The first thing people think about when trying to grow their savings account is that they need an additional job. There just isn’t enough time in the day with all the responsibilities they have. You need to think outside of the box for other opportunities that exist. Here are 6 unique ways to save more money.
Open a Holiday Savings Account
This is just one of the types of savings accounts to open. You can talk with your bank about the various accounts, but a Holiday Account is the most general used and offered. It’s pretty much to save for a specific purpose. Most banks will automatically deduct the dedicated amount from your checking account bi-weekly or monthly. These accounts usually allow you to earn a higher interest rate. It’s not much, but it’s a start.
Take Advantage of Certificates of Deposits
Once you have a nice account built up, transfer it over to a Certificate of Deposit (CD) account. Some start with as little as 1 month. You will gain interest and it can automatically roll over. It’s another small step but gains you interest you would not have had.
Use Rewards Cards
Another way to get into saving more money is apply for reward cards with your credit union or bank. Some banks offer reward cars that can generate points towards gift cards for dining out, the movie theatre, and even cash gift cards. Make sure to visit your banks website often to find out what the current specials are. You may be using your reward card in all the wrong places.
The Other Side of Couponing
Most people clip coupons and may never use them. Others that do use the coupons have significant savings but never truly see the savings. Think about when you see how much you have saved at the bottom of the receipt. Yes, you have the additional money, but you turn around and spend it on something else. To truly see your savings, take the money out of your account and transfer it to your savings account immediately.
Use Balance Transfer Offers
If you have good credit, you can apply for a credit card that offers a balance transfer offer. Usually these work by allowing you to transfer any current credit card balance to the new card. You may have six months to a year of no interest accumulated. Budget yourself to make sure you can pay that off in the time frame or else the interest will be charged on the current balance when the offer expires. As stated before, whatever interest you are saving monthly, transfer that into your savings account.
Moving
This is an option for those who rent their home. Take a look at the cost of your unit and amenities offered there. If you are a person who has a gym membership, have internet, loves swimming and playing tennis, or have children who attend day care, does your community offer any of that? Many apartment communities have these services and they can save you hundreds a year. If you find a community that costs more than your current unit, add all the expenses up and see if it will still work out in your favor.
By Taya; Free Stuf Finder Contributor
