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Everyone wants to save money to build for the future, but some often have a harder time than others. Without enough funds in the bank, it can be difficult meeting your financial goals. But what many don’t realize is that saving isn’t as hard as it’s made out to be. On the contrary, there are plenty of methods you can do to increase your financial reserves. In fact, there are even hacks that have made saving so much easier. In this article, we’ll be going over a few financial hacks to help you save more money each month.
Download a Mobile App
Long gone are the days where we had to manually balance a checkbook to get a better understanding of our financial status. In today’s society, pretty much everything is done digitally. The evolution of the internet and software has made what were once considered monotonous and time-consuming tasks much easier and faster to accomplish. A smartphone app, like Digit for example, is a money saving app that automatically tracks your spending and your budget. You only must enter your information once and let the app do the rest.
Open a High-Yield Savings Account
A high-yield savings account is a type of investment, and a very beginner-friendly one at that. The process is the same with a traditional savings account. What sets them apart is that the money you put in the account can be increased by accumulating interest. The interest rates tied to the account depends on where you open it, so you’ll need to do your research before deciding. Compare the rates between companies until you find one that suits your financial needs.
Become a Student Loan Cosigner
Out of all the financial hacks, this one may come off as odd. It’s no secret that student loans are nothing to scoff at. After all, they’re one of the quickest ways to go into debt by the thousands and take a long time to pay off. So, why would you want to become a cosigner?
Well, aside from helping someone gain funding for tuition, like a friend or your child, get a college education, you can greatly benefit from being a cosigner. More specifically, you can get one of the best tax deductions around as proving you’re a cosigner makes you eligible to write off up to $2,500. If you’re looking to score a high tax refund next tax season, then becoming a cosigner may be the best choice for you.
Make Your Home More Energy Efficient
If there’s one household expense that can be up in the air, it’s the energy bill. When a home isn’t energy efficient, the utility bills can skyrocket to prices you never want to see again. Fortunately, there are ways to prevent this from occurring including:
- Installing a SMART thermostat
- Sealing any open cracks on the doors and windows
- Opening the windows to promote air circulation
- Plugging out vampire electronics
- Investing in energy-efficient appliances, like a dishwasher and laundry machine
You’d be amazed at how easy it is to get better control over your utility bills. Though what’s listed here may cost you a bit of money, it’s worth every penny if it means saving hundreds every month.
Plan Out Your Meals
Another common expense is eating out at restaurants, getting drinks out or just buying whatever they see in the grocery store. In fact, did you know that the average person spends around $300 to $400 on eating out alone? While it’s perfectly fine to splurge and enjoy a nice meal in a restaurant, it should never be a common occurrence.
That $300 can be used to buy ingredients for meal prepping. Whatever you like to buy in a restaurant, you can make triple for half the cost through meal prepping. The same goes for coffee drinks as well. Go online and search for recipes of your favorite meals and purchase the necessary ingredients.