It isn’t hard to see why so many Americans have trouble growing their savings. With cost-of-living going up all around the country as wages continue to stagnate, a sizable number of us are living paycheck-to-paycheck. However, while contributing to your savings on a monthly basis may strike you as an uphill climb, it’s far from impossible. As you’ll find, a little bit of effort and forward thinking can go a long way in bolstering your savings and improving your overall financial situation.
Invest in Rental Properties
Some smart rental property investments can generate a healthy amount of passive income and boost your savings exponentially. So, if you’re curious about why you should invest in rental properties, the answer is incredible financial rewards. However, this isn’t to say that every foray into rental property investment is equally successful. To help maximize your chances of success, avoid investing in properties that are located in undesirable areas and/or require excessive amounts of work to be made livable. Additionally, you should never commit to purchase a property that hasn’t been thoroughly inspected by seasoned plumbers, electricians and building inspectors. Even if a property appears to be perfectly maintained, it may be plagued by issues that are only obvious to experienced pros.
Stay in Instead of Dining Out
It’s easy to see why so many of us prefer dining out to staying in. For one thing, not having to go to the trouble of preparing meals and attending to the subsequent cleanup can be a tremendous weight off one’s shoulders. Secondly, if you’re not fully confident in your culinary skills, the temptation to entrust all meal prep to professionals can be overwhelming. Lastly, if you’re frequently pressed for time, planning and preparing meals can be extremely burdensome.
If you’ve gotten into the habit of dining out on a consistent basis, you should sit down and total up the cumulative cost of a month’s worth of restaurant visits, as there’s a very good chance that you’re spending hundreds of dollars a month on these meals. Despite the various conveniences associated with dining out, there’s no denying that it can be a huge drain on your finances.
So, in the interest of saving a small fortune on meal costs every month, make a point of limiting the number of times you dine out to no more than once a week. In addition to providing you with the perfect excuse to try your hand at some new recipes, this will make dining out seem like more of a treat and ensure that you always have something to look forward to.
Alternate Your Streaming Service Subscriptions
You’d be hard-pressed to find someone who isn’t subscribed to multiple streaming services. However, no matter how keen you are on certain services, odds are you aren’t making ample use of each individual subscription. In fact, it’s hardly unusual for people to completely ignore certain streaming services for months at a time – and if you aren’t actively using something, there’s little point in paying for it.
This is why many people have taken to alternating their streaming service subscriptions. For instance, if you’re only subscribed to a certain service for a handful of original series, consider canceling your subscription during periods in which new episodes of these shows aren’t being released. Alternatively, if you have a knack for binge-watching, you may want to think about subscribing to certain services for just one month a year, during which time you’d be able to watch the most recent seasons of your favorite shows.
Make Automated Contributions to Your Savings Account
If your paychecks are directly deposited into a checking account, you can essentially force yourself to make monthly contributions to your savings with the aid of automation. The exact mechanics of this process vary from bank to bank, but arranging to have a certain amount of your paycheck automatically placed into your savings account each month should be fairly easy to do via digital banking. Should you experience any problems, simply get in touch with a customer service representative from the bank in question.
For many of us, bolstering our financial resources is easier said than done. So, if you feel completely cleaned out by the end of the month, you can take solace in the fact that you’re not alone. Still, while making contributions to one’s savings each month can certainly be challenging, it may ultimately prove much easier than you think. With the help of the measures discussed above, you can strengthen your savings in a timely and stress-free manner.