How to Save More Money Without Getting a Another Job

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Finding additional money in your budget may seem like a formidable task. Whether you’re saving for a dream vacation or just padding your emergency fund, you can put aside extra money each month. The best part is that you don’t have to work overtime or take a second job to do it. Here are three simple ways you can save money without getting a second job.

  1. Cancel Your Old Subscriptions

Are you paying for a gym membership you rarely use or a magazine that you barely read? Canceling unused, forgotten or under-utilized subscriptions are a great way to save money. If you don’t regularly look over your bank records and credit card statements, take some time to review them.

Make a list of recurring charges and figure out the services you can do without. While a $10 monthly charge may not seem like much, it adds up to $120 a year. Depending on the amount you’re paying for subscriptions, canceling them could put hundreds or thousands of dollars back into your pockets each year.

  1. Use Those Points Up

Getting rewarded with points is one of the biggest perks of having credit cards. Many credit card companies offer cash back reward points you can redeem for gift cards or on purchases. Several cards even allow you to use your accumulated points toward your statement balance. Some premium cards offer hundreds of dollars in annual rewards.

If you use credit cards frequently, be sure to review the company’s reward system. Even if you don’t have credit cards, you can still save money using points. Many retailers have created incentive programs to reward loyal and repeat customers. While most stores offer additional savings in the form of coupons and reduced prices, others allow consumers to use collected points to help pay for merchandise. If you are a savvy shopper, those savings can quickly add up.

  1. Pay Premiums to Avoid Interest Charges

When you’re budgeting and trying to save money, breaking your payments into smaller, monthly or quarterly installments may feel more manageable.  Most people understand the importance of paying credit card balances in full to avoid interest charges. However, you may not realize how much money you are leaving on the table each year when you choose not to pay premiums in full.

Some companies, such as insurance providers, offer substantial discounts to customers who pay their premium upfront. They save on administrative costs which they pass on to you. Keep this in mind when making your annual budget.  Call your insurance provider to discuss your policy and payments. You may be able to keep hundreds of dollars in your bank account by changing your payment schedule.

Increasing your savings doesn’t have to be difficult.  Having additional income is great, but not always feasible. By doing your research and making a few small changes, you can see big changes to your bank account. So start with these three tips to save money today.

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