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.