Sometimes a few changes in our daily routine can save you money. I have put together 10 ways that you can start putting money into your savings account for that rainy day fund.
Save all your spare change and put aside 50 cents a day. Did you know in a year you can save $500 for an emergency fund just by putting away that small amount of change each day.
Move your money to a place that does not charge fees. A bank fee can be $8.00 a month or more. In one year by changing a no fee account you can save almost $100. Credit Unions usually don't charge fees and not only do some banks/credit unions offer sign-up bonuses simply for opening an account and setting up direct deposit, but some offer attractive interest rates to new customers as well.
See if your employer has any discounts or membership savings. Some offer specials on phone rates, computers and even gym memberships. Also, if they match always open a 401k.
Stop collecting items and look in your closet and start selling things. Years ago beanie babies were the fad and you though if you bought them, you would be rich. The truth is you can pretty much give them away now. Look in your closet, garage and clean it out. List things on craigslist and ebay or on Facebook group sites. (Remember when you meet someone to always meet in a safe zone for trading goods and money.)
Buy coffee and make it at home. The $2 a day you could well save by buying a coffee rather than a cappuccino or latte would allow you, over the course of a year, to completely fund a $500 emergency fund this plus the 50 cents a day is now a $1000 emergency fund.
Don’t spend big money entertaining your children. Children can be entertained very inexpensively. Google ideas, teach them new things, take them to free things like museums and parks.
Ask your physician to consider prescribing generic drugs. Generic drugs can cost several hundred dollars less to purchase annually than brand-name drugs. Some places like Publix actually will give you medicine for free, depending on the medicine.
Before renewing your existing home and auto insurance policies each year, check out the rates of competing companies. Their annual premiums may well be several hundred dollars lower. Note: many companies offer a low entry rate and will raise it up the next year...so watch for that.
Avoid convenience foods and fast food at all costs. Not only is it way to expensive for what you get, it is also very unhealthy. A nice sandwich at home will cost you so much less and you know what is in your food.
By: Lori Cummings [email protected]