More Than Finances

All about cryptocurrency, all the time.

By

Is the poor economy eating into your savings?

There is no escaping the fact that these are tough financial times and many Americans are finding it difficult to survive on the money in their checking account.

While everyone knows how important it is to have savings, it can sometimes be impossible to get through the month without dipping into them.

With interest rates so low, it is undoubtedly a better idea to use savings than to take on extra debts such as credit cards to pay for essentials.

But the real question remains, are there alternatives to constantly spending money from the savings account in order to have enough money to survive?

The first step may sound obvious but few people take the time to do it properly and that is to plan a budget.

Sit down and write out your household expenditure and work out where you are wasting money. Looking at the last three months of spending from your checking account can be a good way to work out where the dollars actually go.

Once you have identified any areas where expenditure could be cut out, the next step is to make some savings.

Research has shown that most people are not very good at shopping around to get the best deal; once they have signed up with an insurer for example, they tend to stick with them at renewal.

Switching insurer or even changing to online shopping with a cheaper grocery store can bring considerable savings yet few people bother because of the effort involved in researching. A quick way to bring some of the best results is by using comparison sites to find the best deals.

Many experts recommend paying for everything with cash rather than charging it when you are trying to save money. This is a great idea as it helps give you a better idea of how much money you are spending but sometimes, a credit card can actually save you money.

This may sound like a contradiction but using the right kind of credit card could end up not costing you a cent and actually earn you money or bring savings.

Shop around the market and find a credit card that offers good rewards that would be useful with either cashback or discounts at your grocery store for example. These are things that would save money on basic living essentials rather than luxury items such as cheaper vacations or flights.

Once you have your card, use it for everything you can that month. Charge everything rather than paying cash. Just keep track of how much you spend and don’t go over budget.

When the bill arrives, pay it off in full so you do not get charged any interest. The money you have spent on your card will quickly earn you discounts or cashback, depending on the card you chose and as you paid the bill in full, you will not have any interest charged. Hey presto, you have a credit card that actually bring you savings!

The other way to protect your savings is by increasing your income. Is it possible to get some overtime at work or help out another department to earn some extra dollars? You could also think about taking on a small part-time job in the evening or weekend; this will help pass the time without spending money as well as providing more income.

Another option to boost your income without taking on more work is by selling unwanted items you may have around the home. Try advertising in the local paper, have a yard sale or even sell them online. One man’s junk is another man’s treasure and this not only de-clutters your home but also boosts your savings with the minimum of effort.

There is no escaping the fact that these are tough financial times and many Americans are finding it difficult to survive on the money in their checking account.

While everyone knows how important it is to have savings, it can sometimes be impossible to get through the month without dipping into them.

With interest rates so low, it is undoubtedly a better idea to use savings than to take on extra debts such as credit cards to pay for essentials.

But the real question remains, are there alternatives to constantly spending money from the savings account in order to have enough money to survive?

The first step may sound obvious but few people take the time to do it properly and that is to plan a budget.

Sit down and write out your household expenditure and work out where you are wasting money. Looking at the last three months of spending from your checking account can be a good way to work out where the dollars actually go.

Once you have identified any areas where expenditure could be cut out, the next step is to make some savings.

Research has shown that most people are not very good at shopping around to get the best deal; once they have signed up with an insurer for example, they tend to stick with them at renewal.

Switching insurer or even changing to online shopping with a cheaper grocery store can bring considerable savings yet few people bother because of the effort involved in researching. A quick way to bring some of the best results is by using comparison sites to find the best deals.

Many experts recommend paying for everything with cash rather than charging it when you are trying to save money. This is a great idea as it helps give you a better idea of how much money you are spending but sometimes, a credit card can actually save you money.

This may sound like a contradiction but using the right kind of credit card could end up not costing you a cent and actually earn you money or bring savings.

Shop around the market and find a credit card that offers good rewards that would be useful with either cashback or discounts at your grocery store for example. These are things that would save money on basic living essentials rather than luxury items such as cheaper vacations or flights.

Once you have your card, use it for everything you can that month. Charge everything rather than paying cash. Just keep track of how much you spend and don’t go over budget.

When the bill arrives, pay it off in full so you do not get charged any interest. The money you have spent on your card will quickly earn you discounts or cashback, depending on the card you chose and as you paid the bill in full, you will not have any interest charged. Hey presto, you have a credit card that actually bring you savings!

The other way to protect your savings is by increasing your income. Is it possible to get some overtime at work or help out another department to earn some extra dollars? You could also think about taking on a small part-time job in the evening or weekend; this will help pass the time without spending money as well as providing more income.

Another option to boost your income without taking on more work is by selling unwanted items you may have around the home. Try advertising in the local paper, have a yard sale or even sell them online. One man’s junk is another man’s treasure and this not only de-clutters your home but also boosts your savings with the minimum of effort.

 

More about personal finance:

Frustrated With Great Lakes

Walmart Savings Catcher Phone Number

(Visited 15 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *