6 Ways to Build Your Savings Without Feeling a Pinch
After paying off your debt, saving money is the next best way to start building wealth and take control of your personal finances. Too often, however, people think that they have to make major changes in their lifestyle in order to save up a significant amount. The truth is that there are plenty of ways to save money without really feeling it. Try these.
Suggestions for Saving Money:
Scan your credit card statements for any recurring subscriptions that you forgot about. If you keep getting magazines that renew automatically, or if you have ever signed up for a website that you no longer read, it’s time to cancel.
Improve your weather stripping. This will cost you less than $20 and take you an afternoon to do. You don’t need tools or any special knowledge, but you’ll notice a significant drop in your heating and cooling costs. While you’re at it, replace your air filters and clean your condensation pipes.
Sign up for debt consolidation. Let someone else review your bills and come up with a way to make sure that you are paying as little interest as possible. A debt counselor can replace your pile of bills with a single debt payment that will have a lower monthly payment than your current loans.
Sell or donate one thing a week. Odds are you have plenty of things that you won’t even miss, and doing it slowly means you won’t feel as if you’re getting rid of everything at once. Save the money you make.
Learn about taxes. There are deductions for everything from buying a home to having kids. If you learn about how the tax system works, you’ll be able to get a bigger tax deduction every year. That’s more money for you to build up your savings with.
Save 1% of your paycheck. This is such a small amount that you’ll still be able to afford everything you need and have money left over to buy things that are fun. By putting this much aside with every paycheck, you’ll have an entire week’s pay in savings in less than two years. Of course, once you get used to saving a little, you’ll probably want to increase the amount to get money saved faster.