As 2017 begins, you may be thinking about what you want to accomplish this year. If saving money is on your list, we think that is a great idea. However, saving money in the New Year is easier than it sounds. If you’ve already started your savings quest, but are looking for ways to give your savings account a boost, here are a few tips.
Save unexpected money. If you get an extra bonus at work or come into some unexpected cash, use the rule of thirds. Put one-third towards your debt, put one-third into savings, and use the last third to pay for something you want now.
Ditch your plastic. If you find you don’t have enough willpower to avoid spur-of-the-moment purchases while at the store, switch to paying with cash. Only bring as much as you want to spend that day and leave your cards at home. You’ll only be able to spend a finite amount.
Pay for your future. Saving for retirement is something everyone should be doing. Experts recommend putting at least 6% of your income towards retirement. If your company offers a retirement plan program, enroll as soon as you can. They might even offer matching contributions.
What are your favorite ways to save money?
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If you have a resolution this year to save money, we’re here to help. Saving money can be a lot harder than it sounds. We’ll share a few tips to help you save money in 2017.
Have a specific goal. Instead of just setting a generic goal, like, “Save money for a new car,” instead it needs to be measurable and achievable. Turn your goal into, “Save $5,000 for a new car.”
Make a budget. In order to save money, you need to stop spending it. Look through your bank transactions for the past few months to see what you’re spending your money on. Then, see where you can make cuts and divert that money into savings.
Save automatically. If you get a regular paycheck ask your payroll department if you can automatically divert a portion of your paycheck into a specific savings account. You could also see if you can do automatic deposits through your bank.
Have an emergency fund. To avoid dipping into your savings, start an emergency fund that is earmarked for actual emergencies, like medical bills, big car repairs, home repairs, etc. Experts recommend to start with at least $1,000.
Reward yourself. As your savings increase, reward yourself when you reach specific milestones, and, of course, when you reach your final goal.
Appliances – Buying energy-efficient appliances might cost more now but they’ll save you energy for years to come. That’s a good amount of money saved. Research what you’re buying before heading to the store to avoid getting smooth-talked by a salesman.
Air Filter – Cleaning your car’s air filter takes a few minutes assuming you follow the instructions in your owner’s manual. A clean filter can improve fuel economy by up to 7% which adds up to hundreds, if not thousands, of dollars over the life of your car.
Cancel Memberships – Do you really need that gym membership you’ve used once in the past year? Probably not. By cancelling memberships you don’t actively use, saving money can easily add up into the hundreds. You can always renew the membership later.
Generic Brands – Nine times out of ten, a generic brand item is the same quality as the store brand. The main difference is how the product is marketed rather than the product itself. More often than not, a generic brand is cheaper than a store brand.
Stay Home – If you find yourself eating out often, try to cook at home instead. You’ll be amazed at how much money you save in a short period of time.
Saving money is something everyone likes to do, especially if you’re running on a tight budget. Even small amounts add up over time and that can become a significant chunk of money in the long run. Here are some ways to help you save money from us here at Gateway Easy Auto Credit Help!
Customer Rewards Programs – Free to sign up for, retailers often offer customer rewards programs. Create an email address specifically for those programs, sign up, and check the account for coupons, discounts, and other rewards before you head to the store.
Make a List – Before you head to the store, make a list and stick to it. Doing so will help avoid buying unneeded food or other various items. You might end up eating less junk food as well!
Turn Off the TV – Turning off the television will help lower your electricity bill as well as eliminate exposure to advertisements. You could take the next step and cut cable altogether to save even more money.
Drink Water – A great health benefit, drinking water can help you eat less and spend less money on food. Eliminating soda is a great way to save money.
Go Dark – Leaving lights on doesn’t have much impact on a bill-to-bill basis but it does add up over time. Turn out lights you don’t need and consider changing to more efficient bulbs.