Our wallets are feeling a tighter pinch this year! From health insurance to grocery bills, a number of things are costing us more in 2017. Most Americans have less than $1,000 in savings, and a good chunk of people have no savings account at all. That’s dangerous territory when the next expensive car or home repair or unexpected medical bill could be right around the corner.
That’s why next week is America Saves Week, an initiative dedicated to helping all of us find more ways to save. Financial professional Brad Allen talks with Milwaukee’s WTMJ-4 about 5 ways to start saving:
Cash Rewards Credit Cards
This is a way you can earn money to save, by spending. Do your research to find a good cash rewards card and use it to pay for everything you can like groceries, utilities or gas. When you find out the amount of your cash reward, put that money straight into a savings account. It’s extra cash you will never miss.
Play the Savings Lottery
A lot of banks and credit unions are starting savings accounts where you can win prizes. By making a deposit you get a chance to win cash. The big difference here is it’s not nearly as risky as buying lottery tickets because you don’t lose the money spent on buying the ticket.
Make it a Group Goal
Make it a competition and have a friend, relative or group all come up with a savings goal and compete to see who can get there first. Any time you get friends involved, it is someone to hold you accountable and it creates some extra motivation to save.
Use Automatic Options
Automatic transfers are easy to set up, and every month they take a set amount of money from your checking or other spending accounts and put it into savings.
Bank Newfound Income
Recently get a raise? Getting a tax refund? Put all of it into savings. If you recently paid off a car loan or credit card debt, keep making those payments, but pay yourself by transferring the money into savings.