Saving money is a tough task that can be easy to say but hard to do. There’s a lot more to it than just spending less money. How much of your income you can save, where you will invest or put it and how to make sure it stays in that place is important. Below are ten good ways to make more out of your income.
1. Savings Account
Opening up a new savings account and automating your savings contribution is a good way to save money. With a new savings account, you may be able to yield a better return on your contributions. Check out different banks and read about reviews to see how much money you can earn.
Shop around for healthcare providers to see if you can find one that has no co-pay when you have preventative care. Many providers are now waiving the fee for co-pays when they have preventative care that will save them money in the long run for diseases or illnesses that can be prevented from early detection.
3. Old Appliances
When you are not using your appliances or are away from home, unplug them all from the electrical outlets and power things down when they are not being used. This will save a good bit of money on energy.
4. Traditional IRA
Take some time to compare the Roth IRAs and the traditional IRAs. By opening some IRA accounts, you can reduce some tax liabilities and save more money. Talk to a tax professional that can help you decide which would be best and how the taxes would benefit you too.
Want to save a good bit of your income? Pick ten expenses that you can cut back on every single month and you will be amazed at how your money grows. Think about the number of times you eat out. Think about the cups of premium coffee you buy out. Cooking at home, making coffee at home, saving money on pedicures or manicures can all be an amazing way to add up some cash in your pocket.
6. Mobile Phone
If you’re close to the end of your mobile phone contract, you could save a lot of your income by switching providers or going with a phone you can pay for monthly. Shop the deals and check around at what will be better for you when your contact comes to an end. If you are just into a contract, check out all the payment options to see if you can do anything to lower the payments.
7. Rewards Cards
Always pay your credit cards off monthly if you use them. You can also benefit from some of the rewards offered on these cards. The only way to benefit from the rewards will be if you commit to paying the card off each month.
8. Everyday Deals
There are some things we all have to have every month. Washing powders or cleaning items, specific foods you eat are all things that you need to be watching out for to see what the best deals you can get on these are. Check all the local ads and sales and even the dollar stores to see how much you can save. Clipping coupons can also save you tons of money on groceries and other household goods.
Carpooling or using public transportation can save you a ton of money. Driving alone is very expensive and also requires a lot more maintenance to be done on the vehicle.
10. Ten Percent
Save 10 percent of your income no matter what you do. Make a budget and reduce some of the expense we just mentioned and you should be able to put 10 percent of your income back for saving for the future.
You work hard for your money and you want to have something to show for it later. So think long and hard about those little things you can do to cut back and save!
Reid Allen writes about finance, economics at http://www.businessinsurance.org.