10. ALWAYS WAIT BEFORE YOU BUY
Human impulse is a really powerful thing, and of all the things it can make us do, one thing that hurts your financial planning the most is a purchase you make all of a sudden. In this case, you should always try to wait two or three days. If you still want this product, you probably need it. On the other hand, if you no longer feel the need to buy this item – well done, you just saved money by not buying a product you didn’t like and didn’t need.
9. BE SMART ABOUT ELECTRICITY CONSUMPTION
We do not realize it, but a lot of money is wasted when we simply do not care about the electricity we end up using. Also, the next time you decide to leave your home for a few hours or you don’t need a product, always make sure to turn this device off or unplug. According to an estimate by the Natural Resources Defense Council, a person ends up spending $165 a year on electricity for devices they haven’t even used! So be smart in your electricity consumption and you could easily save money in just one year.
8. MAKE A POINT OF BUYING CLOTHES OUT OF SEASON
Clothing retailers always work on seasonal cycles, so they need to make room for new seasonal clothing. And to do that, they have to get rid of the old clothes. This is a good thing for consumers, as the prices of skirts, swimsuits, short-sleeved shirts or similar items will be far too low by October. Similarly, if you want to buy something puffy or comfortable, April is the right time to do it. Of course, if you’re a fashionista, it won’t suit you. But if you’re not interested in the latest trends and you just love classic styles, you’ll definitely save a ton of money!
7. OPT FOR A CONNECTED THERMOSTAT
Most people think that smart thermostats are useless, or that they are just not worth buying. While smart thermostats cost a little money, they’re definitely worth it. According to a recent study by Nest, simply switching from an analog thermostat to a connected thermostat easily saves at least $150 a year! Yes, the end justifies the means in this case, so it’s a great idea to buy a smart thermostat and get rid of this old analog thermostat.
6. MAKE IT A DUTY TO ALWAYS PAY MORE THAN THE MINIMUM AMOUNT OWED
According to Experian’s 2019 survey, the average American has more than $6,000 in credit card debt. Suppose your credit card company has a 15% interest rate and you simply decide to make the standard monthly payment of $100. Keeping in mind the interest rate, it would take you 120 months to pay your debt, not to mention the one you’re already accumulating! Suppose you increased the payments to $125 per month, and you only 1dt 78 months to pay off your debt. Similarly, $150 will reduce this to just 59 months! That’s why it’s a good idea to use a credit card calculator for your debt, as annual percentage rates (TAEG) and minimum payments, etc. can be really confusing for an ordinary person.