Getting a savings plan in place may well be one of your resolutions for this year, but do you know how to go about it?
It is okay if your answer to that question was, “no”. After all, not many people know where to begin paying off their debt let alone, saving their money.
Don’t worry, I am here to help…
Creating a plan that works for you and your family is a great idea. Not only can you start to achieve the financial goals you’ve been envisioning, but you can also start saving some money for a rainy day – i.e., a new vacation booking!
You’re aiming to live a simple life when it comes to money, and there’s nothing wrong with that. It’s always better to have an emergency fund backing you up for times of struggle. If you haven’t got a savings account, it may be worth looking into one now. This way, once you’ve read our reliable ways to save some cash, you have a place for it to go!
6 Easy Ways To Save Money
Cut the small things.
I bet if you took a hard look at your bills you’d realize you have a lot of small purchases. Take a Starbucks run every morning for example.
I bet you pay at minimum $4 a coffee every morning, right?
Skip Starbucks and start making your own coffee at home. Sure, it’s going to take some getting used to if you’re particular about what you drink, but you can save so much every year when you bring your own coffee to work in the morning.
Save yourself some money and create a tip jar, so you’re putting away the equivalent in coffee money every week. Then deposit that into your savings account or use it to pay off debt.
Consolidate current debt.
Consolidating your current debts with a loan from somewhere like visiolending.com could be the best thing that you can do to free up hundreds of dollars in payments each month. If you have several small debts, this could be the best way to pay them all off and have just one amount every month due to one place with hopefully a lower interest rate.
This really works well if you can be trustworthy to not go rack up your credit cards again.
Tip: Get an automatic payment set up so that your paycheck is deducted by this amount + then some each month so you don’t have to think about it and can pay it off faster.
Save Your Change.
As much as possible, collect your loose change and start saving it in a bottle. It all adds up, and every single cent can make a difference to your savings account every month. Those cents lying around under the sofas and in old pockets? They have value!
Sell Everything You Can.
As Dave Ramsey would say, “Sell Everything but the kids”.
Anything you have in the house that you don’t need, hold a garage sale or post on Facebook marketplace and sell it all!
You’d be surprised at how much money you can make just by selling stuff around your house that you really don’t need.
Skim your account for savings.
Have you ever heard of account skimming? Every day, skim the cents off your account into your savings. So, if your balance sits at $5.68, remove the $0.68 and put it into a high interest savings account. Do this each day, and it slowly builds up so that you have more money in your savings than you had before.
Make Your Money Work Harder For You
Smart investments can help you increase the amount you have saved. If your salary and lifestyle do not allow you to save enough for a worry-free retirement, you might consider investing in low-risk investments. Alternatively, consulting an expert such as HodlRate.com can help you get started in the world of Bitcoin and cryptocurrency so that you can better understand the many ways that such investments can improve your portfolio and savings.