By embracing some simple lifestyle changes or taking full advantage of savings incentives, you can easily boost the amount of cash you save. Here are some ideas to get you started.
Take advantage of savings perks:
If you contribute pretax earnings to a 401(k) plan or IRA, you’re saving money beyond your actual contribution amounts. Another way to save? Make sure you’re contributing enough to get your employer match, since this is a great way to increase your savings without actually shrinking your take-home pay.
Get your benefits:
Your employer may offer benefits beyond a 401(k) plan that could save you money. Flexible spending accounts are common benefits that allow you to set aside pretax income for out-of-pocket medical expenses. Make sure to review all benefits and take advantage of all that apply to you.
Cut recurring expenses:
Monthly subscription boxes, streaming entertainment services, gym memberships you don’t use – these regular costs can add up. While some may be worthwhile, trimming the fat in the area of recurring expenses can help you save more.
Do you always buy the name-brand version of a product? If so, you might be wasting money. In many cases, the generic version is just as good – if not identical to – the pricey, branded version.
Make it automatic:
Not sure where your money goes each month? Automate your savings so you don’t have to think about setting aside extra cash. Chances are you won’t even miss that money.
If you itemize your taxes, make sure you’re keeping track of all charitable donations – from checks you write to the value of that box of gently used clothes you just dropped off at Goodwill.
Cut one habit:
Do you indulge in daily soda or an expensive coffee drink? Cut the habit (or, if that’s too hard, limit it to two or three times a week). Set aside the money you would have spent.
Repair, don’t replace:
It’s easy to toss a slightly worn or damaged item and buy a new one to replace it. But many of the items we throw out can actually be repaired. Find a skilled shoe repair person, quality tailor, experienced upholsterer and furniture repair person, and other professional to spruce up items that need a bit of repair. By purchasing quality items and taking good care of them, you’ll likely save yourself money in the end.
Clipping coupons may seem distinctly old-school. Fortunately, you can now take advantage of coupon savings without having to spend an entire Sunday morning sorting through newspaper inserts. When shopping online, always do a quick search for online promo codes and coupons before hitting buy. Or sign up for your favorite grocery store’s rewards program.
Review your insurance premium:
Raising deductibles or bundling policies could save you money. Also, make sure you actually need the insurance you have. Finally, make sure you’re getting all the discounts you qualify for, like car insurance premium reductions for being a safe driver or homeowners insurance discounts for having an alarm system.
Please call for help analyzing your budget and identifying ways to cut your expenses and save more of what you earn.
Copyright © Integrated Concepts 2015. Some articles in this newsletter were prepared by Integrated Concepts, a separate, nonaffiliated business entity. This newsletter intends to offer factual and up-to-date information on the subjects discussed, but should not be regarded as a complete analysis of these subjects. The appropriate professional advisers should be consulted before implementing any options presented. No party assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.