The Washington Independent
The Washington Independent
How to save $100, $1000 or more

How to save $100, $1000 or more

Jul 13, 2021 12:47
finance
Kaleem Kirkpatrick

Table of Contents

Make your budgetCreative ways to spend lessMake your money work

You want to save money, maybe so that you can pay off a debt, or for a down payment on a home, or maybe so that you can start investing. Perhaps you are building an emergency fund. Whatever the reason and even the amount, the methods are the same. If you're struggling with improving how you manage your personal finances, the tips below can help you save a little or a lot.

Make your budget

The first necessary step in any money-saving endeavor is to make a budget so that you know exactly what is coming in and where your money is going. You can do this any way that makes you comfortable, from using a low-tech cash-only system and making notes on paper about your spending, to using spreadsheets, to downloading apps that will track your spending for you. More important than how you do it is that you spend enough time doing it. Two or three months will start to give you a good idea that includes things you spend money on less frequently, but don't forget expenses that come along just once or twice a year, like vacation, birthdays, or holidays. Once you know how much you normally spend, you can start taking steps to reduce that spending and put the money into savings.

Creative ways to spend less

There might be some obvious ways to spend less. If you tend to spend a lot on eating out and delivery, you might want to cook and eat at home more. If you have a habit of indulging in retail therapy, you might want to consider a lower-cost stress-busting activity, like watching your favorite box sets. However, there might be additional ways to save as well. For example, you could refinance student loans with a private lender. This could mean that you pay less each month. You could also look into rolling credit card balances onto cards that offer zero interest for 12 or 18 months. Moving to a cheaper place or getting a roommate can also help you save. Set up your bank account so that the amount you save is automatically moved to a different account to avoid the temptation to spend it.

Make your money work

At a minimum, you should put your savings in an interest-bearing account so that it can increase in value. However, one thing you should keep an eye on is that some low-interest accounts could be outpaced by inflation. On the other hand, in general, a higher yield is often correlated with higher risk. The best solution to this is having your money in a variety of places, including a no-risk emergency fund that you can access instantly if needed. Mutual funds carry some risk but are generally low-risk places to watch your money grow over time even if the market is a little volatile in the short run. With the money that you can afford to lose, you can invest in stocks and other higher-risk investments that also carry the possibility of a good return.

Kaleem Kirkpatrick | Kaleem weaves song and story together with experience from his 12 year career in business and sales to deliver a mesmerizing tale of wealth and anger – the ups and downs of disruption – using his expertise in music and entertainment. His background in philosophy and psychology allows him to simplify the science of why we construct trends, where they come from, and how to alter them to improve outcomes.

Related

Gambling Laws: How Canada compares to the US

Canada and the US are not just neighbors. They’re allies that share a national language, food and music. Both countries are huge in geographical size, incredibly developed and have populations with a 99% literacy rate.

How Ethereum is steadily second-most popular cryptocurrency

Cryptocurrencies have taken over the digital world with their countless advantages and ways of improving the online life of millions of users. That change started with Bitcoin and now we are taken in by Ethereum. It is more than just another cryptocurrency.

Top Altcoins offered by crypto gaming industry

Crypto casinos allow users to get access to more features than a traditional casino by enabling gambling and payments through the world’s most popular cryptocurrencies.

7 Tips to make your brand more customer-focused

Customers are undoubtedly the lifeblood of all companies worldwide, so it isn't surprising to see many businesses prioritizing them. Research indicates that about 40% of all companies have an equal focus on customer retention and acquisition to help drive long-term company growth.

6 Useful tips on how modern technologies are reshaping traditional businesses

The technological evolution in the modern workplace has been very beneficial to many businesses, and, of course, several businesses have taken advantage of this to improve their performance level and operate more smoothly. Every business needs technology; whether big, small, or medium.

What Americans need to know about online casino bonuses

It used to be that gambling in the US was severely restricted, with destinations such as Las Vegas and Atlantic City, being the key havens for people wishing to test their luck.

The Biggest Wins in Poker History

Outside of organised sport, poker is one of the most popular pastimes on the planet by players from Las Vegas to Laos and everywhere in between. One of the many reasons for poker’s popularity is the riches that the game can offer to those successful enough to consistently win the top prizes.

Top 5 publicly traded gun company stocks

For just a long time, the market for gun company stocks has indeed been completely ignored. Even so, even as the whole world becomes increasingly chaotic, firearms are mainly motivated by the demand for self-protection. This has resulted in an unprecedented rise in weapons sales throughout the US.

The industries utilising e-wallet payment methods

An increasing amount of consumer transactions are taking place over the internet, last year over 779 billion digital payments took place across the world. This figure is expected to grow by around 13 percent each year and more people enjoy the convenience and accessibility of spending money online.

Is online bingo legal in Washington state?

Online bingo is growing rapidly, with players everywhere noting the benefits of gaming from the comfort of home. Exciting, engaging, and best of all, offering a real chance to scoop the jackpot, bingo is enjoyed by millions worldwide.

6 Ways to increase the value of your home before selling it

When you are looking to sell your home, you want to make sure you sell it for a good price. Luckily, house prices normally go up over time, so you should not have any trouble selling it for more than you bought it for.

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com