Americans are continually living pay check to pay check and is becoming the norm. Nearly 22% of Americans have less than $100 in Savings and 46% have less than $800. While these numbers are sure to grow here are a few steps you can take to begin to grow your own families savings account.
Obviously, cutting down the grocery budget is a simple way to grow the savings account. However, living pay check to pay check can make that difficult as that money is often used elsewhere. Clipping coupons is a great way to start while utilizing printable coupons being the quickest result!
Another big hit we take as Americans is on our Medical Bills. If you have a unexpected medical bills call the number on the bill and ask if they have a financial assistance program. If they do, take full advantage of this option! You’ll need to answer a few personal questions like your household income, number of dependents and possibly why you are seeking financial assistance. The results can be mind blowing and often rewards patients with a 100% discount, should you qualify!
Are you a drive thru coffee junkie? If so, stop handing your money over to the cashier and start making coffee at home. Purchase a coffee mug that you can fill up at home and take into the office. Put your weekly coffee spending into your savings account at the end of the week!
Gym memberships are often a waste of many for many Americans. I’m not saying give up working out, but, you may want to drop the membership if you simply don’t justify the expense. There’s free ways to get your sweat on like YouTube Videos, going on walks with the kids and inexpensive DVD’s that are available at Target {personally, I LOVE Jillian Michaels 30 Day Shred. You can pick up at Target or Amazon for less than $10}. If you like to walk, FitBit is a great device to help you keep on track with the number of steps you are doing per day or try out the FREE Runkeeper App!
You’ll need to stop with the night outs and entertainment. While we all enjoy a good movie in the cold theaters with our pop corn and soda, take a break for awhile. Instead, take a home cooked meal to your local park and enjoy each others company watching your children’s smiling faces! Take the money you would spend on a dinner date and movie and put into your ever growing savings account.
Is baby sitting a costly expense in your home? Check with other Mommas that you know and see if they’d be interested in swapping child care. If you get enough interest start a Facebook group with your closest friends and watch your creation grow! This can help you have a enjoyable shopping trip to the grocery store or go on that morning interview you’ve been hoping for!
More times than not we over buy! The next time you are shopping, purge your cart. Are you really going to need every item in your cart or can you do without for a week or so?!? This savings adds up very quickly and is actually fun to chart your savings on unnecessary items!
Lastly, at the end of the week, no matter the circumstances, have as little as $5 direct deposited into your savings account. If you need a new account, set one up with Capital 360 (Formerly ING Direct) online and you could qualify for a $50 bonus. Do not rely on this money for anything, expect your Rainy Day Fund! All the extra money you are beginning to see by cutting your spending be sure to transfer the funds into your newly created Savings Account. Having funds to fall back on is very important in our day and age and your self respect stays in tack since you won’t have to ask family and friends for a loan when you least expect it.
How do you save for your rainy days?