What may seem to be a minuscule purchase at the time, could be burning a hole in your pocket, and often times it goes overlooked. Establishing best practices can save you $1,000 in a week if executed consistently and honestly, who couldn’t use an extra $1,000 around, am I right? Rammit Smith, author of, “I Will Teach You To Be Rich” provides these important tips when it comes to saving:
1)Optimize Your Cell Phone Bill
When buying a new cell phone, Sethi likes to pay a little bit more upfront by choosing the unlimited data and text messaging plan. He then sets a three-month check-in on his calendar, and analyzes his spending patterns after a few months to see where he can cut back.
-Estimated Savings: $20- $600
2) Create a No Spending Day Once a Week
Choose one day each week and challenge yourself to not spend a single dollar.The key to this tip is putting it in your calendar so it becomes a consistent system.
Estimated Savings: $5-$75
3) Postpone a Large Purchase Until Next Month
Set a reminder on your phone to remind you about the desired purchase and most likely you will either realize you don’t need the object anymore or it may even be on sale now.
Estimated Savings: $50-$3,000
4) Go Cash Only
Take a limited amount of cash out of your checking account that will last for a few weeks. This habit will force you to become a conscious spender.
Estimated Savings: $50-$300
5) Forget The Bar Scene- Ask Your Friends To Your House
Even if this is only done once or twice a month, it is one of the most cost effective decisions according to Sethi. This factors out costs such as, gas, food, drinks, tips, taxicab, valet, etc.
Estimated Savings: $50-$200
Read The Rest of Sethi’s Tips at: http://www.businessinsider.com/how-to-save-money-quickly-2015-6?op=1#ixzz3dZ6lfNV0