Every responsible adult should have savings in their budget, but the truth is most people don’t have anything saved, nor do they budget. There is a psychology to budgeting and finances that has people worried they would have to give up a lot or make significant changes in their lifestyle to stay out of debt and go further in the budget to save. Most hard-working adults live paycheck to paycheck with no safety net and don’t think there is anything they can do to change that without giving up what they are working hard to do.
Making a budget is just the beginning. There are many areas where you can make changes or try new ideas that will boost savings without having to live a boring life with no fun or luxury. Here are three quick and easy ways you can boost savings without giving up much if anything at all.
Rework Your Bills
Many people don’t realize they can renegotiate some of their bills. Even utilities. What? Yes, you can negotiate almost everything. Call your utility companies and see about paying a fixed amount usually taken from an average of past bills for that address. If you overpay the actual bills by the end of the year, you get money back, or if you used more than expected, you might have to pay the overage at the end of the year. If you are diligent about keeping it within this fixed amount, this can save you big! If you are a good driver, you can get insurance companies into a bidding war to get your business. They want customers paying in premiums that are low risk ever to make a claim. They will make excellent offers to get you. You can also call your cable company and ask for the deals they are offering new customers. 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 company you are trying to negotiate with can say is no, but maybe they will help you save money.
Better Banking
Your banking institution 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 cash back 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. Research and save!
The recent trend is banking institutions 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 barely 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), contribute as much as you can. If your company matches a certain percentage, contribute that amount, so you get the most bang 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 budget to invest. These spare change investment 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
The truth is any changes, large or small, can help boost savings. These three ideas are simple and don’t cost you in major changes to your lifestyle or spending. Try them out, and when you see how easy it is, you can get bolder, and before you know it, you will have a great retirement nest egg.
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