Everyone knows that saving money is a good thing to do, but it is much easier said than done. In fact, more than 50% of Americans have less than $1000 in their savings accounts. This is quite worrisome and means that a lot of people aren’t prepared for financial emergencies.
While everyone knows to spend less and/or make more in order to have more money, there are many other things you can do. With that in mind, this blog post will look at a few creative and easy ways to save money that you might not have considered.
Some Best Ways to Save Money
#1. Use Apps and Technology Where You Can
Technology has affected and improved our lives in so many ways, including helping us save money. This is often in the form of dozens of finance apps that make saving more clear and easier than ever before. These will at most cost you a few dollars and will be incredibly helpful for a long time.
No matter how you prefer to save or what you need help with, there is a long list of apps you can use. Some of these can help you get your budget in order, some can automatically round up purchases and put it towards savings and some can even help you know what sort of spending is wise and what kinds are wasteful.
#2. Set Up Automatic Transfers Every Month
One of the most common ways that people save money is by transferring a portion of their paycheck to savings every two weeks or every month. Unfortunately, a large number of people simply forget to do this or end up spending the money on other things that they want or need.
Instead of relying on your memory to save money every month, why not set up automatic transfers to your savings account? By setting up these transfers as soon as you are paid, you won’t have a chance to spend the money or forget about saving it. This takes the guesswork out of saving, and your beefed-up account will thank you for setting these up.
#3. Refinance Your Mortgage
One of the biggest debts and largest monthly payments that most people have is their mortgage. These can be a huge cost and can make it tough to save a suitable amount of money. This is especially true if you spent more than you can afford to on a home.
However, a mortgage doesn’t have to be a burden. If you feel that your USDA home loan or any mortgage simply isn’t cutting it, you can potentially look at refinancing USDA loan. While you will need to qualify, refinancing can often get you a lower interest rate and thus save you a decent amount of money.
#4. Switch Banks or Accounts
That’s right, even the establishment that you bank with can have an immediate and noticeable effect on your ability to save money.
Some institutions will charge you an arm and a leg to simply use an account. It is in your best interest to check with your bank and talk about what sorts of fees you are currently paying to use your accounts.
If they seem high, shop around to other banks in your area and see if they are any better. Generally, credit unions offer more affordable accounts and banking, so if you have one locally, consider using it. In addition to fees on accounts, the interest rates on some savings accounts will differ, so look into those numbers as well.