Easy Ways to Stash Away Savings
In today’s economy, it can seem like a difficult task to save your pennies, but it is easier than you may think. There are many different ways you can put away money that you would normally not count on seeing in any event. These savings can add up over time and create a nice cushion for you and your family in the event that the money is needed.
Saving your reimbursements is a great idea. Since you have already laid out the money, putting it aside once you are reimbursed should be easy enough. Instead of counting on the reimbursement, consider the money spent and place it in a savings account when you receive it. You may receive reimbursements from many different potential areas such as job related expenses, tuition reimbursements and many others.
Set aside money each pay period to be deposited into your savings account. The money will not be available for spending unless you go to take it out of your savings. The amount set aside does not have to be a lot, even $5 or $10 a pay period will add up over time – especially if you have an interest bearing savings account.
Save your change in one location. Use a large coin collection jar or an empty coffee can. When the change jar is full, wrap up the coins and deposit the change into your savings account. Many people disregard change and find it all over the house. Change is money too, and believe it or not, after a while it all adds up – sometimes to the tune of hundreds of dollars.
Live on your current salary, even if you get a raise. Receiving a 2% raise a year can mean a 2% increase in your savings account. If you are comfortable living on your salary, consider placing the extra amount into a savings account each pay period. This will keep your standard of living the same, yet increase your savings account at the same time.
Cash in your recyclables such as cans and plastic bottles. Save the money you receive from the trade-in and put it in your change jar or into your savings account. Over time it will benefit you and increase your savings.
Saving money does not have to be a difficult endeavor. It is not necessary to put away hundreds of dollars at a time. Think of saving in small terms such as collecting your change, saving your reimbursements and storing your raises in your savings account. All of these tips are small, yet great ways to save money and before you know it you will have enough money for a rainy day.