4 Budgeting Tips to Help You Save Money

You know saving money is important, but you're probably tired of the same old advice. You've stopped buying Starbucks every morning and started brown-bagging your lunch for work. Is there anything else you can do that doesn't require living like a starving student forever?

Yes, there is! In fact, here are five easy and effective things you can do to budget better and save more money.

1. Spend One Hour Every Month Reviewing Your Statements

While your bank account and credit card statements aren't probably at the top of your reading list, taking the time to look them over is an easy way to save money..

The good news is you don't have to spend a lot of time reviewing them. All you need is about an hour a month. Check your bank statements to see if you're paying any avoidable fees, such as account maintenance fees, ATM fees, or overdraft fees — and make a plan for how to avoid them going forward. This could be finding a free checking account, identifying fee-free ATM machines you can use, or linking your checking account to your savings account to avoid overdraft fees.

Then look over your credit card statements. Are there any fraudulent charges? If so, contact your credit card company to report them. Are there fees for subscriptions you no longer need? If so, cancel them. Are you getting late fees? If so, set up autopay to avoid late fees in the future. Getting dinged by high interest rates? Ask your credit card company if they can lower your interest rate — then see if you might qualify for a personal loan (at a lower rate that your credit card) to consolidate your debt and reduce your monthly interest. And, of course, focus on applying your savings to paying down any debt faster!

2. Budget Your 'Fun' Money with a Prepaid Card

Sometimes it's just too tempting to dip into your checking account when you run out of spending money. An easy way to prevent yourself from overspending is by putting your fun money on a prepaid debit card.

Prepaid cards are safer than debit cards because they don't provide direct access to your checking account if lost or stolen. They also let you set a predetermined spending amount. Just swipe until you use up the balance — and then resist the urge to hit the ATM for cash.

Reloading your card is easy and convenient, too. Just be sure to choose a prepaid card that charges minimal fees — some cards on the market are notorious for their excessive fees.1

Synovus offers a prepaid debit card with minimal fees.