Constantly checking your account balance and robbing from Peter to pay Paul, are both signs that a financial change must happen. The following winning formulas will grow your money like never before. Ready to learn how to increase savings in 7 easy ways? Let’s go!
- Itemize all spending.
That’s every single penny you spend in a thirty day period. If you don’t know where your money is going how will you be able to keep more of it in your pockets? Determine which bills are mandatory, emergency, entertainment, or just need to stop. Put your foot down. If you want to see money in your account next month, you’ll have to make some changes today.
- Cook at home more and eat out less.
Restaurant food taste delicious, but will cost in more ways than one. If you’re single sometimes you may have to pay twice, the food has little nutritional value, and the sodium and cholesterol levels are astronomical. Preparing and eating your own meals allow you to control the ingredients, cost and you will not be hungry an hour later.
- Always get three quotes for any service or product you are shopping for.
I once reduced my insurance bill by 30% by simply calling my agent and requesting a review of coverage. This approach works on nonrecurring bills as well as the recurring ones. For example if you’re moving next month, don’t simply hire the first movers you find online. Do a little research to ensure stretching your dollar. Practicing this checks and balances technique will lower your overall outlay of cash.
- Get a part-time job.
Think about it for a second, you have your day job, so there’s zero stress. And at the end of the week you’ll have some extra cash! Finding brick & mortar part-time work is easy or you can explore consulting opportunities online. There are tons of popular sites that are dying to promote your skills, and thousands of customers willing to pay you. Could working from home in your pajamas be a reality? You bet.
- Maximize your 401(k)
Forced savings has to be the easiest way to grow your money. Nearly 7 out of 10 of your co-workers aren’t contributing to an Employer-Sponsored Plan. Don’t be part of the pack! Continue to move in the other direction. Yes, wages may be stagnant and cost of living still rising, but if you don’t actively save now where will the money come from later?
- Get rid of your credit cards.
Although you can’t throw them all out at once, the long-term plan should be to save more of your loot by avoiding interest charges and paying cash more often. Avoiding credit card surcharges is a discipline that will surely help you to reach your savings goals.
- Consider buying a used car.
New cars loose up to 20% of their value within the first twelve months—ouch. Car manufacturers are making cars better, loading them with killer options, and delaying model makeovers. You can save a bundle of cash with your next vehicle purchase, and my neighbor will not be able to tell one way or another.