If you have a big purchase coming up, or just need to have some extra cash on hand in case something happens, saving up is the solution. The best part is that you don’t have to make big changes in your spending to see big results over a sufficient period of time.
Here are some simple tips that can help you learn how to save $1,500 in a year:
- Coupons are a tried and true solution for savings on all sorts of household purchases. Checking out your local newspaper is a simple way to collect coupons, but more can be found on the Internet with minimal time and effort. However, stick to coupons for products that you are actually going to use, since buying other products you don’t really need, even at discounted prices is going to waste rather than save your money.
- It can be expensive to keep your home up and running, particularly if it is not as energy-efficient as it could be. If you have some money saved up for home renovations, consider getting your energy provider to audit your home for potential areas for improvement. Although measures such as improving insulation and switching over to energy-efficient appliances can be expensive, the savings should more than make up the difference in a few short years.
- If you have a home mortgage, check to see if you can refinance it at a better interest rate, particularly if your credit score has improved since you started making payments. Even if you can’t get a better interest rate, you might want to consider getting a shorter loan term, which will see you paying more in the short run, but saving up to thousands of dollars in reduced interest in the long run.
- Eliminate redundant services. For example, if you have a smartphone, you don’t necessarily need a home telephone as well. Similarly, if you make regular use of streaming options such as Hulu and Netflix, you don’t need your cable subscription.
- Finally, if you are someone who likes to make discretionary purchases, consider cutting back to open up some room in your monthly budget. For example, if you like to eat out during either lunch or dinner, consider bringing a lunch and eating at home instead.
To learn more about how to save $1,500 in a year, and for more household budgeting tips, stay posted to the Lendgreen Blog!