Everyday Cheapskate: Tax yourself, drink water and other money saving tips


The last 12 months have been tough for many. Also, the rising cost of living has made it very difficult to build up savings. So, your best bet at this point is to look ahead to 2023 and make plans to make big strides in saving, regardless of what that means for you.

how to save money

Saving money is an interesting term with two meanings. Save money in my secret piggy bank. “

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OK, that’s fine. But here’s the problem. It’s easy to trick people into thinking that 1 and 2 are the same. Not unless you stop by the bank and deposit the difference between what you would have spent if the item hadn’t been put up for sale in your savings account or where you stash your cash. In fact, this is one of his smartest ways to increase your savings this year. There are eight more.

number. 1: Tax yourself

This year, assess certain “taxes” each time you make an ATM withdrawal. It might be $5 or $10. you decide. Be a brutal tax collector, whatever the amount, and pile up your tax dollars in a safe depository. No slack or his IOU.

number. 2: Impose a moratorium

Select a specific denomination of currency, such as $1 or $5 bills to save this year. Ban yourself and be very strict. On second thought, why not go with $5? If you refuse to use Abe Lincoln in 2023, your stash will grow much faster.

number. 3: Save on Coupons

If you’re still using paper coupons, there’s one way to do this. When shopping at the grocery store, ask the clerk to total your order and then pay for it. Then hand her the coupon and watch her total plummet. Since you have already paid, the clerk should return the cash equivalent to your coupon savings.

As digital coupons become more popular, the end result is likely to be the same, but you’ll need to find a way to transfer cash from your digital account to your deposit.

If possible, open a savings account at a bank branch located in a supermarket. It’s easy to stop on your way out to save money – even if it’s a very small amount. Never forget this principle when it comes to money and many other things in life. Everything adds up.

number. 4: Collect rebates

They’re back in a big way because retailers want their products to look cheap without actually lowering their prices. , offers rebates.

No matter how small the rebate or how complicated the process is, promise me you won’t be lazy in 2023. Apply, follow up, and stash the rebate when it arrives!

Tip: Open a free Rakuten account (see EverydayCheapskate.com/rakuten for details). It’s very easy. Then, when you visit a participating online site, you will receive a small reminder to activate Rakuten for that site with a single click. When you buy it, you start piling up a lot of small amounts. I received $4.24 in Rakuten rebates. And I love every penny of it (did I already say this?) It all adds up!

number. 5: drink water

Give yourself a $1 or $2 bonus every time you eat out and choose water instead of expensive drinks. Do not neglect your obligation to pay. Also remember that IOUs are not allowed.

number. 6: Make a switch

Instead of paying for a gym, choose to exercise outdoors for the next 12 months. Or, instead of hopping in a taxi, you decide to take the subway. Identify brands with names that will remain on shelves this year, prioritizing store brand equivalents. Then hide the ones you don’t use.

number. 7: Give It Up

Pick one sacrifice this year. Keep money in a piggy bank or account that you would have spent on anything: regular manicures, french fries, gourmet coffee, cigarettes. You can always do your own manicure, cut out junk food, or make your own coffee. As for that smoking habit, imagine all the dough in your stash if you quit it.

number. 8: Deceive yourself

Whenever you write a check (checking accounts with checkbooks aren’t completely gone; in fact, it’s still a great way to manage your money), record the amount rounded up to the next dollar. please. Then subtract that rounded amount from your balance. Adjust your account at the end of the month, withdraw and hide the “oops!” Excess.

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Mary invites you to visit her EverydayCheapskate.com, this column is fully archived with links and resources for all recommended products and services.Mary invites questions and comments https://www.everydaycheapskate.com/contact/, “Ask Mary.” This column will answer general questions, but cannot answer individual letters.Founded by Mary Hunt EverydayCheapskate.comfrugal living blog, and author of the book Debt-Proof Living.

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