You may think you have maxed out what you can save in a savings account, but it’s likely that with a little work, you can find more money in your budget to sock away. Here are some innovative ways to boost your savings.
Get a second income
Many businesses these days are giving paltry raises or none at all, and you may not have the option to work overtime to make more money. That just means you have to get a little creative to raise your income. There are many second jobs out there that have flexible schedules and can allow you to utilise a skill you have. If you are into photography or website design, you could do freelance projects for clients. If you know a sport well, you could become an umpire or referee to make extra money. The choices are nearly endless.
do freelance projects for clients at home to earn extra income
Cut down on extras
Even though you may feel as though your budget is maxed out, you probably have some wiggle room to free up more money for a savings account. For example, if you buy a latte every day or eat lunch out at a cafe, you could save a significant amount of money by making your own coffee and taking your lunch to work, and you could put that extra money toward your savings.
Bundle and consolidate
You could be spending more money than you need to on services such as Internet, TV and wireless phones. If you are getting extras you don’t need or aren’t bundling these services, you probably are paying too much. Talk to your providers to see what you could save and then put that savings into your savings account. The same goes for any debt you are carrying. If you are paying higher interest rates than you need to, you could be losing out on potential extra savings. Look at your debt and see if you can consolidate debts and/or refinance to get lower interest rates. The savings you get can be put toward your nest egg. This is how how debt consolidation works: