It’s March, a fantastic time for basketball enthusiasts because you know what that means, don’t you? March Madness, of course! Have you already completed your tournament bracket? We certainly have and are eagerly anticipating how the bracket will play out. Naturally, correctly predicting the bracket’s outcome is notoriously difficult… Luckily, there are aspects of life where you have more influence—such as deciding what to eat today, choosing which shirt to wear, and managing your financial status.

 

Though your financial situation may seem as unpredictable as the March Madness Tournament Bracket, it doesn’t have to remain that way. By employing effective money-saving methods, you can eliminate debt, establish an emergency fund, and potentially invest in index funds for future financial security. By taking these steps, the financial stress you currently feel may diminish, as you’ll have greater control over your finances and your money will be working for you.

 

To assist you in managing your spending habits and preserving your hard-earned money, we’ll outline the top eight ways to save money (pun intended). Let’s regain control of your finances!

 

Apply a thorough strategy to lower your expenses.

 

The key to saving money is carefully examining every aspect of your current spending habits. Clearly identify where your money is going and actively seek opportunities to reduce unnecessary expenses and limit non-essential purchases. It’s crucial to be entirely honest with yourself during this process.

 

Do you have any subscriptions or memberships that are currently inactive? Cancel them! Can you save money by purchasing groceries or household items in bulk? Choose that option. Have you been dining out more frequently than your budget allows? Aim to reduce those outings. While not the most enjoyable task, if regaining control of your financial situation is a priority, this exercise is essential.

 

Recover from excessive spending by utilizing rebates and discounts.

 

Another effective method to control your spending is by making the most of rebates and discounts. Make a conscious effort to search for coupons, promotional codes, and cashback opportunities for purchases you intend to make.

 

Another strategy you can employ is to wait for opportune moments to purchase specific items you genuinely need. For instance, you could buy a winter coat at the end of the season when they typically go on sale, or hold off on buying a new television until Black Friday to take advantage of discounts.

Break away from impulsive purchases.

 

The easiest route to exceed your budget is through impulsive buying. Taking a quick break from these impulsive purchases is an effective way to save money on unnecessary expenses. How? Before making a purchase, inquire ‘why?’. Before hitting ‘checkout’ while sitting on the couch, question whether you genuinely need to buy that new pair of shoes (or any other item). Is it driven by a real necessity? Or is your judgment clouded because of hunger or fatigue, and you simply want to feel better? (For a deeper exploration of impulse buying and emotional spending, refer to our January 2024 blog.)

 

Develop the practice of choosing activities that are either free or inexpensive.

 

When organizing gatherings with friends or family, choose activities that are free or inexpensive. This can result in significant savings over time. Instead of costly dinners, consider meeting friends at a local park for coffee. For family dinners, try a potluck-style meal instead of preparing food for everyone. Alternatively, host a March Madness watch party where guests bring their beverages.

 

It’s about the quality time spent together, rather than competing to spend the most money on the relationship. Additionally, if you openly communicate about your financial situation, your family and genuine friends will appreciate your wise financial decisions.

 

Consider using cash-back credit cards.

 

Another effective method to save money is by utilizing cash-back credit cards for your daily expenses. Some credit cards provide cash-back rewards for purchases like groceries and gas, offering potential long-term savings. To select the most suitable cash-back credit card for your needs, compare various cards based on fees, reward systems, sign-up bonuses, and supplementary perks.

 

(Tip: Only contemplate obtaining a new cash-back credit card if you’re confident in your ability to responsibly manage it. If you’re grappling with substantial credit card debt, this approach may not be advisable for you.)

 

Manage your debt effectively.

 

This leads us to the next tip for saving money: Take control of your debt. Start by prioritizing the repayment of high-interest debt before addressing lower-interest debt. If you have substantial debt, developing a well-defined repayment strategy could help reduce interest charges over time. Therefore, it’s crucial to meticulously devise such a plan and manage your debt effectively.

 

If you’re struggling with your existing debt and require assistance in managing it, National Debt Relief is available to support you. Explore our website to learn about our services aimed at helping you regain control of your debt and potentially save money.

Establish a target for saving.

 

Now that you’re aware of some effective methods to save money, it’s essential to establish a savings goal. Setting a goal provides a clear target to strive for. Watching yourself progress towards this target over time can serve as additional motivation to manage your spending habits effectively, ultimately enabling you to regain control of your finances.

 

Utilizing part of your savings to invest in index funds might accelerate your progress towards your goal. While the average annual yield on a savings account stands at only 0.58 percent as of February 2024, the average yearly return of the S&P 500 over the past 30 years is an impressive 10.7%!

 

Utilize automated savings assistance.

 

Lastly, simplify the process of saving money by automating it. Set up automatic transfers from your checking account to your savings or investment accounts to ensure consistent contributions towards your financial objectives, without needing to actively think about it.

 

(Tip: If you’re unable to navigate this process through your banking app or online platform, consider seeking assistance from a representative at your bank.)

 

Take charge of your wallet.

 

Don’t let financial stress add to the chaos in your life. A month filled with basketball excitement is plenty! To empower you to regain control of your finances, we’ve outlined eight effective ways to bolster your savings. Manage overspending by meticulously reviewing your expenses and capitalizing on discounts and cash-back credit cards. If you have debt, take charge of it and seek assistance if necessary. Additionally, set a clear savings goal and consider automating contributions to your savings and investment accounts for simplicity. Set your plan in motion and let it run smoothly!

 

Enjoy watching the tournament this month. And keep in mind, it’s much more enjoyable when financial worries aren’t lingering in the back of your mind. Utilize the tips provided to alleviate any concerns, giving you the peace of mind that you’re in control of your finances. Best of luck with your tournament bracket! May the top team emerge victorious!