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Dec-22-2021 10:16

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Unique Ways to Save Money in the New Year

Salem-News.com

Your improved financial future is at your fingertips!

Source: Pexels

(SALEM, Ore.) - Even if you haven’t ever been a “saver,” and money is tight, with the coming of a new year, it’s a great time to change poor financial habits. Keep reading if you need some tips to help you with this goal.

Here you can find some unique ways to save more in the New Year.

Create and Follow a Budget

When you create and follow a budget, it will help you organize your finances, leaving money left over for your savings every month.

While a budget may seem daunting at first, using mobile budgeting apps can help you reduce the work and help you track your spending through each month. You can even gain greater savings by using sites like DontPayFull.com. Here you can find savings and discounts on the items you plan to purchase.

Always Pay Yourself First

You should commit to depositing your savings every month before paying other bills. This is necessary even if you can’t afford very much.

Automate What You Can

Consider automating your savings deposits. By doing this, a part of your paycheck will go into your savings account every month.

You can also choose to transfer money from your checking to your savings each month. The best part is that you won’t miss the money that you never really had.

Put Your Money to Work

Compound interest is the interest that is paid on the interest that your money earns while it is in an account. It lets the principal balance grow even faster.

If you want to benefit from compound interest, you should try to open a high-yield savings account or a COD (certificate of deposit) that gives you higher rates than the traditional savings account.

Eliminate Cash Drains

It is not always the large expenses that will sabotage your saving efforts. The small purchases can add up and drain your finances. If you really want to reduce your spending and increase your surplus of cash, you should:

Shop around for lower rates on insurance, television, mobile service, and utilities
Look at your bank account for less obvious fees you can eliminate
Monitor your daily spending and reduce the “extras”
Explore low-cost and free sources of entertainment

Only Use Your Bank’s ATM

If you need to deposit money, withdraw cash, or even check your balance, try sticking to the ATMs your bank owns and operates.

Third-party ATM operators charge fees, and your bank may also charge you by using a non-network ATM. Taking out your money becomes extremely expensive if you do this.

Grow Your Food

You can reduce your grocery bill by growing your food. You can make a small investment in some seeds and create a garden full of your favorite foods. You can even share with your neighbors, making the garden even more beneficial.

Are You Ready to Save?

As you can see from the information here, there are more than a few ways to save money. You should implement these tips in the New Year and begin working toward a secure financial future.

Source: Salem-News.com Special Features Dept.

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