Start the New Year with New Savings Habits
When you are on a tight budget, savings may not necessarily be part of it. It can be easier than you think, however, and stashing money into a savings account is important not only for homeowners but for anyone. Check out these ideas and try adding them to your personal financial plans:
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Asking your employer if they offer a direct deposit paycheck program is wise. Not only does your money deposit a day earlier than others receive a paper check, but you can arrange for a certain amount to be put in a savings account.
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Cut back on lunch expenses on workdays and bring your own lunch. Add the normal cost of a take-out lunch to your savings account.
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Once a loan or credit card balance is paid off, add the payment amount you would normally make to your savings.
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Round off your checking account balance each week and transfer the difference to your savings account. In other words, if your final balance is $247.68, round it down to $240.68--or even better--$230.68.
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Save money on groceries by creating a meal plan each week and buy only the necessities for those meals with a limited number of snacks. Another way to save is to order your items online and pick them up at the store (it will save you from impulse purchases!). Watch your savings add up and put the difference in your savings each week.
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Sign up with a rebate shopping app like Rakuten (formerly Ebates) or Ibotta, and have the rebates sent to a PayPal account, and think of it as no-interest savings, and transfer the funds to your bank account whenever you want. Some rebate companies are now offering direct deposit as well.
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Believe it or not, unsubscribing from promotional emails can save money if you frequently click and buy through the emails they send.
Once you develop a routine, saving becomes second nature. The increasing savings balance will encourage you to keep up the new habit, and maybe even find more ways to save!
Courtesy of New Castle County DE Realtors Tucker Robbins.
