It’s the new year and you want to make the most of 2019. You’ve always dreamed about that perfect vacation, or perhaps you want to plan a special treat for yourself or upgrade your home. Have you budgeted to do any of those things?
With a little creativity, you can bulk up your vacation savings, get that special spa treatment or enhance sections of your home. These savvy saving strategies will help you put aside money, so you can splurge on things you’ve been thinking about doing.
- Create a savings account. If you don’t already have a savings account, you should open one with your local bank. If you already have one, perhaps you want to consider keeping that regular savings account separate from one just for vacations, home improvements, etc. Either way, just be sure to pick a savings account with no minimum balance or else the bank will charge you a fee to maintain a certain amount each month. Once you’ve established your savings account(s), set up automatic transfers – even $1 a day adds up and can make a big difference over time.
- Clean the house. Do you have old clothes, toys, electronics or furniture you haven’t used in a while and it’s just sitting there collecting dust? You should convert them into cash. Consider holding a yard sale, consigning your stuff or selling items online. Nextdoor is an excellent online tool to sell or notify of a yard sale to your surrounding neighborhood. To make the most money from a yard sale, try using time-tested store promotion tricks. For example, if you have a stockpile of certain items, use “buy two, get one free” to entice customers. You can also hold a sale with other people in your neighborhood – a multi-family sale should attract more people. If done right, a yard sale could earn you hundreds toward your next vacation or goal.
- Keep the change. The old trick of saving loose change in a jar or piggy bank really works! Every time you break a large bill, put aside the coins or small bills and add them to your savings account each month. Make the most of those pesky change that are weighing your purse down!
- Save your savings. If you shop with coupons or promotion codes, track how much money you saved. Then take those savings and transfer them to your savings account. A recent study showed that shoppers using U.S. Consumer Packaged Goods coupons alone saved an average of $30 to $50 a week, or $1,560 to $2,600 a year, depending on how often they used coupons. Remember that SyncroReviews has a Sales page and a Flash Sale Banner on the top of our website to save on some of your purchases.
- Cut the cord. Find cheaper alternatives to expenses like cable TV. The Leichtman Research Group found that Americans spent an average of $103 a month, or $1,236 a year, on cable in 2016. Opt for a streaming service that’ll allow you to enjoy your favorite shows but for much less money, as cheap as $20 a month and lower. You can learn more on the different types of streaming devices and streaming services on our Streaming Devices page HERE.
- Pay your insurance up front. Insurance is a necessity, but you can also save on it. Consider paying your insurance premium annually. If you pay your premium in a lump sum rather than making monthly payments, you will most likely get a discount or avoid monthly installment fees. You can also bundle your insurance policies together to save. Call your insurance agent to get the best coverage and the right discounts.
- Earn rewards and perks. Most credit cards offer some type of rewards, while some give you extra rewards for certain transactions over another. For example, buying cruise tickets might earn you more than buying groceries. If you have cash back saved up on your credit card account, you can redeem the money, so it’s credited to your savings account during the month you plan to take a vacation, upgrade your home or treating yourself to something nice. If you’re traveling abroad, some credit cards don’t charge a foreign transaction fee on overseas purchases, which puts money back in your pocket for spending. Bottom line, if your current credit card has no rewards or perks, perhaps you should close that and open a new credit card that has these benefits with no annual fee.
- Find free entertainment. Join a book club, find a park or go to a free festival in town. Take the money you would have spent on a concert or movie and add it right to your savings account.
- Avoiding temptations. When you’re tempted to make an impulse buy, put it back on the shelf and take 24 hours to think about it. If you want it tomorrow, go back and get it. However, if you decide you don’t really need it, put that amount you didn’t spend into your savings account. Just remember, sacrifice now for what you want later, and the savings will add up.