The hardest part about saving is finding additional income to set aside. If you’re like most households, your income is enough to cover the bills, and that’s it. Yet financial experts tell you that you should have at least 3 months’ worth of income in a savings account for rainy days. Sounds good, but how in the world do you save money when your budget tells you you have $0 to spare?
I used to have this same problem. Trying to figure out how I could squeeze money from somewhere to boost our savings. Putting in extra hours at work wasn’t an option, and we were already operating a side business to try and get out of debt. Then, it dawned on me… there are tons of ways to add to your savings without working harder or scraping an extra dime. Check it out:
1. Snap a Pic of Your Receipts
Did you know there were shopping applications, such as those offered by Saivian, that would actually give you cash back on your purchases from any store? All you have to do is take a picture of your receipt and receive as much as 20% cash back on all of your purchases. With the ability to withdraw monthly, you can take these funds and add them directly to your savings account.
2. Give Referrals
Word of mouth will forever be one of the best forms of marketing. Major companies are aware of this and want to pay you for your referrals. Check your local bank to find out if there is a referral bonus for new customers that open an account. Often, they will pay you $25 to $50 per referral. This money can be added to your savings account and all you had to do was tell a few friends how great your bank was.
Referral bonuses may be available for other companies, products, and services as well. Just check to see what you have to do and start telling everyone you know to do business with these companies.
3. Write a Review
Your opinion is worth money. Companies want to know what you have to say about their products or services. Writing reviews on products or services that you’ve recently purchased can earn you as much as a few cents to several dollars per review. Depending on how much you shop and how often you’re willing to write a review about it, you could make a considerable amount of cash each month.
4. Save the Change
When paying for things try to use cash as much as often. The change that you’re provided with should be placed in a jar or bin until it is full. Once you’ve filled the jar, take it to the bank and deposit it into your savings account. If you get the entire family to start saving their change, you could average a few hundred dollars in a month or two.
Coupons have always been a great way to save money on your groceries and other products. However, you can take couponing to an entirely different level. For every coupon that you use and save with, take that dollar amount and place it in a savings account. So for instance, if you saved $50 on your last grocery trip because of coupons, take that $50 and place it in savings.
It can be hard to try and scrape something from nothing, but with a little creativity, teamwork, and perseverance, you and your family could increase your household savings and be prepared for whatever emergency – or fun life event might come your way.
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