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Tips for Increasing your Savings

Posted on: 29th Jun, 2006 10:52 pm
There are some ways to increase your savings:
  • Create a special account for your house money from banks. Even, Money markets and Mutual funds may also good choices for saving money.

  • It's better to open a saving account in the same bank where already you have one checking account. So that, you can direct the bank to transfer a specific amount of money from your checking account on a specific date of every month to your saving account.

  • If the employer makes the payment through paycheck, then you can direct the bank to deposit a certain percentage of paycheck amounts to your saving account.

Let me share some money saving strategies with you all.

There are several companies offering 401(K) plans. You should make contributions towards your savings with the help of such a plan. You can also open an independent retirement account in case a 401(K) plan is not available. Do not stop the contributions which are made from your paycheck. Rather you can at least lower the amount and then plan your budget making calculations on the take-home pay.

Also, do not apply for too many credit cards at a time. Limit yourself to one or two cards with the best rates possible and use them only when you are going for a major purchase or in times of emergency. You should also be regular with the credit card payments.

There are several other ways of increasing your savings. Let's hope that we get the alternatives from other Community members.


Posted on: 29th Jun, 2006 11:22 pm

If you already have a mortgage, then look out for lower rates by refinancing. Also, try to pay off the loan before the end of the loan period. This will help you save the overall interest payments.

Caron has mentioned credit card debts, yes I do agree. One needs to have less cards at one go and he should review all credit card statements for any errors in billing. Such things may cost you a lot of money each year.

I hope these money saving tips are going to help.

Posted on: 30th Jun, 2006 04:08 am
The most effective way that I can personally suggest to increase savings is to create a separate bank account. This bank account specifically opened for my savings is where a portion of my salary automatically goes. You can arrange this with your bank, so that when your employer deposits your salary, part of it straightly goes to your other account, which gives you no opportunity to use it for other purposes. Aside from that, I also work part-time jobs. I write and I tutor which I learned about in this website "". All of my earnings from these jobs go directly to my savings account. To monitor my finances, I always check my 3 bureau credit scores, so that I know where I stand financially and so I can create a budget which is dependent on my savings.
Posted on: 01st Mar, 2013 12:01 am
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