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Home News 6 Simple Ways To Save

6 Simple Ways To Save

Posted on | Categories: Budgeting, General, Personal Finances, Savings

6 Simple Ways To Save

Finding new and exciting ways to save can prove tricky. We’ve all heard of making a list before grocery shopping and sticking to it, as well as cutting cable and dropping unused gym memberships. Fairfax State Savings Bank has put together some tried, trusted and simple ways to save to get your financial game back on track!

Sign Up for Rewards

There are rewards for just about everything these days. For example, gas, groceries, movies and clothing stores all offer different rewards programs. Credit cards may offer Cash Back options, Kohl’s has Kohl’s Cash, Amazon Prime offers free shipping and other benefits to consumers and so forth. Dive into what you tend to buy each month and ask if there are programs or cards you can sign up for to reap the benefits.

Try Generic Brands

Buying name-brand items every time you go to the store can begin to add up. When it comes to items that won’t show much of a difference, like toiletries and baking products, try switching. Medications could also be another area to consider. Sometimes, even though the same ingredients are in the product, we choose the name brand without looking. Many cheaper options for all types of needs will get the job done.

Embrace the 80/20 Rule

This rule states that 80% of your results come from 20% of your efforts. If you pay close attention to your bills each month, reverse this rule and see that 80% of your budget is normally taken up by the same things. Instead of focusing on the 20%, try seeing if you can cut costs on that 80% portion. This is where you’ll be able to save big!

Share Subscriptions

Netflix, Hulu and other online programs offer different options as to how many people are streaming on an account. Instead of buying a whole new account, try asking your friend or family member if they can add a streamer to the account for a few extra dollars. You can also share subscription information with a brother or sister, and use their account so you don’t have to buy your own.

Update Your Home

There are a countless number of ways to update your home to save in the long run. Convert to a gas water heater or add extra insulation to keep costs low. You can also replace incandescent bulbs with compact fluorescent light (CFL) bulbs and change your furnace filters. By keeping your home energy efficient, you’ll keep costs down.

Use the Snowball Method

This is an easy way to reduce your debt. Start by paying off the smallest debts first while paying the minimum on larger debts. Once one small debt is paid off, you roll the money you were spending on that to the next smallest debt.

We hope these simple solutions allow you to be financially successful. If you’re looking for a place to put your savings, we offer many solutions suited to your needs. Contact us today for more info!