It may not have been at the top of your mind before to become financially savvy, but most people now are feeling the pinch of high inflation. Money is not going as far as it used to. Everything costs more, but most people aren’t receiving a salary increase to match inflation. As a result, it is becoming more important than ever to become financially savvy. Here are a few tips to get you started.
Take the extra time required to be frugal
Now is the time to spend some extra time in order to save money. In the past, you may not have bothered to take advantage of coupons, earn points at grocery stores, take advantage of rewards offered by fuel stations, etc. Now is a good time to start paying attention. Fill up with fuel at a gas station that provides a benefit – either coupons towards groceries, or a reduction in the fuel cost itself, for example. Consider catering your grocery list to items that are on sale or offer bonus points in order to reduce food costs. Be willing to shop at more than one grocery store in order to save money. These all take up some of your precious time, but when things are tight, it is worth it.
Read your bank statement
Most people use digital bank statements now. Access your online banking and read one of your most recent bank statements. Are you paying a banking fee? If so, you shouldn’t be. Find a way to take advantage of a free bank account. Also, are you paying a fee to use a credit card? Once again, you shouldn’t be, unless you are a regular traveler and make use of the insurance attached to the card. Take the time to really decipher what banking products you have and how you can reduce your bank fees.
Delay gratification – wait for deals
If there is something you want to buy, unless it is necessary to have it right away, add it to your list or digital shopping cart and save it for later. Every once in a while, check to see if the product has gone on sale, and then purchase it if you still want it. Sometimes just waiting a while helps you to see that you don’t really want it in the first place, but if you still do want to buy it, you are saving some money by buying it on sale.
Learn to be content with what you have
This is easier said than done, especially in our society, with ads and such that suggest that we need so much more than we already have. Take a look around you and discover all of the things you already have. You likely already have more than you really need.
There are many ways to develop a financially savvy mindset. These are just a few tips to get you started.
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