It is important to find new ways to save money on a regular basis. If you make saving a part of your daily life regularly, you will find yourself in a much better position in the future. You will be able to retire comfortably, buy a new home when you are ready, and deal with any emergencies that come your way. If you can make saving money a habit, it is easier to make it a priority. Here are seven easy ways to save money.
1. Take Advantage of Employer Matching Contributions
Take advantage of your employer’s contribution to your 401K account. This is money you can get without any extra effort on your part. Most employers match up to about three percent, although many will go to higher levels. To take advantage of the contribution, you need to sign up to contribute a percentage of your income to retirement each month.
2. Set Up Automatic Transfers
If transferring money to your savings account is a problem, you should consider setting up an automatic transfer from your account each month. You can visit your bank to set up a monthly automatic transfer. Many banks also allow you to do this online.
3. Take Advantage of Direct Deposit
You might consider having part of your paycheck directly deposited into your savings account as well. If your employer allows it, take advantage of it. If you never see the money, you are less likely to miss it or transfer it out of your savings account. This is one of the easiest ways you can save money.
4. Use a Separate Online Savings Account
If you have a hard time leaving money in your savings account, consider using a savings account offered by an online bank like ING. This will slow down the transfer rate and help you plan your finances more accurately. Additionally, the interest rate is usually higher. This is a great way to protect your savings so that you don’t keep draining from it.
5. “Keep the Change” Program
You might consider taking advantage of the “Keep the Change” program offered by Bank of America or something similar offered by your bank. This doesn’t have to be the only way you save money as you may not save high amounts, but it can add a little bit to your savings. It’s important to realize that every little bit counts. Look for other savings incentives your bank may offer.
6. Cut Back on Spending
You can also choose one luxury item to give up or reduce and put that money in the bank. This item could be a small item that adds up quickly – think about your daily coffee runs. Or it could be a more expensive luxury like your weekly massage. If you cut back on spending or stop it completely, you will find that savings accumulate. You may want to consider cutting one of these expensive items to help increase the amount you save.
7. Reduce Food Bills
Food is a necessity and many believe they can’t save more on their grocery or food purchases when looking to save money. There are steps you can take such as meal planning, changing grocery stores, and cooking at home. The more you can save, the more money you will have to achieve your goals. Even just cooking more at home can help you find significant savings and make it easier to save money over time.
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Source: https://www.thebalancemoney.com/seven-easy-ways-to-save-money-2386122
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