Today I am going to start a series on how we can al save money with a few small life changes.
The first life changes involve having us to first lower or erase our unwanted debt. Well what debt is not unwanted right? Erasing our debt is easier said than done; however it can be done if you put in the time and effort.
Now once you have lowered your debt or erased it, you can start making the first small change, which will ultimately have a large effect on your savings.
The small change I am talking about is choose a payment type, and make it the dominant form you use in your everyday life.
In my opinion, once you have managed to get a hold on your debt, you should use your credit card as the dominant payment type; you are able to earn rewards with every purchase. If you are properly managing your finances, you should be able to pay off each balance in full at the end of the month, once there are no outrageous or emergency purchases made.
If you use your credit card a lot, you will earn reward points, now if you choose a credit card with cash back rewards, you will be able to earn a percentage back from every purchase putting some money in your pocket for spending money.
This small change will allow you to easily track your spending, as your purchases will appear on your credit card statement, and allow you to earn rewards, possibly cash back rewards to be put onto your credit card. If you do spend adequately, you can possibly earn enough to put away a bit of money in the process.
How this will help you save more is simple. By having an easy way to track your finances, you will see where your money is going at all times, allowing you to discern where you could save more.
The key to saving is to manage your money well, the first step to managing your money is to know where it is going.
Remember, using a credit card can become an issue if you do not pay off most of what you owe, if not everything. It is easy to get into debt, but the agony of climbing out of it is never worth it.