Monthly Archives: March 2013

Save money by paying bills online

Almost every bank now offers free bill pay with your checking account. Do it. Take advantage of this great benefit. You will save tons of money. What advantages do you gain by paying your bills online?

1. You save on stamps (Assuming you have 10 bills to pay a month – that’s a savings of $4.20 per month – $50 per year.)

2. You save on late fees. You can set up your account to automatically pay all your bills. This not only gives you peace of mind but you also save on all those late fees especially the crippling ones of credit cards. (Even if you do not know what the final credit card will be, you can set up an automatic payment of a minimum balance). While late fees can be of different amounts, to account for the times that you might forget estimate a figure of at least $500 savings in late fees.

3. You have an organized record of every expense.

4. You save time – everything can get done in under a minute…instead of writing checks, putting in envelopes, getting stamps and then mailing.

5. As an added bonus, some banks offer money to get you to pay bills. That’s extra money for you.

Walk and save money

Whenever possible I walk. I walk to the post office, to the grocery, to the bank, to the mall. Some of these are within a mile, some about 2 miles. The point is, if you have an errand to run that you can accomplish by walking….walk. You will save yourself a lot of gas. In most cases, you will even save yourself the time spent in taking out the car, sitting in traffic and finding a parking spot.

Walking if done consistently and on a regular basis not only saves you money but has great health benefits as well. Studies have shown that the common cold is kept away by walking. It allows you to breathe fresh air by being out in the open. It is a very low impact exercise and is considered far better than jogging which can cause shin splints. It will help you lose weight, lower the risk of diseases, reduce depression, control blood pressure and the list goes on.

Other than the great health benefits and the fact that walking saves you gas money, the best monetary benefit of walking is that it is free. You do not need to join a gym to walk, you do not need special clothes, equipment, food, books, DVDs, coaches which can translate to a savings of over $1000 a year

Having more money

As a child, I never had a regular allowance for pocket money but I always seemed to have enough. The secret to this was simple. I put money into my savings hoard and didn’t take out much. Saving money seemed to come naturally to me. I guess it was not surprising that I went on to get an MBA in finance and got into a banking career.

The first step to having more money is saving what you’ve got. However saving money is a corollary to not spending money. It won’t help you much if you sweep a certain amount of your earnings into a savings account and then spend it all. Saving money has to be inculcated as a habit.

One extremely simple way to save money is to make your own lunch. Everytime you get a sandwich and a soda packed from home you save about $7. Multiply that by 20 days and you save yourself $140 a month or $1,680 a year.

I always get my own lunch. Sometimes its a sandwich, sometimes its a hot meal (that can be heated in the microwave). Also I don’t drink sodas except very occasionally. Not only do I know what I’m eating, its healthy, delicious and I save money.

Saving Money

As far back as I can remember -I’ve been a saver. As a child I would collect whatever coins were left lying around the house. Any change left from anything I bought on my mom’s behest, also came to me. While my hoard did not amount to much, I can truly say, I never had to ask my parents for money to buy anything. I always had spare cash – whether it was to buy a small birthday present for my mom or just some candy – I always seemed to have enough.

I must say though – that I was not much of a spender. I wasn’t really interested in clothes and things. My one hobby that I was passionate about was reading books…and since my parents bought me plenty of those, I didn’t really want much more.