If you’re looking for ways to increase your savings, this article can help. You can implement these tips and strategies starting today, and be on your way to a fat, healthy bank account:
1 – Start an online business – There are many to choose from, and most of them don’t require a lot of start up capital. All you need is a computer and an internet connection. Of course, you need to do your homework and choose a company that you are comfortable with; but an online business is a great way to make some extra income and increase your savings.
2 – Cut down on expenses – This is another great way to put more money in your pocket. Take a serious look at what you are spending your money on, and think of ways to cut back. You could cut out the fast food, grow your own vegetables, and buy no-name brands instead of the other expensive brands.
3 – Look for better insurance rates – Companies are very competitive nowadays, and all are vying for your business. Shop around for a better rate; just make sure you are not compromising quality, or the type of coverage you need. This is especially important for health insurance: make sure you get what you need – you’ll want to make sure you and your family are adequately protected.
4 – Downsize – Perhaps it’s time to sell that big 4-bedroom, and buy a smaller 3-bedroom. Maybe you could get away with a fuel-efficient car, instead of that gas-guzzling SUV? Take a good look at your lifestyle, and ask yourself if you really need all of those things.
5 – Sell what you don’t use – There is probably some furniture, books, tools and other items that you don’t need any more. Put an ad in your local paper, or post it online. Then put the cash directly into your savings account.
6 – Forgo that vacation – Vacations are great, but they are very expensive, especially if you have a family. You’d be better off putting the money in your bank and maybe just taking a 2-day weekend getaway somewhere.
7 – Get a second job – This will guarantee that you have extra money coming in every month; it doesn’t have to be forever, just until your bank account is at a point that you are comfortable with.
8 – Pay off your loans and mortgage faster – You’ll save a ton of interest and monthly payments if you pay off your loans and mortgage as quickly as possible. Ask about accelerated payments, or a reduced amortization.
9 – Get rid of your credit cards – These have extremely high interest rates, and if you don’t pay the balance off every month, you will pay much more than you need to. Try and buy all of your items with cash, no matter what incentives the credit card company offers you.
10 – Stop the impulse shopping – Buy only what you need from the store, and stay away from anything that isn’t on your list, no matter how much you want it, or how much it’s on sale for.
Having the right attitude when it comes to saving money will take you a long way in the right direction. Creating a budget and sticking to it like glue will help you define where money is being spent. After all, how do you know where to save if you don’t know where you’ve spending your money? Following a plan consistently will help you achieve the results you desire – sooner rather than later.
About the author: Johnny Guyzer is a long time contributor for Kanetix.ca, an online insurance quote engine where you can compare life insurance rates and save money.
Credits: Photo courtesy of Nelson Kwok.