10 Ways to Maximize Your Salary
It seems like everyone nowadays is looking to stretch a dollar. No matter how much you make, saving money where you can is beneficial. Here are some easy ways to save:
Buy holiday gifts well in advance, such as a scarf that has gone on sale during the spring. Purchase birthday, holiday and special cards before the holiday, or right afterwards and save it until next year.
CHECK OUT CRAIGSLIST
Craigslist is great for free giveaways and cheap buys. Just shop safely, and you could find an amazing deal.
DO YOUR RESEARCH
Be sure to check out multiple websites and price check multiple sources before making large purchases like electronics. Chances are the deal you thought you were getting wasn’t that sweet after all. Apps like RedLaser are also helpful for providing easy price comparisons. Bonus Tip: Try to avoid wandering aimlessly through stores- it will prevent unnecessary purchases!
FIND FREE EVENTS
Rather than paying for things to do in your free time or on the weekends, check out local newspapers for free community events or gatherings. Whether you’re looking to try something new or find family- friendly activities, chances are there is something free happening in your area. Libraries are a great community resource as well, offering books, movies and more for free.
HOLD OFF ON PURCHASING
Before buying an expensive item, wait 24 hours. If you still want it the next day, it may be worth the purchase. There’s a good chance you can talk yourself out of splurging on an item you don’t necessarily need.
WAIT ON THE UPGRADE
The newest iPhone model comes out, and your battery has been running a little slow lately? Don’t use that as an excuse to buy. Prices on new models are bound to go down, so waiting before getting in line may be the best financial decision.
CASH VS. CREDIT CARD
In theory, credit cards seem great. If you don’t have the money on you in the moment, you can buy what you need, right? Wrong. Using your credit card frequently allows you to lose track of your spending, which can come back and bite you once the bill comes. Using a debit card, or cash instead will force you to keep track of what you’re spending- and you’ll probably do a lot less of it!
ONE MAN’S JUNK…
We all know the saying. However cliché, it’s worth a shot. Don’t be too quick to pass up a yard sale (especially as we near summer)- you never know what you may be able to find for cheap.
FAST FOOD ISN’T ALWAYS THE ANSWER
So you’ve run out of food, and rather than go to the grocery store, you’re just going to stop at McDonalds? While you may think that the $5 you spend on fast food isn’t bad, it’s been proven that fast food doesn’t fill you up, and you’ll likely be spending money on snacks soon. Rather than spending $5 in a drive thru, think of all the sandwiches you could be making if you spent $5 on bread and some deli meat- and it’s healthier.
Know what you can and cannot afford. While it may be discouraging at times, having realistic expectations will help you save your money- while being comfortable with where you’re at. Plus, saving for an item over the long term will make the purchase that much more meaningful.
With such a consumer-based society, the desire to spend money is natural. However, by adjusting just a few of the ways you purchase, you can save more than you ever thought you could. Other things to consider is the ability to save more now that things like gas prices have gone down, and to ask about your company’s 401(k) plan. The Reserves Network offers this as one of our many employee benefits- just ask how you can join! Let us help you save.