Tag: Savings Accounts

Money Saving: Putting your savings into a savings account

Putting your savings into a savings accountOne of the best ways to save money, is by putting your savings into a savings account and then not touching it. Other people have funds deducted from their paycheck and deposited directly into a savings account, 401k retirement account etc. But we want to talk about another way of saving for rainy days and emergency funds. For example if you took all of the change in your pocket at the end of the day and threw it into a jar, how much money would you have at the end of the week? Another approach is to just place $5 in an envelope or jar each day. At the end of one week you will have $35 to spend on dinner or just keep it and let it build until you need it.Would you miss the $5 or the change from your pocket? Probably not and that is really the message. Pick a number that you know you will not miss and make a habit of saving that money each day. At the end of the month put it in your savings account so that you will not be tempted to use it.

Putting Your Savings into a Savings Account

A friend of ours uses this approach to save money for his vacation. Both he and his wife throw their spare change into a large glass jar with a sealed top. When vacation time comes along, they break open the jar count their money to see how much they have. Sometimes they will have as much as $1000 towards their vacation.

With electronic banking and automated payments, consumers can set up auto payments as a means of putting your savings into a savings account with no effort at all.  It takes 5 minutes to set up the automated electronic transfer into your account and your done. The bank will look after the transfer every month or whatever period you choose, depending on what you afford. All you need to do is make sure there are sufficient funds in your account to cover the transfer. It is that easy.


Top 10 Ways You Can Save Money Easily

Top 10 Ways You Can Save MoneyThese are the top 10 ways you can save money at home without even realizing it and it is pretty easy too.  They are not in any particular order. Some families will receive larger payoffs from one area than others and that is ok. Even if one of these areas helps you save some money which can be used for other things you are ahead of the game. Take a look at the list and determine if there any that you or your family can use.

Top 10 Ways You Can Save Money

  • Repair and Maintain Wear and Tear on Your Home
  • Maximize Your Credit Card Rewards
  • Claim Money In Your Name
  • Avoid Food In Your Kitchen Going Bad
  •  Pay Less for Smartphone Data
  •  Use Coupons That Are Right In Front of You
  • Always Negotiate
  • Don’t Fall For Tech Myths
  • Do not Overpay Your Monthly Bills
  • Trying Too Hard to Save Money
  • Share your home with family

We will expand on each of these to give you a little more information on just how you can save money on all of these areas.

Repair and Maintain Wear and Tear on Your Home – delaying repairs will only allow them to get worse and usually increases the repair costs substantially. As soon as you see something that needs to be fixed and repaired, do it right away. Water leaks are among the worst, the water spreads and damages a lot of things inside your home, creates mold and can even make you sick. This is just one example of fixing things as soon as you notice something amiss. Don’t wait or it will cost you more money!

Maximize Your Credit Card Rewards – take advantage of these rewards, they can save you hundreds of dollars. Health insurance, rental car insurance, travel insurance are just a couple of examples not forgetting using your points to pay for things like travel

Claim Money In Your Name – don’t forget money in unused bank accounts and other places were you may leave money from time to time

Avoid Food In Your Kitchen Going Bad – leftovers can be great and making sure that you use food before it expires can save you hundreds of dollars in extra food bills each month

Pay Less for Smartphone Data – use WiFi whenever you can to control or decrease the amount of data you need to pay for.

Use Coupons That Are Right In Front of You – it does not take much work to snip the coupons from the paper or even from some of the packaging your food comes in

Always Negotiate – the worst that can happen is that they say no or they will not negotiate. You would be surprised how even just asking can knock 10% off the price.

Don’t Fall For Tech Myths – go for the real thing. Check out all technologies online first and if it sounds too good to be true it probably is

Do not Overpay Your Monthly Bills – why would you give extra money to the big conglomerates. Pay your bills on time and only what you owe. Practice conservation and save thousands every year.

Trying Too Hard to Save Money – driving 10 miles to save $5 is going to cost more than that in gas. Always ask yourself if the net savings is going to be positive after you consider your expenses.

Share Your Home With Family

This is an interesting way to share the costs of running a home. If a family member moves back in with you, a child perhaps or an older parent, sharing the costs of maintaining the home can be very helpful. You need to discuss the arrangement up front before they move in and come to some sort of agreement. If you do this afterwords, there can be a lot of misunderstandings and it might even ruin your family arrangement. Sharing the cost of food, the cost of utilities and even the mortgage or taxes can make a huge difference for everyone concerned and save a great deal for both parties.

 


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