10 Ideas to Save More Money
Are you having trouble saving money? Worried that you don’t have an emergency fund of 3 to 6 months of living expenses?
Here are 10 ideas for saving more money that you can start today:
Contribute to your Company's 401(k) Plan - the money goes in automatically and you'll never miss it, just start small and increase your contribution rate each time you get a raise. Make sure you contribute at least the amount your Company will match - it's free money. See my other post on 401(k)'s.
Automatically withdraw funds from your checking account and deposit into a savings account every pay period; again, start small but in time you won't miss it
Look at cancelling some of your online subscriptions - do you have something you don't use anymore? Maybe you got a Netflix account and don't watch Hulu anymore? Cancel the one you don't need and add that amount to your monthly savings.
Sign up for Amazon Prime; you can save a lot of money on everyday purchases, you get videos and music included (maybe cancel that other music subscription service and add that to your monthly savings) and the shipping is free.
Open up an Acorns account. You can save your spare change automatically into a diversified online portfolio of stocks setup by experts. You'll hardly miss the money and before you know it you'll have a nice amount saved.
Cancel Services You Don't Use - Do you still get the newspaper? How about a landline phone? Magazines? Cancel them! Take that money and roll into your monthly savings.
Sell Your Extra Stuff on EBay - clean out the garage and the spare bedroom and make some extra money, but don't spend the money you earn; instead, put it away in your savings account!
Look at Your Insurance - You might be paying too much for car or homeowner’s insurance; call around and see if you can get a better deal from another company. Take the money you save compared to old insurance and add to your monthly savings deposit.
Pay Off Your Credit Cards With a Personal Loan - Invest the money you save in lower interest charges into your monthly savings. I like peer to peer lending programs like Prosper.
"Hide" Money From Yourself - Do as much saving as you can automatically as described above and put into accounts that you don't regularly look at and can't easily access to move back into your checking account and spend. Out of sight, out of mind!
I hope this helps you get some ideas on how to save more money. For more ideas on investing, check out my books here.
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