Two Simple Money Habits Everyone Should Use Now
Implementing simple financial habits now can mean saving big down the road. Often, those small moves take just a few minutes.
While these moves won’t help you build long-term wealth as effectively as other methods — such as investing in the stock market — they may be able to help you build up an emergency fund or use a few extra dollars for debt payments each month. Here are two money habits you can use to earn a little extra cash that you can put towards both long- and short- term goals, from vacation to buying a home to retiring.
1. Purchase Discounted Gift Cards
If you’re looking to save money on everyday purchases like dining out, shopping, or entertainment, consider buying discounted gift cards. Websites like CardCash, wholesale retailers such as Costco and Sam’s Club, offer gift cards at a lower price than their face value. For example, Costco members can buy a pack of four $25 Domino’s gift cards for $69.99, a $50 Cinemark Theaters gift card for $39.99, or two $50 Dave & Buster’s gift cards for $79.99.
By filtering gift cards by categories and looking for those discounted by a certain percentage, you can maximize your savings over time. It’s important to only purchase discounted gift cards for businesses you frequent regularly to ensure you’re getting the most value out of your purchase.
2. Conduct a Monthly Subscription Audit
Saving money can be as simple as reviewing your monthly subscriptions to eliminate unnecessary expenses. Take a few minutes each month to check your credit card statement for subscriptions you may have forgotten about or no longer need. Consider downgrading or canceling subscriptions that you rarely use to free up extra cash.
For example, you may be paying for a premium subscription to a food delivery app when a free version offers similar services. By reassessing your subscriptions regularly, you can identify areas where you can cut costs and redirect those savings towards your financial goals.
