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7 Tips: Smart Saving is About Selective Spending

The richest people out there are also the people who have built habits in how to avoid uneccessary spending. We can all learn a few economical tricks from this observation. Don’t just work for your money; work hard to avoid spending it too.

One major way to save money is to set a target and treat your savings as if it were a regular bill. Using this mindset to keep money flowing into your savings account with regularity is good pop psychology.

However, there are little ways to help you save even more and maybe push your savings a little bit higher.

Here are 9 tips to help you become an even more shrewd saver.

save big1. Don’t be wasteful

If you can make dinner out of what you have in the house without going out to buy more groceries even once a week, try and get creative. Use what you have and try and elimate excess waste. Shampoo, toothpaste and soap can be

2. Cancel a service

I haven’t had cable bills or TV charges in ten years. The busier I got, the less time I had to watch TV so It was a natural progression to not allow myself to be taxed by a convenience that I hardly ever use. I’ve saved thousands of dollars as a result. She waits until a TV series is out on DVD and I’ve become more selective about my viewing choics.

3. Be mindful of ATM fees

Be aware of how many free ATM transactions you can get with your bank. Use this perk wisely. It may be possible to avoid ATM fees by using your debit card at a nearby supermarket and get cashback if you need it.

If you go to an ATM that’s not part of your bank, you’d typically pay your bank a fee of $1.57 and pay the ATM owner another $2.50 on average.

4. Be realistic about coupons

Coupons can sometimes be disgned to make you spend more and program you into being constantly being bombarded with “deals.”

The trick is to ensure that you’re getting what you need and will use instead of spending money at the expense of saving it.

5. Have a “no-spend day”

One day each month, try not to spend any money at all. Challenge yourself.

6. Save cash for random reasons

If the serial number on dollar bills that start with a special letter, like your first initial, save that bill.

Every single time you break a New Year’s resolution or use a swear word, put a dollar in the swear jar.

Ask everyone in your house to make a promise or a resolution and if the promise gets broken, then a dollar goes into the jar.

7. Make access to your savings account as inconvenient as possible

If you bank in a location that is somewhat out of the way and restrict accessibility, it could be difficult to dip into that account for frivolous reasons.

Mary Weingarten is a retired teacher. She lives in Portland, Oregon with her husband and two dogs. She enjoys the theater and creative writing. She has three grandchildren.

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