Preparing for your financial future doesn’t have to be a major task. In fact, you can start today!
By making a few simple changes to your daily routine, your savings account will be padded in no time.
Before getting discouraged about your savings plan, check out 8 simple ways to put more money in your pocket:
1. Set up Automatic Transfers
You don’t skip on your bills, so why should you put off putting money into your savings account?
Setting up regular, recurring transfers can keep you from spending what should be allocated for savings.
This will also help you stay on track with the other parts of your budget, since you’ll get used to that money leaving your account as soon as it hits.
2. Be Sensible About Financing
Even the most responsible planners need some extra help now and again.
Credit can be a useful tool for debt consolidation, rewards accumulation, and planning for large purchases. But, it can also be dangerous if used irresponsibly.
Obtaining a car title loan to pay off higher-interest debt is an easy way to add more to your savings account each month.
Choosing this option will prevent you from losing money in high-interest fees, and you won’t have to give up the use of your car.
3. Limit Unnecessary Spending
Unnecessary spending is a broad term that can apply to anything from taking out to monthly spa treatments.
For one month, track all of your expenses to see exactly where your money goes.
Once you know what you’re spending on, you’ll have a better idea of where you can cut costs. Many of us spend more than we realize on extras.
Spending too much on extra items will add up quickly. Consider limiting your spending on things like:
- Convenience food
- Fancy coffee
- Fast fashion
The average person can save thousands of dollars each year by simply removing non-necessities from their budget.
4. Cut out Drinks
You can save a ton just by ordering water instead of sugary or alcoholic beverages.
Soft drinks typically add at least $2 to your bill at most restaurants. If you order something stronger, that amount increases dramatically.
Not only is water the healthier option, but it can be found for free nearly everywhere.
5. Shop Around Before Shopping
When it comes to shopping for clothes and groceries, not all stores are created equally.
Shops usually offer sales at intermittent times. To make sure you’re getting the best deal, check the weekly specials and sales at your favorite stores before stocking up.
Many grocery and department stores have email newsletters and coupon mailers that include all of the promotions that are currently going on.
Before you head out to run errands, make a plan based on your driving route to visit the stores with the best deals.
6. Use Credit Cards for Recurring Expenses
Credit cards are one of the main sources of debt for most Americans today. But, when used properly, they can be an excellent money-saving tool.
This is especially true for cards that offer points or cashback based on your purchases. If you use your card for expenses that you need to pay regardless, you can gain a considerable return.
However, you just need to be sure to pay your balance in full each month to avoid paying costly interest fees.
7. Swap a Hobby for a Side Hustle
Do you have any interests or activities that you spend time on regularly? Is there a way for you to make money doing something you enjoy?
Depending on your hobbies, you might be able to turn it into a side business. Calligraphy, graphic design, woodworking, and musical instruments are just a few examples of hobbies that you can monetize.
8. Opt for Free Activities
Even in the country’s expensive areas, there are still a variety of things to do that come at no cost.
Take a stroll on a nature trail or through a park instead of visiting the movie theater. Or, you can check your local community center for specials on public transit, museums, and other services.
You don’t need to spend a ton of money on food, drinks, and events to have a good time.
Saving money is one of the most important – albeit confusing – parts of building financial stability. But, these are just a few simple ways to reduce your spending and grow your bank account in a short amount of time.