7 Smart and Easy Ways to Save Money

Written by  //  October 1, 2013  //  Holiday Shopping  //  No comments

savings

Saving money is such a drag, isn’t it? That sort of thinking, however, is counter productive and will do nothing to help you reach your financial goals. Those goals may include saving money for a house, setting aside money for college, perhaps contributing to your retirement account. The following are seven smart and easy ways to save money.

1. Set up an automatic savings account.
When you get paid, have some of the money you take home automatically forwarded to a savings account. That way, you won’t miss what you do not have on hand and you won’t be tempted to spend it. Set up an automatic transfer from your direct deposit to your savings account.

2. Round up your savings.
Some banks allow you to round up your withdrawals to the next dollar. Other banks automatically take out an extra dollar from your account and deposit that into a special savings account. The amount you save depends on your savings rate, but the funds you accumulate along the way will be money you otherwise would not have set aside.

3. Can the loose change.
Pennies, nickels, dimes and quarters represent loose change that you really do not want to have jingling around your pockets or your purse. As soon as you get change, place it in a can and forget about. When the can fills up, take it to your bank and put the money in a savings account.

4. Keep track of your business driving.
Anytime that you use your car for business, write down what you spend on gasoline, tolls, parking and the like. Whatever you cannot get reimbursed through your employer, then claim it on your tax return. The money you claim will reduce your tax burden and may increase your tax return. Take your now larger tax return and save it.

5. Just sell it.
Most of us own things we do not need, items that may clutter our attics, garages and sheds. Go through everything you own, decide what you can sell and price these items. Hold a garage or a yard sale and take what you earn and save it.

6. Rent out a room.
That spare room you have in the house has been unoccupied for too long. Your children have grown or maybe your home is just a bit larger than what your family needs. It is time to consider a boarder, an individual that needs a room to rent and can pay you for it. A bonus for you is any room with a private entrance. If you do not have extra room for a tenant, you may have room in your garage to rent space for a car. Bank your rental income every month.

7. Sell blood or plasma.
Your body is worth something. In particular, what is in your body — blood and especially plasma — has a financial value. You can donate up to two times per week and most plasma centers will bonus you if you are a regular visitor. Typically, you can earn at least $25 per visit, savings you might otherwise never have earned.

Money Considerations

Practice one or more savings ideas and you will have more money in the bank. Employ various cost cutting strategies on top of these ideas and your disposable income level will increase.

Author Information
Connor Lawrence is a professional blogger that provides financial information and advice. He writes for Pure Checks, the best place to buy checks, personal checks and business checks online.

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