Saving money is considered one of the hardest things to do if you do not go about it the right way. However, when you have a proper plan and you do things appropriately, you can very well make considerable savings every month. Here are some effective questions that you should ask yourself for saving money quick and proper.
- What is the interest rate of the credit card you use?
As far as credit cards are concerned, several rates should be tracked for them. First of them is purchase rate that is normally between 9% p.a. and 22% p.a. No-frills cards usually have low percentage rates but cards with higher rates usually have certain lucrative perks and reward points. Rate of cash advance should also be tracked. Normally it is above 20%. Knowing the rates better will help you determining how much the card is costing you and where you can be able to save.
- Is credit card really needed
When you have a credit card, you are like to go off the track and your spending can increase considerably. If you can’t restrict yourself from the temptation of spending on the items that may not be too necessary then it is better for you to stay away from credit cards and help yourself save money.
- How to track your spending
Keeping track of whatever you spend is of utmost importance in order to save according to the plan. You need to figure out what option you will take for keeping track of things. There are some tools available online as well as in the form of different apps that can be used effectively for tracking whatever you spend and determine if you are going to meet the goals that you had initially set for yourself or not. Make use of these tools and put yourself on the right track.
- Do you have your spending under control
This one goes hand in hand with the point mentioned above. When you track your spending with different tools, you will be able to find out whether you are on right track or not. To save money quick and proper, it is of utmost importance that your spending is under control. Ask these questions to yourself and rectify things if you are lagging behind your money saving goals. You will surely end up on the right track in no time.