Attempting to save your money is not always simple when the world of plastic makes it so easy and convenient to do just the opposite. If you have not been presented with an “already approved” credit card application in the mail, then you’re probably being approached by well-intended cashiers who offer the retailer’s credit card in exchange for 10% off of your next purchase.
But if you’re really looking to hold on to your money, then it’s usually safer paying with cash; this along with making sure to keep your change in a safe place. By taking on these two practices, people find that they’re able to increase their savings significantly. Here are some benefits of doing both:
Paying with Cash
The major benefit of taking this route is that once the money has changed hands, your transaction is complete. You don’t have to worry about a bill showing up in the mail in the next few weeks, or interest charges accruing in relation to the convenience a credit card offers. That’s why, if you really want to save your money, this is a great way to go.
Holding Onto Your Change
You probably know the grandfather who always dropped coins in to the jar and you may have wondered why he didn’t just get a bank account. But there’s something to be said for wanting to keep your change instead of spending it. There have probably been times that you were in line and saw a pack of gum or candy that cost less than a dollar and you thought, “I have change in my pocket. Why not?” If you did not have the coins, you probably wouldn’t have bought it, which is why putting your coins away and letting them add up works well to help you save your money.
There is no perfect formula for holding on to your funds. However, paying with cash and deciding to keep your change both help. So don’t be shy about putting down the plastic. You might find that returning to the old system of spending suits you better.
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