Hello! Today we have a great article from June and Dan. They are going to tell us about some crazy new ways to save money! Enjoy!
Nearly 40 percent of American households could not absorb an unexpected $1,000 emergency with their current savings. That means that many Americans, when confronted with an immediate financial crisis, have to rely on credit cards and loans to make ends meet.
How has it gotten so hard to save money these days? Apparently, the conventional method of putting aside savings on a regular schedule isn’t working anymore. That means many people need to get creative in today’s world to find ways to save.
If you need little creative inspiration, check out these five crazy ways to save money!
Start a Handmade Revolution
Did you know that the average American household spends almost $1,000 on Christmas presents every single year? This one holiday accounts for a significant portion of consumer credit card debt, which many borrowers take months to pay off. Other holidays and celebrations are no better.
Holidays don’t have to be such a financial burden, though. Have you ever considered getting crafty instead of pulling out your credit card? Don’t worry if you’re not particularly creative, there are many homemade inspirations out there that don’t include learning how to knit.
As one example, why not make your own wine using a do-it-yourself wine kit? A bottle of homemade wine makes a nice birthday or housewarming gift at a fraction of the cost. Of course, there’s candles, spiced nuts, pickled anything, making your own wares doesn’t always involve profit you can give instead!
Another way to reduce the financial burden of the holidays is to re-gift your own unused presents to someone who might enjoy them more. Through careful planning, you can easily cut your annual holiday spending in half.
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Reduce Your Monthly Bills
Do you really use 500 minutes a month on your cell phone? Do you use your voicemail service or all your mobile data? Have you ever considered how much you could save on your electricity and water bills if you were a little more energy efficient? Take the time to review your current consumption rates to uncover some cost savings in the future.
Did you know you can save roughly 15 percent of that bill simply by unplugging appliances that you don’t need? It might be worth a try. There are countless ways to save by reducing electricity.
Start by always turning off the light when leaving a room and reducing the amount of heat your home consumes. Energy saving light bulbs are now made to last even longer and definitely save you cash in the long run.
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Consolidate Your Credit Card Debt
Credit card debt is expensive, thanks to high-interest rates. Plus, if you’re trying to pay off more than one credit card at a time, you might feel like you’re drowning in monthly payments.
There are many smart solutions out there that can reduce monthly payments and reduce the ever-growing finance charges as well.
Consider consolidating your credit card debt into one monthly payment. Not only will you eliminate multiple competing bills, but you’ll also stand a chance at reducing your monthly interest rate.
Personal loans often come with a relatively low-interest rate when compared to credit cards, usually hovering around 4 to 8 percent. Make sure and read all disclaimers to avoid unwarranted interest rate hikes!
Related Article: 100 Money-Saving Ways to Keep that Jingle in Your Pocket
Start Saving 10 Percent
Some personal finance gurus got where they are today through extreme saving techniques; they can save as much as 60 percent of their earnings.
While a noble goal, going from zero savings to 60 percent is not feasible for most people. In fact, it’s downright terrifying.
But what if you started with 10 percent? Some employers will even set up an automatic deduction from your paycheck, which goes straight into a savings account. Once set up, there is no willpower required.
If 10 percent seems like a lofty goal, set up something else that works for you. Try $5 a day – or what about putting all your change into a savings jar? After a month, you’ll probably be surprised at how painless the process was.
Most importantly, you’ll start to see your savings grow, and you can challenge yourself to raise the bar. Maybe next month you’ll aim for 20 percent. This is a great way to get the ball rolling on retirement.
Another great way to get the ball rolling on retirement is to open a Roth. You will forever be thankful…I promise! Right now with TD Ameritrade you are eligible for free trades for 60 days with a new account and up to $600.00 in cash incentives for deposits. The easiest thing you can do for yourself is open a ROTH IRA.
Related Article: Be the Keeper of Your Money. Tips for Savings and Retirement
Sell Your Things
Part of the reason why many of us have difficulty saving money is that we spend money on unnecessary items. Many of us have a brand new piece of exercise equipment we’ve never touched or pricey, ill-fitting shoes we can’t wear. Selling your unwanted items is a quick way to make money and, as a bonus, is an easy way to declutter your life.
Consider selling these items, either through a platform like Craigslist or, if you have a significant amount, through a garage sale. Check out these other places to sell when you’re desperate.
For some items, such as sports equipment and books, some stores will offer in-store credit or cashback. Etsy and Ebay are great options for you too. Marketing your promotion should assist with sales too.
If you put your mind to it, there is at least one way to start saving money this month. The critical point is just to keep trying. Saving $10 here or $20 there might not seem like a lot, but over time your savings will accumulate.
The next time you have an emergency, you just might be able to cover it without taking on any debt!
Have you tried these methods yourself? How do you plan to save money in 2018? We’d love to know! A supportive network, even with finances will drive you to save more and spend wisely.
Thanks for reading, be sure and pin this article if you found it inspirational you never know who you could be helping. Much love till next time!
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Questions and comments are always welcome. I really hope this post inspired you.
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