More often than not, you will find yourself being the antagonist in your quest to save money. The sooner you recognize this, the more effective your plans will be. Saving takes a little bit of work and a lot of discipline right from the start.

Once you’ve already decided to start saving, you have the option to go with a bank or check out several Syracuse federal credit unions. As you start, here are other tips for saving money:

Keep Tabs on Your Spending Habits

Monitoring your spending habits allows you to determine the areas where you can save money. You can start tracking your monthly expenses to give you a picture of where your money was spent. You can then base your spending plan from there and come up with a budget, comparing between your income and expenses. Identify what and where you have been spending your money on, and find ways to reduce them in order to allocate more for your savings. This can be effective for as long as you only spend the amount set in your spending plan. Once you have already gathered enough money to open a savings account, you may visit this site to check on account types so you can choose which one suits your money-saving goals.

Cut Out or Manage Regular Expenses

Tracking your spending is the best way to manage your unnecessary expenses. A little adjustment on your day-to-day spending can go a long way. Here are some of the cutbacks you can do to save:

  • Skip the latte from your favourite Starbucks store and make your coffee at home.
  • Prepare your meals at home. This ensures you a healthy, fresh meal on top of being able to save on food expenses by not eating out.
  • Take advantage of promotions or coupons from your local grocery stores.
  • Avoid shopping when you are hungry. It can trigger your impulsive buying and end up paying for the stuff you don’t necessarily need.
  • If you are a book lover, maximize the use of your local libraries. The number of libraries that lend ebooks is now growing, and you may want to take advantage of that.

Lower Your Energy Bill

How you set up your home’s furniture can have an impact on your energy usage, which can take up a chunk of your monthly expenses. For instance, your sofa can absorb most of the energy from your heater, requiring you to leave it on for longer so your room can have the right temperature.

For your home’s lighting, buy only energy-efficient light bulbs. A CFL or Compact Fluorescent Lamp saves 80% on energy. Moreover, when boiling water, only heat up the amount of water you need instead of filling up your kettle. Using an Eco Kettle can also save you 20% on energy compared to the regular electric kettle.

Instead of putting them on standby mode, switch off the TV, PC or any appliance for less energy usage. Fully turn off all devices and lights that are not used. If possible, instead of turning on the heater, you can wear a sweater to save energy, or use a fan instead of switching on the air conditioner.

Pay By Cash Instead of Credit Card

The convenience of using a credit card for your purchases masks the accumulating monthly payment you will have in the future. Studies show that people are likely to spend more, as much as 83%, when shopping using credit cards. With cash, your spending can be mitigated when you hand the payment and see how your money decreases. It is, therefore, best to leave your credit cards at home when you’re out shopping.

Save and Use Periodic Income Wisely

Some things are easier said than done, like saving the extra cash you get on top of your standard wages such as overtime pay, bonuses, commissions, tax refunds, or salary raise. The extra money that kicks in periodically can be tempting to splurge, making it easy to blow money and later on wonder where it all went. Use this money instead to increase your savings, or spend part of the large cheque on something that you can consider an investment, such as a nice retirement or comfortable home. It is essential to keep in mind that periodic income is extra money that you can’t count on.


It is not a crime to pamper or spoil yourself from time to time after working hard. Saving money doesn’t necessarily mean depriving yourself of your wants, but it is merely a precaution when rainy days come. The practice of saving money serves as a reminder that you can still enjoy life within your means.

By admin