If you made it your goal to save more money this year, we’ve got you covered. Here are 4 easy tips that will help your bank account get a little bigger.
4 Helpful Tips If You Want to Save More Money in 2019
Saving money is always a popular New Year’s resolution. But keeping it can prove to be quite a challenge for many people.
In fact, 40% of adults in the US can’t even pay for a $400 emergency.
Do you want to beat that statistic? Set a goal for yourself, we’ll help you make it. Here are some tips to save more money in 2019.
1. Write a Budget
Too often your money disappears and you have no idea what happened to it. This is a recipe for disaster and is part of the reason your savings account isn’t as big as you would like.
Sit down and write out a reasonable budget. Figure out what your living expenses are and determine if there are any you can cut out. For example, do you really need both cable and Netflix? Maybe it’s time to cut one out.
You can also opt to learn some do-it-yourself work. Unexpected household expenses like plumbing repairs can throw a wrench in your perfectly planned budget. Learn how to do the simple fixes yourself to save on repair bills.
Once you have your budget figured out, you know how much wiggle room you have each month. You can start putting the extra into savings.
But first…
2. Pay Down Credit Card Debt
The average American household carries more than $8000 in credit card debt. With interest rates on the rise, there has never been a better time to cut down on that debt.
Depending on the balance you carry, you could literally be throwing away several hundred, or even several thousand dollars a year. Once you pay off those cards you can put what you would normally spend on interest in the bank.
It might surprise you how quickly the savings will add up!
3. Change Up Your Investments
Rising interest rates don’t just affect credit cards. Savings and investment interest rates are on the rise too. But if you have your savings sitting in the bank it probably isn’t earning very much. Banks are notorious for offering rather pathetic interest rates.
If you have a tidy little nest egg accumulated, it might be time to look into more profitable options. Feeling nervous about investing on your own? Simply employ the help of the best brokers to easily maximize your profits.
For more liquidity, you can look into online savings accounts. These often pay a much higher rate than the bank and you can still access your money as needed.
4. Automate Your Banking
Do you have a hard time remembering to pay your bills on time? You may not think it’s a big deal–you simply pay the late fee and move on. But that’s wasted money every time you do it.
Automate your payments and you don’t have to worry about remembering to pay on time. That goes for your savings account as well. Set up an automatic transfer each time you are paid and your account will grow without you even realizing it.
There are even “spare change” apps you can set up that will round up your purchases and add the extra few cents to your savings account.
If you have a tidy little nest egg accumulated, it might be time to look into more profitable options such as a 401k. You can learn about 401k’s here.
You Too Can Save More Money
It can feel like a daunting task to learn to save more money. But once you get started, you’ll realize that it isn’t as hard as you thought.
Follow these tips and you’ll already be well on your way. You might have to make a few sacrifices, but the rewards are worth it!
Looking for more money-saving tips? Check out how to save on travel expenses here!
Meg is an author at Cinnamon Hollow. She writes on a variety of topics sharing tips and ideas for daily life.
