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11 Everyday Habits to Boost Your Savings

Your daily habits can significantly impact your financial goals, such as saving more money and paying off debt. While small impulse purchases can hurt your budget, simple tweaks to your spending and money management routines can help you build your savings. Here are 11 everyday habits that can help you save more money every day.

1. Track Your Spending

Understanding where your money goes is crucial for making impactful changes. By tracking your purchases, you can get a clear overview of your expenses. Use a budgeting app linked to your bank account to view all your transactions in one place and make adjustments to save more money.

2. Cut Back on Dining Out

Dining out can be fun and convenient, but frequent meals out can become a large expense. Consider stocking foods that require little prep, such as frozen meals, deli sandwich ingredients, and boxed pasta, as a cheaper alternative to eating out multiple times a week.

3. Use a Cash Back Credit Card

Using a cash back credit card responsibly can put more money back into your pocket. Cover your everyday purchases, like groceries and gas, with a cash back card to earn a percentage of what you spend. Redeem your rewards as a statement credit, check, or direct deposit to your bank account.

4. Adjust Your Thermostat

Save on your electric bill by tweaking your thermostat during the coldest and hottest months. Installing a programmable or smart thermostat can help you automatically economize your heating and cooling without sacrificing comfort.

5. Try Thrifting

Buying secondhand at thrift stores can save you money on clothes, home goods, school supplies, and more. Thrifters save an average of $150 a month, or $1,760 a year, according to a study from CouponFollow.

6. Comparison Shop

Before making a purchase, take the time to shop around. Use online shopping comparison tools like Honey and Slickdeals to find the best price without sacrificing quality.

7. Join a “Buy Nothing” Group

“Buy nothing” groups connect neighbors to offer and request free items. Search for local groups on social media or visit BuyNothingProject.org to find your community and save money on various items.

8. Take a Minimalist Approach

Embrace minimalism by evaluating your purchases critically. Instead of buying new clothes each season, make do with what you already have. This approach can help you save money daily.

9. Monitor Your Credit

Higher credit scores mean better borrowing terms. Sign up for free credit monitoring through Experian to stay updated on your credit score and receive personalized recommendations to improve it over time.

10. Try Paying in Cash

Paying in cash can help some people resist overspending. Use the cash stuffing method by allocating money for different spending categories into envelopes. When the money runs out, you know there’s no wiggle room for additional spending.

11. Track Your Net Worth

Tracking your net worth can provide a big-picture perspective and motivate you to save more. Use a budgeting app like You Need a Budget (YNAB) to link your financial accounts and make tracking your wealth automatic.

The Bottom Line

Implementing these habits can help you align your daily actions with your financial goals and save more money. For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you achieve your financial goals with confidence.

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