What are some small things that I can do to save money?

by Jacquelyn M. Basso, CPA | Jan 01, 2013

askacpaicon I know it’s important to save, but I cannot make any big deposits right now.

For many Americans, saving money is not a top priority. There are, however, a number of ways you can save a little money with minimal effort and financial discipline.

  • Every month, pay yourself a little by allocating a small portion of your budget to savings.
  • Shop community banks for the best rate on a checking, savings, or money market account. A full percentage rate increase or more would earn you extra money.
  • Estimate outstanding debt, especially credit cards. Consider refinancing higher interest rate debt to lower interest rate loans. Always pay off higher interest rate debt first.
  • Shop around for the best auto insurance rate.
  • Contribute to a company’s 401(k) plan if you can. Try to contribute as much as your company will match, if they offer such a benefit. This is “free money.”
  • Skip the morning latte and pack your lunch.
  • Find more money-saving tips at 360financialliteracy.org.

Answer By: Jacquelyn M. Basso, CPA, is owner of J. M. Basso & Associates in Downingtown.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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