- There are several banking programs and apps that can help you in mapping out your savings plan. Round-up apps are one of the options. They will automate your savings into several micro amounts. They link to your credit or debit card. Whenever you buy something, they will round up the total to the nearest dollar. Whatever excess is left, will go straight into your savings account. A few cents like this will surprisingly amount to a lot at the end of the month.
- A 0% APR balance transfer offer is an excellent option. Not only will it help you to pay your debt, but it can also help you save. If there is an offer on your credit card that allows for zero percent balance transfers, take it up without a second thought. This way, you can transfer highinterest debts and pay off the balance. This way won’t accumulate any interest on top of it. By adopting this plan, you can avoid paying any added interest on your transfers. It will cost you less and you can pay off debt sooner.
- Setting up small saving goals will help you stay motivated to save up money. Motivation is the ultimate element that helps someone to realize their dreams. Be specific about the savings amount, instead of saying that you will save a lot this month; the same with the spending. Don’t say that you will spend less this month; set a fixed amount and stick to it till the end. If you clearly define your goals your motivation will also increase.
- Bonuses, tax returns, or a raise at work, can immediately be added into your savings. Instead of spending this extra money on unwanted items, you could put them into your savings for future use. If you are serious about financial freedom, you have to make some sacrifices that will ultimately boost your savings
- Look for some side hustles if you think that your budget runs too thin when you take out the savings. The extra cash could also be used to maximize your savings or paying off any debts. You can make extra cash by getting a part-time job or by turning your hobby into a paying interest, or even by starting a new company if you have an ingenious idea.
- Some of us have loads of cash lying around us, but we fail to see it. Try looking around your house from a profit point of view. Notice the things that you will never ever need but that cost you a fortune. This is like bonus cash to bolster your savings even more. Items that one could put up for sale are:
Clothing that has never been worn
Garage or attic full of electronics or sporting equipment
DVD’s, furniture, and jewelry
Antiques or collector’s items; only if you don’t want them anymore.
