Every conscientious adult should have savings in their financial plan, but the truth is most people don’t have anything conserved, nor do they have a financial plan. There is a mindset to financial planning and finances that has people concerned they would have to give up things they love to do or make major changes to stay out of debt and go as far as possible in the financial plan to save. Most adults that work hard live paycheck to paycheck with no security fund and don’t think they can change that without offering up what they are working hard to do.
Making a financial plan is just a start. There are several aspects of your finances where you can make adjustments or try new ideas to build your savings minus living a dull life with no fun or indulgence. Here are three strategies that will build your savings without giving up much.
Rework Your Bills
Countless people don’t realize they can renegotiate a portion of their bills—even utilities. You can rework almost everything. Call your utility companies and find out about paying a fixed amount and having other adjustments made to save money on your overall utility bills. They may be able to install devices in your home that will help you lower your bill.
If you are meticulous about keeping it within this flat amount, this can save you huge. If you are an excellent driver, you can get insurance companies into a negotiation to get your business. They want clients paying in dividends that are low risk ever to make a claim. These insurance companies know they need to give you deal to be competitive since the auto insurance market is saturated. You can also call your internet and cable company and ask for the deals they offer to new and old clients. If they say they won’t give that to you, their loyal customer, let them know you will go to another company. You can do the same thing with your phone carrier, find out what offers they have, and negotiate them yourself.
The bottom line is, you should try reworking all of your bills, getting better interest rates after you have been paying on time for a period, or getting fixed payments. The most that any business you are trying to negotiate with can say is no, but maybe they will help you save money.
Better Banking
Your banking establishment will generally offer you bank accounts that will cost them nothing. Do your research and make sure you look into every type of bank account provided. Some bank accounts offer cashback for debit card usage or higher interest savings or checking accounts. Don’t settle for the plain bank account with no frills you are offered.
The recent trend is banking establishments offering what is called a hybrid checking account. This checking account is a checking and savings account in one, and it provides a higher interest rate. This will add up, especially if you steadily deposit into this account.
Good Investments
You are thinking you hardly make enough to cover bills. How can I even think about investing? There are a few ways. First, if your company offers a 401(k), add as much as you can. If your company matches a certain percentage, contribute that amount, so you get the most for your investing buck. Micro-investing is a trend that is also an easy way to invest when you don’t have a lot of wiggle room in your financial plan to invest. These spare change investing apps won’t make you rich or able to retire early. What they will do is give you the money you can use to pay down debt or put into more significant investments.
When you go for more significant investments, make sure you have paid down your debts and have an emergency fund first. Your priority should be getting out of debt and having the ability to cover emergencies and loss of income, then investments.
Conclusion
You don’t have to put away entire paychecks to build your savings. Little changes can have just as much impact on your savings. Once you start, you can easily get in the habit of savings and have a nice nest egg saved before you know it. Budget, invest and use banks that will build your savings.
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