4 Ways to Effectively Increase Monthly Savings
Setting realistic and tangible goals when it comes to increasing wealth and saving money is important. The amount you save can help you realize your dream, whether it’s early retirement or a resort style home by the beach. And it starts with setting a dollar figure you plan to save each month up to an entire year.
But setting aside a proportion of your monthly income isn’t enough. Such age-old rules only let you save to a certain extent. Fortunately, there are simple yet effective ways to expand monthly savings that don’t require you to make drastic changes in your lifestyle.
- Choose Your Satellite TV Subscription Wisely
The key here is to continually review the packages offered by satellite TV providers and check if the money you’re planning to spend is buying you the features that you really need. For instance, there are different DIRECTV prices for different packages of DirecTV digital satellite entertainment. If you’re particularly interested in sports programming, you can save money by going for a package that offers ESPN as one of the key channels, instead of going for the top-tier package. The difference will save you around $100 a month.
- Pick the Right Account
For short-term monthly savings goals, you should consider using deposit accounts that are FDIC-insured. This will include your regular savings account, but there are other options that offer a better interest rate than the usual savings account. Examples include high-yield savings account and bank money market savings account. The latter offers a variable interest rate that could grow simultaneously with your savings. There’s also the option to consider CD (certificate of deposit) if you’re fine with locking up some money for a specific time period in exchange for a better interest rate.
- See If You Can Get Adjustments on Your Existing Purchases
When you buy something, keep the receipt in a safe place. In fact, have a separate file to store all your receipts, at least for a few years for appliance purchases. The benefit is that you may be able to realize savings at the end of the month by leveraging price adjustments on your previous purchases. Most stores have a price adjustment policy in place, but it’s often that consumers don’t capitalize on it. For example, Walmart has a price adjustment policy within a week of purchase. Other companies do adjustments as long as the item is there with them in the full price.
- Don’t Neglect Online Shopping Rebates
Another way to increase monthly savings is to use websites like TopCashBack and Ebates to get rebates on online shopping. You can also combine the rebates with the practice of cash back rewards on credit card purchases to gain even more savings. The mentioned websites require you to shop through their online store for the rebate. Different stores offer different rebate percentages. A smart idea is to wait for sales on these websites – sometimes you’ll get more than 10% rebate on regular shopping. And hey, utility companies offer rebates too. For instance, you can use Energy Star Rebate Finder to see the rebates offered on light bulbs.
Follow these tips to ensure you monthly savings goal sees the light of the day.