5 Ways to Save Money This Spring

by Redeeming Riches on March 16, 2015

save-money-this-springThere are several unique ways to save money this spring. As the temperatures start to warm up, the sun starts to shed its light more, and the plants start to blossom, you may be tempted to get out of the house and spend more money than usual in order to compensate for all those cold, dark, gloomy days that you spent indoors during the winter months. Instead of spending your cash, you should focus on methods that will allow you to save your cash. In doing so, you will discover that you have more funds available to handle your financial obligations each month, to put towards your education, to save for your retirement, to fund an emergency account, or to save towards a large purchase – such as a home or a vehicle. Financially, it is better to save and eliminate excess than to spend and live with excess debts. In this brief financial guide, you will learn 5 ways to save money this spring.

1.  Establish Goals
The first and most important method to saving money this spring is to ensure that you set financial goals. For example, if you are establishing an emergency fund for those unexpected situations in life, such as vehicle repairs and medical emergencies, you should determine how much you want to save. In years past, the average suggested amount for an emergency fund was six months’ worth of income; however, being that 5.5 million individuals in the United States alone are unemployed for an average of 27 plus weeks, based on figures derived from the Bureau of Labor, it is not recommended that a total of nine months to twelve months’ worth of income be placed in an emergency fund. While an emergency fund is a relatively large goal, it is a necessary one. In other instances, you may simply want to save money for holiday spending. Most financial experts agree that no more than 1.5% of your total income each year should be spent on holiday spending. If you make $35,000.00 annually, your financial goal should be to save $525.00 that you may spend for the holidays. Regardless of what your financial goal is, it is important to make it and stick to it. You should outline what you are saving for and how much you need. That will allow you to then determine what you will need to do in order to succeed in your endeavor.

2. Obtain a High Interest Rate Savings Account

The next way you can save money this spring is to open a savings account that provides you with high interest rates. By placing your hard-earned money into a savings account, it will be secure and you have the potential to earn interest. Unfortunately, the national-based interest rates throughout the United States are not considered to be exceptionally high. Large banks, such as Capital City Bank, are currently offering 0.05% interest on their savings accounts; whereas Salem Five Direct offers 1.10% APY on every single dollar you place into the eOneSavings account for your balance up to $500,000.00! If you save $1000.00 this spring with Capital City Bank, you will earn $0.50 this year; however, if you put that same $1,000.00 in the savings account offered by Salem Five Direct, you will earn $11.00! That is a difference of $10.50! In order to maximize your savings, it is imperative that you obtain a high interest rate savings account that will allow your money to grow as quickly as all those flowers blossoming this spring!

3. Reduce Checking Account Fees

The next way to save money this spring is to research your checking account and determine all fees associated with that account. Many banks will charge a monthly fee to have a checking account, while other banks will charge you a hefty fee for utilizing their bill pay services or the ATM. You should always opt for a checking account that has as few fees as possible. For example, Capital City Bank provides an “Absolutely Free Checking” option, while Bank of America charges $14.00 for a “Regular Checking” account. There are other checking accounts offered by Bank of America, for example, which charge a monthly maintenance fee of up to $25.00. By choosing the right checking account, at the right bank, you have the potential to avoid up to $25.00 a month in fees. Being that spring covers the span of three months, this could mean the difference between your saving $75.00 or spending $75.00. If you save the $75.00 in a savings account, such as the one previously mentioned at Salem Five Direct, you have the potential to save a total of $75.83 this spring!

4. Reduce and/or Negotiate Your Bills

The next way to save money this spring is to reduce and/or negotiate your bills. For example, if you have cable television service with a package that includes several premium channels, such as Starz and HBO, you likely pay approximately $150.00 each month. You could sign up for a Netflix account, instead. On average, Netflix charges $8.37 a month (including tax) for their service. If you do this, you could discontinue your television service completely, resulting in a savings of at least $141.63 each month. By the end of the spring season, you would save a total of $424.89. The next bill you should evaluate is your cell phone service. Most of these services include an access charge, a GB plan, and other extras. It is not at all uncommon for an individual to have a $100.00 bill each month with their cell phone. If you have internet at home, as well as a home phone, simply pay for what you use by using a prepaid plan. On average, these plans offer unlimited talk and text features for $50.00! That is a savings of at least $50.00 each month. By the time spring ends, you could potentially save $150.00! You may also take steps to reduce your electric bill. You may switch to LED lighting, unplug appliances when not in use, avoid using fans, and set your thermostat for your air conditioner to 78°F in order to reduce the amount that you pay on electrical utilities.

5. Grow and/or Make Your Own

The fifth and final way to save money this spring is to choose to grow your own food through gardening or to make your own products – such as cleaning supplies and laundry detergents. If you purchase seeds to start a garden and a bit of fertilizer, you will spend approximately $70.00 each year on supplies; however, if you purchase the foods, you are looking at spending approximately $700.00. By growing your own, you have the potential to save $630.00. The same holds true for making your own products. If you elect to make your own cleaning products, soaps, shampoos, conditioners, lotions, and laundry products, you have the potential to save thousands of dollars each year.

Conclusion

There are many ways to save money this spring. All it takes is a little creativity, time, and research and you are sure to succeed in putting back a little cash this spring. Simply establish your goals, sign up for a high interest rate savings account, obtain a checking account with little or no fees, reduce and/or negotiate your bills, and grow and/or make your own products. In taking the steps outlined in this financial guide, you will discover that it is easy to save money. In some instances, you will find that your money is able to make more money. Your financial success could be positively impacted by choosing one or all of the steps outlined here. By simply committing to the task, you will achieve a high level of success if you desire to save money this spring!

Google+ Comments

Related Posts