'A penny saved, is a penny earned'. This age old saying still holds true in today's world. Money as a resource is extremely essential but also limited at the same time. Saving as a habit should be practised and shared. Here are some quick tips on how you can save pennies in everyday transactions: Savings Plan

·         You can start by using only those ATMs which belong to your bank or credit union to avoid paying a withdrawal fee.

·         Ensure that your cheques do not bounce to avoid the penalty.

·         You should always keep a check on your credit card debt. It’s always advisable to keep it to the minimum so as to avoid the eventuality of overdue credit.

·         Always ensure that you pay your credit card fee on time every month to avoid a late fee.

·         Research for the most economical and suitable auto and homeowners insurance each year before renewing your policy.

·         Raise the deductibles on auto and homeowner’s insurance so as to reduce your annual premiums.

·         Assess your need for life insurance coverage. Your life protection premiums should depend on your family dynamics such as your children’s independence, your spouse’s employment, etc. This will ensure that you do not pay for a life insurance protection you do not need. The annual premiums on a term life policy would typically fully fund an emergency savings plan account. However an endowment insurance plan would also help as a financial failsafe, in case you are short on funds.

It’s not only important to save, but also savings plan smart! Each hard-earned penny should be invested wisely and it’s only fair to cut costs wherever possible.

Source: https://www.pnbmetlife.com/articles/savings/step-by-step-guide-to-save-money.html