5 Simple Tricks That Can Help You Save Money

Saving moneyStart saving your hard-earned dollars without breaking a sweat.

Everyone wants to save money. Everyone wants to have enough money saved to realize their dreams, cover an unforeseen event, and enjoy a more comfortable retirement. However, research shows that about a third of employees usually spend more than they earn while 42% are uncomfortable with the amount of debt they owe. Most employees do not even have an emergency savings fund and 28% have less than $1,000 saved for their retirement.

If you believe that you really need some serious help to save as much of your hard-earned money, here are some simple money tricks that can help you achieve your goal.

Automate savings
. You can simplify the process by having your bank transfer a given amount from your checking account to your savings account automatically each month. You can also use Digit, a free online service that allows you to save money by analyzing your income and spending habits, and transferring small amounts of money (usually from $5 to $50) from your checking account to your Digit savings.

Automate your budget. Using online budgeting tools such as Mint, Personal Capital, BudgetPulse and Budget Tracker is another great way to manage your money. By using these free online services, you can set financial goals, create a budget and manage your bills more effectively.

Use credit cards wisely. If you absolutely need a credit card, you should at least learn how to use it more responsibly. Purchase items that you really need and can afford, stay within 30% of your credit limit to maintain a good credit score, and always pay your balance in full. Use the auto pay feature to avoid being penalized for late payments and negotiate a lower interest rate. Request a complete list of perks and benefits offered by your card company and use them.

Review card statements. Make it a habit to review your card statements each month to avoid paying random or bogus charges which may appear on your account. According to a Gallup survey conducted in 2014, 33% of Americans had one to two cards, 18% had three to four cards, 9% had five to six cards, and 7% had seven or more cards. If you own more than one credit or debit card, consider using a free online service such as Personal Capital so you can easily review all your transactions.?

Be coupon savvy
. While some people believe that couponing is not worth the time and effort, you can definitely save a lot of money by incorporating it into your routine. Be on the lookout for coupons on items that you actually need, and check online coupon services and apps before purchasing anything.