Here are some simple tips for you.
Think Generic Not Name Brand
Have you ever tried a generic product and it was so awful that you said, never again? Well you may wish to rethink your staunch on this. While some generic products may not be to your liking there are plenty that are every bit as good as name brand products on the market. You do not necessarily have to stop buying all name brand products but mix in a few generics to save yourself some dough. For instance it has been shown that generic aspirin works every bit as well as Bayers, Tylenol and other popular brands. Generic brands are cheaper to purchase because less advertising is done for them and the marketing costs are lower. Give them a try and you may be happy to find some new cost effective products!
Refuse to Be Late
Making payments late leads to fees which can really cramp your style and devour your money- fast! If you pay your credit card bill late you may be charged as large a late fee as $25 to $35. Most utility companies such as the electric company will charge you anywhere from $5 to $10 for payments sent late. If you pay your cable bill late or your cell phone late you could be charged in the area of $5 for a late charge. If you make it a habit of paying your bills late then these late fees can add up to a tremendous amount of money annually. Add to this the fact that constantly being late will affect your credit score- and not in a good way! Stop paying your bills late. Find a way to pay everything on time and make late fees a thing of the past.
Make Your Own Lunches
When you consistently buy your lunch at work this ends up costing you big bucks over time. If you were to brown bag your meals during your work week this could save you anywhere from $8 to $10 a day (yes- a day!). It is also more likely that you will eat less healthy if you buy take out at work, eat at the cafeteria or make trips to the vending machine. Make eating out at work an occasional treat as opposed to an everyday occurrence. The same can be said for the coffee or tea you drink during your work day. Brew your own at work and only step out to Starbucks once in a great while!
Purchase Regular Gas for Your Car
Many people buy premium gasoline for their motor vehicles because they believe that the vehicle will function better when they use this type of fuel. According to the Federal Trade Commission as well as automobile manufacturers this is only true if you own a car that calls for you to use higher octane fuel. Otherwise premium gas is of no benefit to your car, and certainly not to your pocketbook. To save yourself some money turn your attention to the regular gas pump.