Saving doesn't always come easy. However, it is a skill that requires that you clearly define your goals and stick to them. Check out these clever tips and tricks that will help you boost your savings!
Small Payment, Big Savings
Have you ever considered adding money to your scheduled monthly mortgage payment? If you can manage doing so, you can save on interest and pay off the loan faster than just providing your minimum payment. An extra $100 per month on your payment can make a considerable difference! If you can’t afford a lot extra per month, even adding a simple $25 to your premium can shave off years off of the loan repayment period.
Embrace The 24-Hour Rule
You can rack up some savings by deploying the “24-hour rule.” If you’re thinking about making a new purchase online or in-store, postpone it for 24 hours and assess its significance. The 24-hour period will reduce the purchase from a need to a want. As such, you may find yourself walking away from it, purchasing less and allowing you to put more into your savings.
Cut the Cable
Since 2007, cable TV prices have soared and are higher than they have ever been. Concurrently, video streaming services have reshaped the landscape of entertainment for a fraction of the cost. While you may still need to pay for your internet, cancelling cable and instead subscribing to an inexpensive streaming service like Netflix, Hulu or Sling will save you a significant amount of money each month.
The 52-Week Saving Challenge
The aim of this challenge is to save a dollar amount that corresponds with the week. Therefore, your savings will be increasing with every week. If you save one dollar in the first week and save $52 in the last week, your yearly savings will amount to $1,378. If you think that's impressive, try saving $10 the first week and increasing from there!
If you’re looking to start a new savings routine and need a specific checking or savings account to do so, Mechanics Cooperative Bank has you covered! Contact us today to get started and open an account.