Finances

5 ways to save money this month

Saving money is often easier said than done. After all, not only does it require discipline, but it requires one to proactively take advantage of options to save. For a student on a tight budget, here are 5 ways to save money this month (and make your high interest student loan money go farther):

  1. You use a credit card (and may even be dealing with some credit card debt). Why not take advantage of credit cards with added benefits? Go to www.bankrate.com to compare different cards if you are in the market for a new one. If you already have a credit card you like, check out their website or call their customer number to make sure you are taking advantage of cashback options and other rewards. For example, Discover offers a card with both a cashback feature and discounts at many popular retailers if you shop through Discover’s website.
  2. Consider selling things that you no longer need or will go to waste. This may be old clothes or an old laptop. Websites like Craigslist allow you to do this easily. If you own a home and pay a mortgage and real estate taxes, consider making donations of old items, as this will likely give you an additional tax deduction on your tax return.
  3. Open a savings account. If you’ve only been using a checking account that does not pay interest, consider opening a savings account that does pay interest. Credit unions may also be an option for you, as they often offer lower fees for students.
  4. Cut back on soda and coffee and replace it with water. If you are in desperate need of that caffeine fix, make coffee yourself at home.
  5. Use comparison sites when you shop. Sites like Google Shopping, Nextag and Price Grabber make it easy to compare prices from different retailers before making a purchase. There are also phone apps, like Red Laser, that allow you to scan product codes at stores and find the same product at different stores for varying prices.

~Megan Mathers, JD, Pesavento & Pesavento

 

Megan Mathers

Megan is an accountant and tax attorney with Mathers Law, a firm focused on providing accounting, tax, business advisory and legal services to the dental and medical communities. Megan earned her Bachelor's Degree in Accounting from Marquette University and her law degree from Loyola University Chicago School of Law. Megan's practice focuses on tax compliance, tax planning and wealth and estate planning.

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2 Comments

  1. Great article blog. I was speaking to my friend the other day regarding credit cards that give you benefits and my friend was telling me that he has his wife switches credit cards during the year so they can “reap the benefits” of the options that card holds for that month.

  2. Great article blog. I was speaking to my friend the other day regarding credit cards that give you benefits and my friend was telling me that he has his wife switches credit cards during the year so they can “reap the benefits” of the options that card holds for that month.

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