Watch Your Savings Grow Every Month With These Odd Tips
This is an article ‘Watch Your Savings Grow Every Month With These Odd Tips’ by Marc Primo
Financial problems will always be part of everyone’s lives – they are inevitable and can sometimes strike during the most struggling of moments. Naturally, when money is tight, most of us look for ways to earn more or at least curb the impact of unavoidable debt to get through the month.
It’s not a good idea either to take on a fight or flight approach, as running from debt could further lead you to dire straits. According to the latest consumer debt reports from the Federal Reserve Bank of New York regarding the country’s debt situation, America’s total credit card balance in the first quarter of 2022 was $841 billion. This figure already marks a $15 billion decline from last year’s 4th quarter figure of $856 billion.
These days, the best thing to do during a financial crisis is to plan and strategize how you can grow your savings over time. By now, being prepared when the rain falls harder than usual should be elementary for all of us after all the recent global disruptions.
While it can be pretty easy to reduce your spending list with little effort and inconvenience, some people still encounter the problem of wrestling with self-discipline. Adjustments that significantly influence how you deal with your money can be tricky, mainly if those adjustments take effect daily or monthly.
But don’t fret as there are surefire ways to make your financial adjustments easier for better savings growth. Here are some tips you can try out instantly to see significant increases for your piggy bank.
Cut the cable
One of the best ways to save money each month is to quit your cable subscription abruptly. For most homes, cable expenses plus internet subscriptions can add up to over $114 per month, which is not a tiny amount to part with regularly. One study shows that 82% of American households pay cable and WiFi expenses that cost them at least $1,368 per year when they can opt for lower costing entertainment platforms in the market.
These days, there are many entertainment alternatives you can check out instead of cable subscriptions which, in the age of the internet, you probably don’t get to watch anyway. Try the lower plans offered by the many streaming services out there such as Netflix, Hulu, or Amazon. You’ll be surprised how you can cut your bill by at least $100. Most streaming services do not hold any long-term obligation contracts so that you can stop anytime you want or opt to buy prepaid cards instead.
Secure your rebates from shopping
Many listicles about money-saving often include the value of coupons. Even eCommerce offers such promotional campaigns online so you don’t have to run to a brick-and-mortar store for your needs. These days, you can opt to get your discounted goods delivered right to your doorstep.
But if you do opt to do the groceries in physical stores, try to use your mobile phone first to look for store savings if you don't want to waste time clipping coupons. Several mobile apps from both Google Play and the App Store can help you receive cash back money on things you buy that are on promo.
Scan your receipts once you've finished shopping and these apps can detect any goods with rebates via QR codes. You can save more if you choose the best promos that offer huge rebates and even redeem from $5 to $20 if you join store or grocery programs.
Check your mobile phone for parasites
Other than cable TV expenses, there are also subscriptions you forgot were installed on your mobile phone that continue to deduct payments from your accounts or credit cards every month. With massive gigabytes of storage on our phones and a volume of app downloads, it’s easy to miss some apps that tricked you into signing up for a monthly fee even if you don’t get to use them all the time.
Scan your mobile phone regularly for apps you don’t use frequently and check if there are any subscription deals you might have entered into a long-term contract. You can see this via your Google Play or App Store accounts on your phone’s menu and subscriptions.
While you’re at it, switching to a no-contract phone plan might be better to help reduce your monthly expenses. You can save up to $100 per line monthly by reviewing mobile phone service consumption. Some telecommunication providers in the country offer no-contract and prepaid plans as low as $10, even unlimited mobile data for a monthly fee as lows as $29.
Hustle even for odd jobs
Last year, the entire country experienced an exodus of professionals in the corporate world with the Great Resignation. A large slice of these professionals entered the gig economy, both online and off. Today, the online freelancer economy has a 15% compound annual growth rate to 2026. And that figure is expected to rise as more odd jobs emerge from various niche markets.
To many individuals who have free rein over their work time or are employed remotely, side hustles and gigs are the best options to earn and save significant amounts of extra money. Whether you enter the ride-sharing market (88% of the entire gig economy globally), or get hired for online digital tasks such as writing, design, or coding, you are sure to earn at least $20 per hour on top of your nine-to-five salary.
If you were one of those who resigned last year, then you had better be armed with an idea for a startup with significant investment capital to keep your financial situation afloat.
Save more by doing more
There are plenty of ways to increase your monthly savings. However, without any hustle, discipline, or sacrifice, things could become challenging.
What’s important is to find out what things work for you and your family’s lifestyle, then go for it. You could try combining a few tips above and see how much you can save in a month without exhausting yourself or limiting your access to essential services. Make a plan, study your options, and be creative in executing these tips and you’ll be dancing and singing to the bank in no time.