7 Ways to Grow Your Savings This Year…

January 22nd, 2010 by admin

Not sure how you’re going to pay for that new pair of Dior shoes, or that Prada bag you’ve been wanting? It’s time to start saving! By following these seven simple tips, you ought to be able to save a little more than $8,000 — enough for a few new pairs of shoes, or maybe a trip! Right on! Here are those seven ways to grow your saving account… and start saving today!

1. Bank wisely

Photo Credit: nikkinoguer

Savings per year: $600.00
Now that you’ve decide to start saving, my first bit of advice to help ensure your success is to open a dedicated savings account at a bank you don’t already use. Many banks offer an incentive to open a new account, too, like matching your initial deposit, or just giving you $50 outright. Bonus! Also, decline the offer of a debit card, so that if you want to take money out, you’ll have to actually visit a branch… which will make it a lot more difficult to take money out, which would defeat the whole purpose, right? Here’s another way to save money by banking a little differently. When you make a purchase, round up to the nearest dollar when you deduct it from your bank-book. For instance, if you spend $22.68 at the gas station, round that up to either $23.00 or even $25 in your bank-book. It will make the math easier, and you’ll also be saving those little pennies, nickels, and dimes with each transaction!

2. Kill your land line

Photo Credit: splorp

Savings per year: $480.00
By now, most of us have cell phones and cable internet connections at home. Why, then, do some of us still pay upwards of $40 or more every month for a land-line telephone service? Unless you need your landline for something in particular, like TIVO or some home security systems, you can discontinue and disconnect your service. Not only will you be saving that money every month, you’ll also be free of those annoying telemarketers at dinner-time!