Saving Smart: How Your Family Can Save More Money This Year
Are you hoping your family can save more money in the upcoming year in an effort to gain more financial flexibility both now and in the future? If so, what are some actions you can take to help yourself and the entire family save money and reduce the amount of debt you carry? Put these practices into place and you won’t be disappointed in your savings this year.
Put Money Into a Retirement Account
The best thing you can do for yourself and your family is to put money into an employer sponsored retirement plan. By putting your money into such an account, your employer may match a percentage of your contribution, which is the equivalent to doubling your money by doing nothing. Additionally, that money will compound tax-deferred for many years to come. Starting to save young is the key to a secure future.
Look Online for Great Deals
The Internet is full of deals on everything you want to buy. Whether you want to find coupons for cereal, cheaper pairs of sneakers for the kids, or want to book a cheaper vacation, there are sites chock full of deals that anyone can take advantage of. Don’t forget to check for deals and discounts everywhere you go.
Rent Extra Space in Your Home
Do you have a finished or furnished basement you don’t use? Do you have an extra bedroom or in-law suite that you don’t need? For those who have extra space in their home, it may be worthwhile to rent that space and earn a side income for up to 12 months or longer per tenant. This money will help you lower your mortgage payment, and help you put more in the bank or toward your debt.
Take Steps to Lower Your Utility Bills
It may be possible to lower your utility bills by hundreds of dollars per year by taking simple steps. Sealing off drafts, reducing the amount of time you spend in the shower, or turning off the lights when you don’t need them can significantly reduce utility bills without having to buy or pay to install anything in your home. If you need Calgary furnace repairs or a new AC, now may be the time to do it. According to Just In Time Furnace Inc, repairing your furnace can improve efficiency, which will reduce the amount of energy that you use throughout the year.
Stay With Friends and Family While on Vacation
When going on a vacation, you can save money by staying with your friends or family members instead of staying in a hotel. This way you may not need to spend money on food or other incidentals that you may have been responsible for if you were to stay at a hotel. If your host has a pool or a hot tub, you win again because you won’t have to pay for those added luxuries either.
Talk to Your Creditors About a Debt Settlement
While cutting costs is great, it is only half of the money saving equation. By cutting down on debt, less of your money has to be sent to creditors in the form of interest charges or other fees on top of your principal balance. In many cases, a lender will be willing to settle your debt for up as little as 50 percent of what you owe. The best part is that you don’t need to hire an attorney to help you negotiate a lower balance.
Saving money can help a family create an emergency fund that can come in handy during a job loss or any other financial crisis. Instead of racking up more debt, that emergency fund can help a family get by until the crisis passes and the fund can be replenished.
Category: Financial Planning
