Whether it’s putting back cash for the holidays, paying off debt, planning a dream vacation, or saving for college or retirement, everyone would like to save some cash. For most of us, this seems difficult to do and in some cases we believe that we’re already doing everything that we can to save money. If you’re looking for some simple strategies to save money quickly, look no further. Here are my favorite ways to do all the above without feeling stressed. Check out 7 offbeat ways to increase your savings account.
Transfer Cash Out of Your Checking Account
If I’ve learned anything over the last decade of being more intentional with my finances, it’s that I can’t spend what I can’t access. Mark my words, if you leave extra cash in your checking account, you will find a way to spend it. Some of us even find a way to spend what’s not there if we’re not careful. So if you’ve got a savings goal, create an account linked to your checking account that you can easily transfer money to and from. Putting a roadblock in your way helps cut down on temptation and allows you to begin achieving your goals.
Set Percentages for Your Goals
When it comes to savings, slow and steady wins the race. A long time ago we set up percentages that we use to reach our goals. We’ve gone to Disney World, paid cash for multiple vehicles, and saved enough to put our daughter through college by saving money a little bit at a time. Percentages vary by household and age and stage of your life, but together with your partner establish how much you’d like to save and begin to work through that process together.
Reevaluate Your Insurance
I’m not an insurance expert or agent. However, more than once we’ve been able to decrease our household expenses by simply calling our agent (it’s good to use someone local you know) and seeing what we might be able to do to decrease our rates. From bundling your home and auto to checking for additional discounts, you can free up cash you aren’t living on to begin your savings journey.
Autopay Benefits
I’ve long had a love hate relationship with autopay. For some bills, I prefer to pay the bill early myself. However, there can be benefits to signing up for autopay when it comes to your bills. Many reduce your overall bill (my cell phone provider does this) or even reduce your rate (when we had student loans, this was the case) by a percentage for opting for autopay. Check into your regular bills and see if any offer this benefit.
Eliminate Impulse Buys
I’m a firm believer that we blow it with our budgets when we don’t pay attention. Impulse buys eat up potential savings and prevent us from reaching our goals. We all fall victim in different ways. Here are a few ways to cut back and save a few bucks in the process:
- Unsubscribe from emails that entice you to spend.
- Set timers to get out of a store because the more time you spend inside, the more money you spend.
- Reevaluate relationships that cost you too much money. Have difficult conversations when necessary.
- Stop purchasing individual beverages and snacks from vending machines and gas stations.
- Limit how many times you dine out per week.
- Use cash in stores to stay within your limits.
Chat With Customer Service
When it comes to expenses like cell service, cable, and insurance, call and ask to speak with someone from Customer Retention. Prepare yourself to spend time on hold. Ask politely if there’s any way to reduce the expense of your current plan or services. Be prepared to walk away and switch services. My husband Brian once had two phones on hold at once to get two different representatives to agree to lower our cable bill by $20 per month. It made a big impact on our finances over a number of years.
Look for Prescription Coupons
If you have regular prescriptions, evaluate whether or not you can save money with coupons. Begin with a simple internet search with your prescription name and the word coupon. It’s just that simple. I’m also a big fan of GoodRx to find the best rate for your script at different pharmacies.
Sometimes saving doesn’t even mean sacrifice. If you want to take the next steps in upping your savings, look into cutting subscriptions and scaling back your lifestyle. But for now, begin with rethinking your regular choices and then taking action to begin reaching toward your goals. Before you know it, the cash will pile up to help you achieve what you long to do.
Our new book Your Money, Your Marriage is now available! Be sure to check out videos on managing money together on Facebook.
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out The Debt Free Devotional
This post contains an affiliate link. That means when you get a great deal, learn about a way to save, or maybe even something for free, I may end up making a small commission. All prices are subject to change.
