By Lauralynn Schueckler
Saving money for a rainy day may seem impossible at times. Everything around us seems to be increasing in price, yet pay remains stagnant. Everyone should attempt to put away money for an emergency, even if it is only a little at a time.
Some easy ways to save money for a rainy day that will not require major changes to your budget include:
â€¢ Throwing all of your loose change into a jar or polar water jug each night is a good idea. Never give change when you are making a payment, only accept change back. This adds up quite quickly and some people use this money as an emergency fund or vacation fund. If you have the ability to save even more, place everything under a five dollar bill in your change jar each night.
â€¢ Save your coupon money. Most people use coupons when they shop now, so why not take advantage of the money you save? If you save twenty dollars using your coupons, take that twenty and stash it into an interest bearing savings account.Â
â€¢ Have a garage sale or yard sale. Clearing out your home of all the older things you no longer use or want is a great way to start your nest egg or emergency fund. Hold a sale over the weekend and see how much you earn. In addition, if you have remaining items donate them to a local charity and get a tax credit. Apply the amount you are credited to your savings.
â€¢ Make your morning coffee at home. If you make a cup of coffee at home every morning, instead of stopping and buying one, you can place that money back each day into your rainy day fund. You will be amazed how quickly this adds up to a substantial savings. Most people are actually unaware of how much money they spend each year on purchasing to-go coffee.
â€¢ Convert your credit card bonus points or rewards points into cash. Many credit cards and debit cards now offer rewards points for their everyday use. First, make sure that you are enrolled in these programs so that you benefit each time you make a purchase. Use your points to redeem for free gift cards or cash back bonuses. When you use the gift card at your favorite restaurant or store, take the real money you wouldâ€™ve spent from your checking account and place it into your interest bearing savings account instead.
These are just a few ideas and ways you can save for a rainy day without having to rework your entire budget. Being frugal and making major cut backs can be really hard to accomplish. Itâ€™s best to start out with small things and work your way up. Youâ€™ll be surprised at how quickly the little things can add up.
If you require assistance with setting up a spending budget and figuring out a comfortable amount to save each month, then give us a call. Our certified credit counselors will go over your budget with you and suggest some areas where cut-backs can be made. This way you know for certain that your savings plan is the best it can possibly be.
Lauralynn Schueckler is the Online Marketing Specialist at Advantage Credit Counseling Service. She is the author for Advantage CCSâ€™s Blog called Dollars & Sense. Advantage Credit Counseling Service is a member of the National Foundation for Credit Counseling. Contact Advantage Credit Counseling at 866.699.2227, or visit them online at www.advantageccs.org.
Views expressed are the personal views of the author, and do not represent the views of the National Foundation for Credit Counseling, its employees, its members, or its clients.