Have you ever heard the advice to put 15% of each paycheck into savings? That’s all well and good, but if your paycheck is barely enough to make ends meet, it’s not advice you can put into action. After all, that last five dollars may be just enough to put gas in your car to get you to work. With millions of Americans struggling to get by on less money, shouldn’t savings take a back seat? No way.
Actually, the less you have, the more important it is to grow your savings. Why? Because savings means security. If you find yourself without a job, that savings will be a real lifesaver. The less you have, the more vulnerable you are, so savings needs to be a priority. But what can you do to grow your savings while making ends meet? Here are some clever ways:
Start a Spare Change Jar
Keep a spare change jar next to the front door. Whenever you come home, drop in all of your spare change; even the pennies. When you go out the next day, you shouldn’t have any coins in your wallet or pockets. Those coins will add up faster than you think. Every couple of weeks, count them up and bring them to your bank. Make a savings account deposit and watch your savings grow little by little.
Cut Winter Energy Costs
Save even more money by minimizing winter energy costs with these ideas. Wear a sweater indoors so you can keep the thermostat lower. If you own your home, install a programmable thermostat that you can set to lower the thermostat automatically while you sleep or while you’re at work. Hang thermal drapes to trap heat indoors. Use heat activated, insulating plastic film on drafty windows.
Drive Less
Gas prices have come down, but it’s still an expense that you could cut back on. Find ways to drive less to spend less on fuel. Use an app to navigate multiple errands so you use as little mileage as possible. Get a bicycle and ride to pick up smaller items at the local store. Carpool with a coworker a few times a week. Try to track your savings and put that money into your savings account.
Don’t Read Advertisements
Every day, we’re bombarded with temptation to spend. Most of the time it’s for things that are a good deal, but you never thought of buying it. If you never knew Aldi was having a sale on women’s slippers, would you really have wanted a new pair? Social media platforms also bombard you with ads, which you should block. Try installing a third-party app, such as AdBlocker. To specifically stop ads on Facebook, navigate to your Ads settings on your Facebook account. Delete the “new” ads category. If you still see some sponsored ads, you’ll need to block them individually by clicking on the top right hand corner of the ad and selecting “Why am I seeing this?” Then select “Hide all ads from this advertister.” When you stop reading advertisements, you’ll find that your shopping list is a lot shorter and you’ll have more money to save!
Look For Side Gigs
These days, it’s a lot easier to make a little extra cash without a full-blown job application process. Side gigs could get you an extra $400 or more per month. That’s $4,800 before taxes. That’s enough to really see your savings grow. Consider side gigs like delivering for Uber Eats, Door Dash or Instacart. Some of these even offer instant payouts so you can get paid by direct deposit as soon as the same day.
Being a Century client is a great start on your financial journey.
The sooner you start with even just one of these tips , the better. Also, be patient with it. These tips can get you on the road to saving, investing, and reducing your debt, and help you attain the financial security you deserve.
Contact Century to Learn About Debt Settlement
Century Support Services is a debt settlement company with a proven track record for helping our clients get out of debt. With more than 17 years of experience, we have helped 250,000 customers settle almost $1.3 million in debt over the years. With a 94 percent customer satisfaction rating, we stand out among other debt settlement companies. Our certified debt specialists will work hard to provide a personalized solution for you before they get to work negotiating with your creditors.
If you’re carrying a high amount of unsecured debt, our program may be right for you. To learn more about our process and receive a free debt assessment, contact Century today to get started.
