Five Ways to Save Money On Any Salary

February 20th, 2019

It’s President’s Week and tax season: this time of year causes most of us to take a look at our money situation. And, if we’re being honest, it can be a little scary.

Here are some tips on how to up your financial wellness, no matter how much money you make. buy-cash-coins-9660

  1. Create a budget: Write down all your recurring bills and expenses and your net income. Putting it all down on paper can give you some perspective. If you do have “extra” money on paper, but aren’t sure where it goes in real life, try keeping a record of everything you spend money on--even a cup of coffee, or a roll for breakfast at the deli. You might find up to 10 dollars a day, or even more you didn’t realize you were spending.

  2. Automate your money: As soon as you get paid you’re giving your money to everyone else: utility companies, bills, taxes. Have some, or all your paycheck directly deposited to you inPOWER Prepaid Mastercard®. Download the PAYOMATIC mobile app³and always have a record of how much, and where you’ve spent money.

  3. Don’t carry cash: Cash can make it hard to budget. If you’ve got it in your pocket, you’ll spend it. Put your spending-money on a prepaid card5 and think twice before dropping $5 on something you may not really need.

  4. Be cheap: The word cheap can seem like a dirty word, but some of the wealthiest people have gotten there by being exactly that. Cut coupons, use loyalty programs in stores, negotiate or barter if possible, buy things at discount stores, even putting your change in a piggy bank at the end of each day can add value to your finances.

  5. Make one sacrifice a week: This is a lot easier said than done, but it can add up to some real savings. Skip one non-essential every week. Maybe it’s a lottery ticket, or second slice of pizza. Once you begin thinking of your money in terms of what you can’t have, it becomes easier to see what you can have if you manage it differently.