Most people would like to save more money, but they’re not sure how. Even if you allocate a certain percentage of your paycheck to savings, it can still be hard to reach your goals.
To help you out, here’s a list of ways you can save even more each year.
Get Free Rewards Checking
Are you still paying high fees and struggling to meet minimum balances on your checking accounts? You don’t have to!
Find a credit union like Aspire FCU that offers free checking with no minimum balance… and even rewards!
Sign Up for Free Customer Rewards Programs
Almost every business has some sort of free customer loyalty program. You will typically just be asked to provide your contact information. If you don’t want to worry about sorting your primary email inbox, create an email address that’s just for receiving coupons and offers.
Remember, just because you have a coupon for something doesn’t mean you need it. If it’s a fun purchase, think about it for a couple days before buying.
Candles, food mixes, baked goods, and soap are fairly easy to make on your own and cheaper than always buying them at the mall. The homemade touch will also give the gift more sentimental value.
If crafts aren’t your thing, you can also give service-oriented gifts, such as babysitting or landscaping.
Create a Meal Plan
At the beginning of each week, plan every family member’s breakfast, lunch, dinner and snacks for the week. You can then make big batches on Sunday, freeze the extras, and have good food readily available during the busy week.
Make a grocery list after you plan your meal. Going to a grocery store with a list will help prevent you from picking up unnecessary things.
Do Post-Holiday Shopping
You’ve probably noticed the big sales after holidays, but have you ever taken advantage of any of them? You can prepare for next year by purchasing decorations or other items you get annually during these post-holiday sales.
Be proactive about what you pay for monthly services such as cable and auto insurance. Shop around and compare prices to ensure you’re getting the best deal, and switch over if necessary.
Keeping a coin jar or piggy bank may seem childish, but you can actually save up a good chunk of cash.
Know Your Savings Options
Allowing your money to grow is important for savings. You can keep your money in the following accounts:
Standard savings account – These accounts will usually offer a small interest rate to store easily accessible funds.
Share Certificate – These accounts are the credit union equivalent of certificates of deposit (CDs). Interest rates are higher than typical savings accounts, with terms often ranging from 6 months to several years. You do not have access to your money during the term.
Money Market Accounts – These accounts typically offer rates in between share certificates and savings accounts, with limited access to your funds.