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Brushing through sleeping money savings

Money the elixir of life saves us in event of any issue. Personal finance is directly associated with discipline of a person. When it comes to personal finance this involves making money, saving money, spending money. All these three habits are directly associated with discipline of a person. As like any skill money management a major component of personal finance can be developed with training. It becomes essentially mandatory to develop best money habits from day 1 a kid is exposed to money.
Now, let us look at simple instances wherein we can save money in our daily routine starting from brushing through sleeping
1) Save money immediately after you get up – Buy toiletries in bulk on sale. Most of them will be available for atleast one year. You can use them until expiry date. This is starting point on saving money
2) Save money by optimal use of credit card on purchases – Make it a habit to check each and every month on all your credit cards. Say this quarter chase cards offer 5% cashback in gas station, discover card offers 5% cashback on online purchases in selected retailers. Use correct credit card in correct place
3) Save money in savings account – Many online banks like Ally, everbank, barclays offer real good interest rate of 1% on balances. Instead of parking your paycheck in checking accounts that pay literally nothing this is a real good idea to open any one of these accounts in less than 30 mins and make good money. Most of them are FDIC insured upto 100000 USD
4) Purchase bedding on offers – This usually happens during long weekends like laborday, independence day to name a few. They typically offer 36 months on sale with 0% interest rate offer. Also, buy pillows and bed spreads in such deals. This helps you save money
5) Use coupons on auto maintenance and repair – Look for tire offers on summer, oil change offer to name a few that gets listed in website of auto repair companies
6) Save good in grocery purchase – Look for weekly deals. Also look for best grocery purchase credit cards that change every season
Here are some basic day to day habits that help you make money, save money, grow money
1) Check you credit card statement completely before paying bills – Paying bills on time is a good discipline. However, before paying bills checking credit card statement completely is definitely an essential skill to develop. This basically involves helping you understand your spending understand things on which you spend most, make sure cashback rewards are properly credits onto statement credit etc
2) Pay bills on time – This saves high interest rates and helps you develop best discipline
3) Plan Taxes and Save Taxes – This is a subject to be considered form day 1 a person joins an organizaiton. It starts with reading employer handbook, talking to HR , understanding 401K, IRA, Roth-IRa, traditional IRa, health savings account to name a few. All these employer sponsored products can be carefully utilized to save your pre-tax, post-tax (only in case of Roth IRA) money that eventually compounds and yields best returns over a period of time. Tax planning does not stop here. If you choose your place of profession plan on buying your first home to avial mortgage interest rates tax breaks from first year of employment. This helps you save lots of money. On an average expect to get 2 months worth of home loan EMI as a tax refund. Also, property taxes paid are deducted in taxes.Again it depends on income percentage etc. If you are s ole business owner talk to your auditor and plan on creating S-corp, LLC and such business entity to properly save taxes. Look for solo 401K wherein you are allowed to save upto $50000 (depends on income) maximum per year
4) Periodically check your insurance premium – A common thing many of us overlook is the reduction in car insurance that becomes possible after one year of insurance. If you have clena road history negotiate on this. Also, some insurance providers combine home insurance with car insurance package. Check your documents carefully before purchase. This will help you save closer to $600 per year
5) Look for coupoun before vehicle maintenance – Many auto servicing companies offer discount coupouns. Say during summer timeframe expect best deals in tyre, look for periodic oil change coupoun before you go to change oil to name a few. This helps you save money
6) Avial credit card balance transfer option – Look for best deals to save on high interest credit cards. Careful planning will help you maintian your revolving balance well below 1% to 3% per annum (ideal transfer fee). This helps you save 10% to 15% per year
7) Avail financing option during bedding purchase – Many firms like sleepys offer 0% financing for 3 to 5 years. This option cna be availed instead of paying in full upfront. However, note that you have good credit score before applying for additional cards