Are you looking for other ways to increase your savings? Read on to discover some effective ways to increase your savings.
There are lots of different ways to increase savings.
- Have a percentage of your wage automatically deposited into an investment account. Most mutual funds have a $25 minimum investment amount. You won’t even miss it from your pay cheque because you don’t see it and your investment grows.
- Understand your taxes. There are so many easy tax breaks you can utilize if you understand how they work. Ask your tax preparer or read on your own.
- Make a life plan and work towards it. If you plan to have a million dollars by the time your 40 then let that drive you.
- Budget. Don’t buy all that stuff you don’t really need. Pack a lunch instead of eating out all the time.
- Put a dollar or two away EVERY DAY into a piggy bank in your house and invest it once a year.
- Have 2 bank accounts. One for your everyday expenses, which you keep a lower balance in and one for the extra money you can access in a hurry should you have an emergency or unexpected expense.
- Take a close look at your insurance. Question your coverage and insure for only what you need. Increase your deductibles. If you keep all your insurance with the same company they sometimes give you a discount. Shop around.
- Shop smart. Impulse shopping accounts for a lot of wasted money. Ask yourself, do you really need to but the designer clothes or have 15 pairs of shoes. Clip coupons and shop in discount stores or look for the sales.
- Quit that bad habit, (smoking, drinking, gambling, etc.) Deposit the money you saved by not supporting the habit into a savings account.
- Take an interest in your money. Learn about investing. Learn what drives the markets and what a falling dollar or rising oil prices mean to your investments and be active in managing them.
These are only a few ways to increase your savings. The key though, is to WANT to increase your savings. If you truly want to save then you will make the effort to look for all the ways to increase those savings and make the money work hard for you. Here are two great articles on ways to save money and frivolous spending.
Published in: Personal Finance