Every month, do you spend all of your paychecks within a week and then leave yourself broke for the remain three? Or do you constantly find yourself paying for items that you make absolutely no use of once the novelty of them being new wears off? If so, then it’s time you stopped what you’re doing. Stop right now! You need to become a savvy saver before you end up getting yourself into real financial trouble.
To find out what you need to do to make the most out of your money, make sure to read on.
Take out a credit card that offers rewards
If used with care, credit cards can be a major asset to you in your bid to become a savvier saver and spender. First and foremost, this means that you have to avoid the urge to treat your credit card like it is free money… free money, it definitely is not! This also means that you should only ever take out credit cards if they offer you all manner of rewards. As stated on Bonsai Finance’s rundown of the best credit cards on the market, a host of providers offer all sorts of bonuses.
Some of the rewards that are on offer in this instance include:
Fingerhut — Get $25 off your orders of $100 or more
Bank of America — within 90 days of opening your account, $150 online cash bonus can be redeemed after spending a minimum of $500
Blue Cash — 6% cash back at U.S. supermarkets
Capital One Platinum — No annual fee needs to be paid
Chase Sapphire — 50,000 bonus points can be earned if you spend $4,000 on purchases within three months of account opening
Cut back on your wasteful spending habits
You’re never going to become a savvy saver if you waste your money on things you neither need nor make any use of. You need to, then, cut back on your wasteful spending habits at all costs.
In this instance, you need to take a long, hard look at what it is you spend the bulk of your money on. Do you gamble? Have you got a lot of streaming subscriptions going out of your account each month? Too much alcohol or tobacco? It’s okay to spend your money on what you enjoy — you work hard, and you deserve to spend your money on whatever you please. What you do need to do, though, is cut the amount you spend right down. There’s no need to, say, spend the majority of your paycheck on nights out. Yes, put some money aside for your own enjoyment, but don’t let this kind of spending spiral out of control. If you do, before you know it, you won’t be able to afford your necessities in life, like food and electric.
In order to become a savvy saver who makes those most out of their money, you’re going to need to put the above advice into practice. Fail to do so, and you could very well find yourself in financial trouble sooner rather than later.
