If you’re like many, overspending during the holiday season may deplete your savings. It is important for you to recover your savings so you’re financially prepared for unexpected expenses. Here are tips to help you spend less and send more money to your savings:
Use automation to save
You can recover your savings account by funding it through payroll deduction similar to how you use direct deposit into your checking account. Check with your employer to see if this is an option for you. Or, your bank’s automation to deposit a set amount from your checking account to your savings account each payday. Remember to continue to build your emergency savings fund and regular savings account over time.
Cancel unused memberships and subscriptions
If you have subscriptions for streaming services or gym memberships you don’t use, cancel them. Even if they are small amounts, they can add up over time and deplete your savings.
Monitor and estimate utility bills
With this year’s energy costs high, monitoring your heat and air conditioning temperature can help you save on your electric and gas bills. Another often-overlooked utility is a water heater that can cost you over time if turned up high. The safe and optimal temperature is 120 degrees to 130 degrees plus optimal for your wallet!
Shop and switch internet, cable, and other providers- Don’t forget internet and cable as part of your monthly budget. If you have internet or cable packages higher than you’d prefer, shop around for another provider’s package. Phone, cable, and internet are often bundled together but may not be the best package if separately each service costs you less. With more people having cell phones, paying for a phone line may be wasted money.
Use coupons and shop for sales
Redeeming coupons can help you save money on items that you usually purchase anyway. Coupon offers may be on new items manufacturers want you to try instead of your usual brand. Coupons are easy to redeem through apps from your favorite stores. Shopping for sale items, last year’s model or open-box items can save hundreds of dollars on consumer goods that tend to be seasonally priced.
Transfer credit card balances to a zero-interest card
With interest rates increasing, credit card companies are enticing debt consumers to transfer their outstanding balances to their credit cards. While these offers may be for one year with zero interest, read the fine print to fully understand the offer as your rate will be impacted after the offer ends. If you’re confident you may be able to pay off the balance in full, consider the transfer to save you money.
Budget for spending and shopping
If you enjoy spending and shopping, make it part of your monthly budget, and stick to the dollar amount you budgeted. Create shopping lists- Creating a shopping list helps in a few ways. A shopping list helps keep you on track so you don’t overspend and helps ensure you don’t have to run out to get items you forgot that might cost you more at a convenience store.
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Don’t Deplete Your Savings This Holiday Season
In conclusion, we specialize in providing strategies and guidance for those who are seeking a better lifestyle in retirement. At Bailey Financial Management and Insurance Services, we know that it is your retirement, and you should control it. We offer our experience and knowledge to help you design a custom strategy for financial independence. In addition, contact us today to schedule an introductory meeting!
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