Whether the goal is to pump up the savings balance to qualify for a loan or to transfer a lump sum into the retirement account these handy tips are sure to provide the intended boost.
Track Expenses to Visualize Money Spent
When monthly expenses are abstract figures that are not tied down to a budget they can really run wild. Taking a note of everything spend for a determined period can help to streamline spending. Two to three months is usually sufficient to find a spending trend. Once the figures are on the page, it becomes easier to identify the money pits instead of asking at the end of every month “Where does all the money go?”
Pack Lunches from Home to Cut the Food Bill
Taking lunch to work can significantly decrease the amount spent on meals for the week. Spend some time putting together a meal plan and then shop around it so it becomes easy to make lunch, because no time is wasted deliberating over what to make in the morning.
Travel in Off-Season to Pay Less for Vacations
There are ways to save on every aspect of life. Instead of paying high rates during the peak traveling season, plan vacations for the off-period. Usually there are great deals to be had on everything from airfare and accommodation to tours at the destination.
Reevaluate the Cable Package
Paying for only basic cable and then downloading movies for an in-house movie night can result in big savings at the end of the month.
Exercise for Free and Save on Gym Membership
Gym memberships can be expensive, especially if they are not being fully utilized. There are many ways to get a good workout for free. Try taking a walk around the block or maybe using public walking trails if they are close by. Alternatively, a one-time investment in a series of Yoga DVDs and an exercise mat may be cheaper than spending money on a monthly gym membership.
Give the Shopping Cart a Once Over to Save Big
This may seem silly, but before heading to the checkout counter, stop to give the shopping cart a critical once-over. The purpose of doing this is to examine if everything in the cart will actually be used, will serve the intended purpose and is the best price. If these three requirements are met then proceed with confidence to pay for the items.
It can be difficult to find new ways to save, especially when money is tight, but there are always options. A little creativity and a lot of discipline can go a long way in the quest to increase the balance of a savings account.