Everything that used to cost less now costs more. This is the definition of inflation. And, unfortunately, it’s very unlikely that you have gotten a raise from your employer to match the current economy. You may have started to think about how you will pay for that long awaited vacation that you and your family/ friends are so looking forward to enjoying.
You should review your expenditures. It’s very likely that you are overpaying on something that you did not realize. Perhaps you could cut back on your cable bill by changing your plan around, or maybe you have a yearly subscription to PlayStation that you no longer need. Take the time to eliminate these unnecessary charges. You work hard for your money, why let it go so easily for items you don’t need or may not even want?
You might be thinking this is a bad idea, but if you are a responsible spender and pay your credit card bill in a timely manner, you will not accrue interest. Plus, many credit card companies have cards with no annual fee that provide cash rewards to you for being a member. You were going to buy the groceries or put gas in your car anyway, so go ahead, collect the cash reward.
This may sound risky. We are not suggesting that you transition your whole emergency fund into the stock market. However, there are stock options that will provide you with dividend payments for being invested in their company. Bank interest rates do not begin to match the financial growth that you can tap into from the stock market. Check out our articles on good suggestions for dividend investments.
Know the pump prices. Gas has gone up in price drastically. Go to the gas station that has the lowest price. Also, consider enrolling in a rewards program for being a loyal customer. Some gas stations will offer a discount off the pump price for spending money in their store. Why not take advantage of this perk?
Coupons can save a lot of money. Companies use marketing tools to bring in business. Take advantage of it. Buy one pizza and get one free. You just saved yourself $10-$20 on dinner tonight. That money can be used for something else, like placing it into your vacation fund.
Have a large coin jar in your house. Every time you come home, empty your pockets. It’s likely that you’ll collect quite a bit of money in a short amount of time. Not only do those coins weigh down your wallet, but when cashed in for dollar bills, they add up quickly.
Enjoy your next vacation! We hope it is relaxing, blissful, and too much fun!