7 Savings Tricks That You Haven't Tried but Work ...

By Valencia

There are plenty of savings tricks to breathe life into your bank account. You probably know the obvious, such as paying yourself first and cutting back on expenses. However, there's more you can do. A hefty savings account can provide an emergency cushion. While it can take a while to build your savings account, there are several ways to reach your goal earlier. Here are seven savings tricks that you haven't tried, but work.

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1

Choose the Right Credit Card

Knowing the right savings tricks can take your account to the next level. When selecting a credit card, pay close attention to the interest rate on the card, as well as other perks. For example, a credit card with a rewards program or cashback is one way to earn cash or points for every dollar you spend. Redeem rewards for gift cards, airline tickets, merchandise and much more. This reduces how much you spend out-of-pocket.

2

Keep Your Old Car

If your car is more than six or seven years old, you may feel that it’s time for an upgrade. However, you can maintain a certain amount of disposable income and reach savings goals sooner by driving an older car. This way, you avoid a car payment, plus the older your car the less you pay in insurance and personal property taxes.

3

Make Small Weekly Transfers to Your Savings Account

If saving isn't factored into your budget, you'll never reach your goal. Each week, make transfers from your checking into your savings account. It doesn't have to be the recommended 10% of your income. Do what you can afford – whether it's $20 a week or $40 a week.

4

Don’t Request Catalogs or Sign up for Email Blasts

Getting a catalog from a retail store or signing up for email alerts is one way to learn about sales. But if you have a difficult time saving money, this information delivered to your mailbox or inbox is temptation city. In this case, out of sight, out of mind works best. If you don't know about sales and promotions, you're less likely to spend.

5

Use the Envelope System

It's a time-tested method for staying on budget, but one that few people use. To keep your household finances on track, use the envelope system. You can have an envelope for groceries, entertainment, gas and other miscellaneous expenses. Each week or month, deposit a specific amount in each envelope, and only spend the allotted amount in each area.

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6

Barter

There's always going to be things that you need. These include clothes, electronics, furniture and home repairs. But rather than dip into your pocket and pay cash for everything, join a barter network and reduce your out-of-pocket expense. This works if you can offer a service in return. For example, you may offer tutoring, babysitting or housekeeping in exchange for home repairs and other services you need.

7

Get a Piggy Bank

Not only for children, a piggy bank is an excellent way to save money. Each day, check your pocket for loose change and deposit this change in your piggy bank or a large jar. Save your loose change for an entire year, and at the end of the year, redeem the change for cash. Change adds up quickly and you can easily accumulate a few hundred dollars in just one year.

Everyone knows the importance of saving money, but saving is much easier to say than do. But don't give up on your efforts. Explore these new methods and you may finally reach your goals. What savings tricks have worked for you?

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Where Thoughts and Opinions Converge

Really like the envelope idea, will give it a go and see where all my money is disappearing too!

We have a box we throw change and $1 bills. If things are going really well, sometimes $5 or $10 bills. Last summer a few 20s made it there. We cashed it in and had several hundred $ extra for our honeymoon! While on that trip, all the change & $1s left started this years box :) Carribean cruise coming in November!

i LOVE the envelope system, it worked for me when i did use it, i will probably go back to it

I do a virtual piggy bank- when looking at your bank account online, round it down to the nearest five or ten, anything over that gets transferred to a savings account. I do that for both my and my husband's accounts & though it's not much at a time, it adds up really quickly!!

You can also bring lunch instead of spending money buying one to school or work at least 2-3 times a week. :>

Credit cards with rewards programs generally have higher APRs.. Choose wisely.. If you're someone that pays off your credit card every month, then rewards cards are great!! If you plan on making payments you're better of with lowest APR

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