Who doesn’t wish they could save a few hundred dollars per year and retire earlier thanks to this decent little nest egg? While the ambition and motivation are both there, most people do not have the proper knowledge when they start saving money. As a result, they blindly save a few dollars here and there with little to nil efficiency.

Saving money is easy, but saving a decent amount of cash on a consistent basis is much harder. Without further ado, here’s five simple ways you can save more this year and the following years to come. While you save your company many be looking for bad credit loans. Many companies don’t have the credit to go to a traditional bank. If you need help an equipment loan contact Dr Credit today for a fast response.

Take a Part-Time Job

A home-based part-time job contract is a great way to save money without necessarily increasing the physical and mental tribulations of your professional life. This is especially ideal for full-time professionals whose job positions are flexible in terms of schedule and location. For instance, a magazine editor can work part-time during the weekend or late weekdays as a freelance content writer. Another example is a software engineer debugging simple programs for remote clients on his/her downtime.

Hire an Accountant

It’s tempting to forego the traditional accounting services and just go with the high-tech tax preparation software tools available today. However, for people with complex tax situations, you can actually deduct more by itemizing your taxes. For example, if the standard deduction for single taxpayers is $5,950, itemizing your taxes can reveal individual deductions that can further add up to your tax returns. This may include expenses related to education, job, and even job hunting.

Snag Discounts

The concept of savings can be embodied through discount coupons discount coupons. It’s literally the easiest way you can save money on your purchases. While the individual amounts are nominal and seemingly no reason to be excited about, the amount can significantly compound over time. Incentive programs offered by your employer should also be taken advantage of, such as gym memberships, computer rentals, and even concert passes at summer festivals.

Invest in Your 401K

Albeit a tad overused, this tip is really worth mentioning. Even if your employer does not provide dollar matching contributions, the tax treatment of funds in a 401K plan is still advantageous for the thrifty at heart. Majority of 401K plans also offer an array of financial assets you can choose to invest your money in, such as bonds, stocks, and of course your own company’s stock.

Be a Frugal Foodie

Coffee, for example, should be homemade rather than those you buy from cafes. If you must buy drinks outside, make sure to buy regular coffee rather than those expensive latte and cappuccino drinks that are not only expensive, but more sugary as well. Eating out or ordering restaurant deliveries are also bad habits you must curb. Besides being unhealthy, you also end up paying high taxes plus tips when your food comes prepared by restaurants and diners.

Organize Your Bank Accounts

The most common banking mistake that costs taxpayers is withdrawing money from the ATMs of other banks or credit unions. Each withdrawal from a different ATM can cost you a $3 fee, which in a year can add up to more than $100. Imagine what you can do with that $100 if only you had a more convenient ATM serviced by your financial institution.

Reinvest Savings

Saving money is prudent, but you won’t really change your economic stature with $100 of savings per year. At best, you’ll have a few thousand dollars in the bank after 10 or 20 years, which minus inflation further dwindles your funds. Open an individual investment account and proactively look for opportunities, such as stocks, commodities, currencies, and even properties.

Work to Own Your Home

Renting is indeed a cheaper option, but it’s not a feasible means of accommodation from a long-term perspective. You’ll end up paying a huge portion of your monthly paycheck on a house that will never be yours. Rather than rent in a spacious apartment complete with building amenities, try to secure a smaller, inexpensive apartment unit. If you are single, you can even rent a basement, which costs cheaper.

Keep the long-term perspective in mind when looking into areas that you can save from. While some expenses may seem a liability, they may play out as an investment in the long run, such as education, and vice versa.