Advantage Newsletter - June 2010

Finding new ways to save money is becoming more of a focus for many consumers. These days especially, being economical is smart and is increasing in popularity. Here are some innovative and easy ways you can increase your savings:

1. Put your spare change into a glass jar or fun container. Keep it in a place that is easy for you to see so you can remind yourself to deposit change on a regular basis.
2. Pass on the savings from bringing your lunch or skipping your morning coffee. Each time you bring your lunch to work or resist the urge to buy a coffee, take the money you would have spent and put it in your money jar.
3. When you balance your checkbook and subtract dollar amounts, round up the amount to the next dollar. Even though the savings from doing this will not be significant in the short-term, it will help you save money over time. Plus, it will add cushion, which can be of help if a deduction is not recorded in your checkbook.
4. Deposit a portion of your paycheck into your savings account instead of your checking account but make sure you deposit enough money into your checking account for necessary expenses and bills. Most likely, it will be harder to spend the money when you have to make an extra effort to transfer it from savings.
5. If you’re going to use credit cards, use ones that offer rewards. You can earn rewards points by using credit cards for purchases and paying the bills in full each month. If you prefer to use debit cards so you have more control over what your spending, look into debit cards that offer incentives.
6. After you’ve paid off a debt, pay yourself. Once you finish paying off a loan or a credit card, continue writing the check but send it directly to a savings or investment account.

When you utilize innovative ways to save money, your efforts can be more rewarding.