Three easy ways to save money by spending less on what you already have.
A recent poll discovered one of the most common financial resolutions for 2017 is to save more and spend less. With the average American having under $1,000 in their savings account, it’s no surprise people want to save more this year. Three easy ways to boost savings, whether for an emergency fund or to create a down payment, are to switch your light bulbs, organize your family’s groceries and participate in a savings challenge.
Simply switching your household’s light bulbs might not sound like it could save you much, but it could take up to $1,000 off an energy bill. LED bulbs might cost a little more, but they last longer and are more energy efficient.
It’s also wise to do a pantry inventory, largely because one of the greatest family expenses is food. Organizing your pantry and the food in your freezer can save a ton, especially when you plan the week’s meals in advance.
- Finally, people might like to try a 52-Week Savings Challenge, which starts easy and becomes harder. For example, challenge yourself to save $1 in the first week of the year, then $2 in the second week, $3 in the third week, and so on. If you complete the challenge, you can save a total of $1,378, plus any extra interest you might have earned on your savings.
This article was provided by our partners at moneytips.com.
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