52 Week Money Challenge – Ways To Save Money Week 11
It’s Friday, y’all!! And it’s time to make that weekly deposit! Are you keeping up with putting the money in your jar or bank each week? If you need help with weekly reminders, then sign up for our 52 week challenge newsletter!
This week you are depositing $11 in your money jar. Or if you’re doing the challenge in reverse, then $42. Or if you’re making up your own challenge, then be sure to deposit that money!I’ve found that it’s easier to have a separate account for this challenge. You can sign up for a FREE Savings account through Capital One HERE. I like that I don’t have access to this money{easily}.
Here’s this week’s savings tip: save money on those pesky FEES!
When it comes to fees and extra money we pay for services, many people don’t know that you can actually get out of them in many cases. Fees are often not set in stone and if this is true, why are you paying them? The average person probably pays hundreds of dollars in fees that they don’t have to every year.
Here are some common fees that you may be paying, unnecessarily:
ATM fees: You can often negotiate with your bank or financial institution to not pay some of these fees imposed by them by simply asking. In the future, they may be able to tell you how to avoid them by giving you tools and resources for staying in-network. I know sometimes this one gets me! I’m by an ATM and I need cash. However, it’s not my bank. One thing I do to cut down on the fees when it’s hard to avoid them is to go to Target, CVS or a store that offers cashback options. So, I will buy a pack of gum and then get cashback at the register. Yes, I spent some change on a pack of gum, but at least I have something to show for it- and it’s not a FEE!
Gym membership fees: I can’t tell you how many times I started a gym membership and went a year to two years without using it! Ugh, YES! Many gyms charge fees for initiation or classes. To avoid paying some of these fees, do your homework with competitors in your area. Ask them if they are willing to meet the fees set by other gyms or at least offer you some incentive to choose them such as free classes, guest passes or even free personal trainer time. Also, inquire if they have any referral programs and ask if they would be willing to waive fees for initiation for you and a friend if you are able to make a referral.
Late payment fees: The obvious thing to do is pay your bills on time, but what if you can’t on occasion? Simply calling and explaining the situation on why you will be late can often get fees waived on a one time basis. Of course, if you are always paying late, this won’t work, but if you have a good reputation for paying on time, you may be able to get out of it once in a while.
Credit Card Fees: Credit cards are notorious for having lots of fees associated with them on top of the interest. You can avoid many of these fees by simply comparing cards before you take offers on them. There are numerous cards out there with no balance transfer fees as well as no annual fees.
Bank Fees: Often, many banks offer an overdraft protection based on the amount of money you have in your account that you can set up. Many banks don’t actively advertize this so you will probably need to ask. To avoid many of the fees associated with banks as well as generally being able to have a lower minimum balance in your account, try joining a credit union.
I hope you found these tips useful when it comes to saving money on fees. Join us next week for another savings tip for the 52 Week Money Challenge.
Did you miss a week of the 52 Week of Saving Tips? You can find them HERE!
It’s not too late to join the 52 Week Money Challenge.
Why should You join the 52 week money savings challenge?
Most families are on the constant look out for ways to save more money. This challenge is easy and doesn’t require you to do a lot each week. It starts out with just saving a $1 on the first week. Or, if you’re doing the challenge in reverse, then $52 bucks.
It’s an easy way to save money and it does work if you apply just a little self-discipline and you are determined to save money. And having a goal is a good way reach your saving objective. Below are a few saving goal:
- You can use the money you saved to pay for your Christmas at the end of the year.
- Go on a vacation
- Jump-start a college fund
- Pay off debt
- Buy a car
- This could be your first time actually saving money in a bank account
The reasons for saving extra money are endless!But the key is getting started!
People tend to do better when faced with a challenge (of any kind).
- You will receive a weekly email reminder telling you to make your deposit into the bank or jar
- You will also receive a weekly savings tip on a way that you can save that week.
- You will receive inspiring stories and ways to save money each week!
- Many people and blogs start out doing this challenge within their communities. But by March, most have fallen off the band wagon. As you can see,by just looking at our 52 weekly challenge archive, you can see that we kept up with it each week.
- I’ve personally and successfully completed this money saving challenge two years in a row! I am doing this challenge right along with you and to encourage you along the way. And if you need to tweak it to fit your families needs, save more , etc. then I am here to help you with that too!
- You can find out more about the 52 Week Challenge HERE
So, let’s get started! Sign up today to start receiving the 52 week money saving challenge newsletter!
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