Whether you have a lot of credit card debt, or are simply trying to prepare for unexpected expenses, having an adequate savings account is important.
However, putting money away each month is difficult for many people, and if you are one of them, you might want to consider these methods to help you save more.
Method No. 1 – Cut unnecessary expenses
One of the best ways to find more money to put away is to cut expenses that you don’t need to have. For example, many Americans pay way too much for their phone service, and you are one of them if you have a cellphone and a landline, according to Yahoo Finance. Most people have cellphones these days, which essentially makes a home phones useless. That being said, you could save yourself hundreds of dollars a year by eliminating your home phone service. This money can then be used to pad your savings account.
Method No. 2 – Take care of your car
Your vehicle can cost you a significant amount of money if you don’t treat it well. With that said, you need to make sure you are paying close attention to your maintenance manual to ensure you are using the right grade of gasoline. You might even want to check with a mechanic to see if there is a way you can use a cheaper option – a move that could save you hundreds a year, Investopedia noted.
Additionally, you will want to make sure your car is in good shape to make sure that you are getting the best gas mileage. Steps you can take include properly inflating your tires and replacing your air filter. Cutting down on your car repair and gasoline expenses can leave you with hundreds to thousands of dollars to contribute to a savings account.
Method No. 2 – Virtual piggy banks
A major obstacle to saving money is actually going to the bank to make a deposit. This can be avoided by using virtual piggy banks, which allow money to put into an account automatically.
One example of this type of service is offered by Bank of America. The “Keep The Change” program takes the difference between purchases made with your card up to the nearest dollar and automatically puts it into your savings account. This amount is matched up to $250 each year.