With the exception of any major life events, now is the perfect time to start increasing your savings and actually start your financial planning. Whether you’re trying to get out of debt or maximize your investments, here are five tips for boosting your savings that you probably haven’t thought of yet.
Enhance Your Cashback:
Why not get rewarded and compensated for the expenses you have already made. This can add up to $100 a year of extra money that you can use to meet your financial goals. Some of the best cashback credit cards allow you to receive up to 2% cashback, which can be transferred to a bank account or through a broker. You can then combine it with your Lending Club Rewards checking account and earn even more from that money.
The key to maximizing your repayments is to put as much as possible on the card and then pay off the balance in full each month, just like you would with a debit card. By putting everything on paper, you can maximize the cash back you can earn each month. By keeping your money in a bank account until you pay off the balance in full, you may earn more interest on the money. Check out some of the best cash back cards here to see if it makes sense for you.
Use a Hybrid Savings + Checking Account:
You probably already have a checking account. You can also have a savings account.
That’s the problem with the Lending Club Bank current account. It’s a checking account, but the interest rate is high. Now you can enjoy the benefits of a savings account with the convenience of a checking account. You don’t have to worry about having one account for trading and another for earning interest. Besides, interest isn’t anything to laugh about!
This is a great way to increase your savings because you can earn more money than you would with a regular checking account. Check out the Loan Club Rewards checking account here. One of the biggest ways to increase your savings is to break down your budget and estimate your recurring monthly expenses.
Increase the 401k Contribution:
One of the easiest ways to increase your savings is to simply increase your savings by 401,000. While, this is usually very easy to do on practical grounds (just log into your employer’s website or report it to a Human Resources representative), it can be an emotionally difficult decision. Remember, however, that your contribution of 401,000 is pre-tax.
Thus, when you increase your savings, you will also pay less taxes. Thus, the increase will not greatly affect your salary. Another way to increase your savings is to simply deposit any raises or bonuses you get at work into your 401k, up to the 401k deposit limit. As frugal as you are, you are already spending some money each month.
Shred Your Recurring Expenses:
Your recurring expenses tend to eat up the majority of your extra money – and believe it or not, you probably have the most control. And one of the scary things about monthly recurring expenses is that most people never bother to look at them once they start. Cellphones, cable TV, personal vehicle are some examples.
Do Something Side by Side:
Finally, one of my favorite ways to increase my savings is to simply make more money. Making more money is the best way to achieve your financial goal, whether it’s paying off debt or increasing your savings. The reason is simple: while the budget is important, you can’t cut your spending too much.
However, the earning opportunities are not limited – there is no upper limit on how much you can earn each month. There are so many ways to earn extra money.
You can start with your employer and just focus on extra work or overtime. You can find a second job and work nights and weekends. You can take advantage of the gig economy and start working for Uber or Lyft, delivering goods to Doordash, or even renting a room in your home on AirBnB.