Saving money is an important step to take toward optimizing your financial health and well-being. Unfortunately, it is always easier said than done. In fact, many Americans have very little savings – if any at all. There are steps you can take, though, to make it easier to set aside some cash. Here are seven tips to get you started and help to prevent feeling any immediate loss to your current household budget.
- Use a jar that you keep in plain sight to deposit your change at the end of the day. When it is full, take it to your bank and deposit it into a savings account. Having it visible each day will remind you to drop in your change.
- Get rid of excess clutter and make some cash by selling things you don't use on eBay, through a resale app, or at a garage sale. Not only will you make money, but you will clean up your living spaces as well. Put this money into your savings account.
- Take some time to examine your bills and find ways to reduce them. Shop around for cheaper insurance, telephone, and cell phone service. Do what you can to reduce credit card rates.
- Consider carpooling to reduce your monthly gas costs.
- Make a plan for large purchases. If you know that you need to make a large purchase in the near future, act strategically and set aside enough money each month. That way, you will have the necessary funds to purchase them with cash and won’t have to resort to loans or credit cards.
- Similarly, if you know that you will have a large annual or semi-annual expense, like car insurance, property taxes, or holiday spending, start saving for it all year. Simply divide the expense by twelve and save that much each month. By the time the due date rolls around each year, you'll be ready.
- Take advantage of the sharing economy and get paid for offering your services. You can barter everything from computer work to childcare to raking leaves. Anything that you can do around your house or work is something that another person might need. Create a profile on an app like Fiverr and get to work!
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