Most people today are looking for ways to increase their savings while sticking to a budget. Effectively managing money can be a challenging task for most folks. However, there are tons of creative money-saving tips that can make saving money a little less taxing:
Look Online for High Yield Interest Bearing Savings Accounts
Online banking institutions are scrambling for more customers and these entities are willing to put their money on the line. Ally Bank, Synchrony Bank and Capital One are all vying for more customers by offering enticing rates, some as much as 0.95 percent APY. Online institutions have fewer overhead expenses than local institutions, making it possible for these banking organizations to make such attractive offers.
Don’t Be Afraid of Playing the Fool When it Comes to Checking
One of the best methods for saving a few dollars is to play the fool when it comes to keeping track of money. Rounding expenses and deposits down in a check register can lead to surprising savings after a very short period of time. Not being “aware” of this extra cash is a great way to save up for a rainy day. Additionally, EverBank offers new checking customers a six-month APY rate of 1.40% then 0.93% during the first year. This is a great way to make your money work for you, even when it’s sitting in your checking account.
Find Frugal Friends to Lean on During Times of Weakness
A frugal buddy can increase chances of success with money savings efforts. It’s much easier to buckle down and monitor expenses when buddies aren’t spending large amounts of dough during outings and celebrations. Also, a true frugal friend will be willing to point out problem purchases that aren’t really necessities.
Consolidate Insurance with the Same Companies for Bigger Discounts
One of the best ways to hold onto more cash is to consolidate auto insurance and homeowners insurance with the same company. Most insurance providers offer huge discounts for more business. Also, if an insurance company is poised to increase rates, shop around for a better deal.
Saving money is a talent that must be honed over time to be perfected. Since practice makes perfect, it makes sense to put these handy tips to use as quickly and frequently as possible. Using these tips may eventually result in a sizable nest egg.