Creative Ways to Save

couple putting coins in a piggy bank
Whether you are trying to save for a down payment for a new home or simply stashing away funds for a rainy day, saving money doesn’t have to be difficult. Here are some creative ways to save a few bucks:

Use more than one account
Creating multiple savings accounts is a simple and effective way to save for specific purposes. For example, one savings account can be setup to save money for a family vacation. A totally separate account can be set up as an emergency fund. Use direct deposit to allocate specific amounts every pay day. Before you know it, you’ll be on your way to a dream destination.

Sell unwanted items online
One man’s trash is another man’s treasure. If you’ve got unwanted items hanging around the house, you may be able to get a few bucks by selling them. It will take a little effort to gather and clean up the items, but it’s worth it. Organize a neighborhood garage sale or post them online. Be sure to use reputable sites and extra precautions when coordinating online transactions.

Plan your meals
Groceries are expensive. I’ve learned to control costs by making a meal plan for the entire week, making a list of items needed and then shopping with my list. This prevents impulse purchases and wandering the aisles trying to decide what to make. I try to buy sale items and use store coupons whenever possible. Buying in bulk is also a good idea for items you use frequently. It’s a little more expensive initially, but it saves money over time.

Reduce your car expenses
If you have an auto loan with another lender, we may be able to reduce your monthly payment. If you’ve made consistent, on-time payments and the loan is more than a year old, we may be able to either reduce the interest rate, extend the term or both. Either way, it reduces the monthly expense. You may also consider carpooling or taking public transportation to cut gas costs and save wear and tear on your car.

Cut the cable cord
The advent of streaming services like Netflix, Hulu and Amazon Prime have changed the way we watch TV. We’re no longer tuning into prime time or major network shows. Ask yourself whether or not you still need a traditional cable provider. If not, you can save potentially hundreds of dollars each month depending on your cable package. If you want to keep your cable subscription, I recommend calling them and hint that you want to cancel or reduce service. I suspect they’ll come up with special pricing to keep your business.

While it may require a bit of effort, there are several ways you can effectively save money. Once you get into a routine, you’ll notice the number in your savings account continue to rise. Eventually you will have enough funds saved for that unexpected rainy day or family vacation.