Let’s face it – it’s hard to save money when bills are piling up and you feel like you’re living paycheck to paycheck. So, what are some ways you can save that are a bit more unconventional, but will get you some positive cash reserves?
Automatic bank deductions: One great thing about the digital age is that you can automate a lot of your personal finances – including your savings. It is a fairly standard feature for most banks to allow you to automatically transfer funds from one account to another. You can simply set-it-and-forget-it, which helps ease the emotional component of physically moving the money between accounts.
Raise your allowances: The more allowances you claim on the W-4 form for your employer, the less there is taken out of your paycheck. Consider raising your allowance and put the extra money you receive in your paycheck into savings. Keep in mind you will probably owe money come tax season, but you’ll have the opportunity to earn interest on your money throughout the year.
Call your insurance company: Contact your auto and home insurance company and ask if you are eligible for any discounts. You’d be surprised at what you might qualify for and how it will affect your premiums. Also ask if you are eligible for liability coverage instead of comprehensive coverage. You might find some significant savings you can pocket.
Take advantage of card offers: On occasion, debit and credit card issuers will offer financial incentives to use their card (ie, get $25 for using your debit card for 5 purchases during the month). Be mindful of the offer and any restrictions/limitations, and don’t participate if it will cause you to spend funds you don’t have. But if it makes sense, take advantage of these offers and bank the reward.
Keep a change jar: Not too complicated or difficult; just toss your coins into a large jar. You’d be surprised how quickly that change adds up. When it gets half-full or so, take it to the bank and deposit it into your savings.