It’s March. A great month to be a basketball fan, because you know what that means, right? Of course, March Madness! Have you already filled in your tournament bracket? We sure have and can’t wait to see how the bracket will unfold. Of course, it’s notoriously hard to predict the outcome of the bracket correctly… Fortunately, there are things in life you have more control over — such as what you’re going to eat today, what color shirt you’re wearing and your financial situation.
While your financial situation might feel as much out of your control as the March Madness Tournament Bracket, it doesn’t have to be like that. By implementing powerful ways to save money, you can get rid of your debt, build up an emergency fund and even invest some of your money in index funds for a future nest egg. If you do so, the financial stress you may feel right now may vanish, knowing that you’re in full control of your finances and that your money is working for you.
To help you get your spending habits in check and save some of your hard-earned money, below we’ll give you the Elite Eight ways to save money (pun intended). Let’s take back control of your finances!
1. Full-Court Press on Your Expenses
The most important thing you can do if you want to save money is scrutinize every aspect of your current spending habits. Get crystal clear on where your money is flowing, and actively look for ways to cut unnecessary costs and cut back on non-essential purchases. The most important thing to do during this step is to be completely honest with yourself.
Do you have any active subscriptions or memberships that you don’t use? Get rid of those! Any groceries or household items you can buy in bulk to save some of your money? Opt for that. Have you eaten out more often than you can comfortably afford? Try to cut back on that. Of course, this is not the most fun thing to do, but if you desperately need to take back control of your financial situation, this is a much-needed exercise.
2. Rebound from Overspending by Using Rebates and Discounts
Another great way to curb your (over)spending is by taking full advantage of rebates and discounts. Actively look for coupons, promo codes and cashback offers for items you know you need to buy.
Another tactic you can use is to wait around until you can get a good discount on a specific item you ultimately need to buy. Like buying a winter coat at the end of winter, when all coats usually go on sale, or waiting until Black Friday to get a new television.
3. Fast Break from Impulse Buying
The quickest way to overspend your budget is by making impulse purchases. A fast break from those impulse purchases is a great way to save money on unnecessary expenses. How? Before buying something, ask ‘why?’. As you’re sitting on the couch, ready to tap ‘check out’, ask yourself whether you really need to buy that new pair of shoes (or whatever you might be buying). Does it stem from a genuine need? Or is your guard down because you’re hungry or tired and you just want to feel better? (To dive deeper into the topic of impulse buying and emotional spending, check out our blog from January 2024.)
4. Get in the Habit of Opting for Free or Low-Cost Activities
Whenever you’re planning an event with friends or family, opt for free or low-cost activities. This can potentially save you lots of money every year. Whenever you meet up with a friend, explore a local park and go for a coffee instead of going for an expensive dinner. And when you’re inviting family over for dinner, opt for a potluck-style dinner instead of preparing food for the whole family. Or throw a BYOB March Madness watch party!
It’s about the time spent together, not about who can spend the most money on the relationship. Plus, if you’re transparent about your financial situation, your family and true friends will understand your smart financial choices.
5. Look Into Cash-Back Credit Cards
Another powerful way to save money is to use cash-back credit cards for everyday purchases. There are credit cards out there that offer cash-back rewards for categories such as groceries and gas, potentially saving you a significant amount of money in the long run. To choose the right cash-back credit card for you and your financial situation, compare different cards on fees, reward structures, sign-up bonuses and additional benefits.
(Tip: Only consider getting a new cash-back credit card if you know you can comfortably manage such a credit card. If you have significant credit card debt, this may not be the right tactic for you to use.)
6. Get Your Debt Under Control
This brings us to the next Elite Eight tip of saving money: Get your debt under control. First, consider paying off your high-interest debt first, then work your way down to the lower-interest debt. If you have significant debt, creating a solid pay-off plan could potentially save you money in interest charges in the long-run. Hence, it’s important to carefully draft up such a pay-off plan and get your debt under control.
If you feel overwhelmed by your current debt burden and need help getting it under control, National Debt Relief is here to help. Visit our site to find out how we can help you get your debt under control and save you money.
7. Set a Savings Goal
Now that you know of some elite ways in which you can save money, it’s time to set a savings goal. Setting a goal will give you a number to work towards. Seeing that you’re getting closer to this number over time will further motivate you to keep your spending habits in check, helping you to take back control over your finances.
Putting your savings to work by investing part of your savings into index funds could potentially get you to your goal even quicker. Where the average yield on a savings account is only 0.58 percent per year as of February 2024, the average yearly return of the S&P 500 over the last 30 years is a whopping 10.7%!
8. Get Assisted by Automated Savings
And last but not least, you can make saving money as easy as possible. In fact, you could make it so easy that you don’t even have to think about it. You can do this quite easily by automating your savings. Consider setting up automatic transfers from your checking account to your savings or investments accounts, to make sure you’re contributing consistently and are working toward your financial goals.
(Tip: you can ask someone at your bank for assistance if you cannot figure this out in your banking app or online platform.)
9. Be the Boss of Your Wallet
Don’t let your finances be the source of madness in your life. A month full of basketball madness is probably more than enough! To help you take back control of your finances, we’ve given you the Elite Eight ways to bootstrap your savings. Curb overspending by carefully scrutinizing your expenses and taking full advantage of discounts and cash-back credit cards. If you have any debt, take control over that, and get help if you think you need it. Also, make sure you pick a goal to work towards and consider automating contributions to your savings and investment accounts to make it as easy as possible. Set it and forget it!
Have fun watching the tournament this month. And remember, it’s even more fun if you don’t have to constantly worry about your finances in the back of your head. Use the tips above to help get rid of any worries you may have, leaving you with the peace of mind knowing that you’re the boss of your wallet. Good luck with your filled out tournament bracket! May the best team win!
