Saving money can be a slow process. Little by little, you increase your funds until you finally reach your goal. Fortunately, there are also some faster ways to jumpstart your savings efforts.
1. Take a look at your bank accounts.
Some banks charge maintenance fees. Make sure your bank is giving YOU something! Look for interest, account perks and other benefits you’ll use and enjoy.
Use cash or your debit card. That way, you can only spend what you have, so you’ll save money on finance charges and credit card fees.
Here’s a good tip for online shoppers: Don’t save your card information with websites. It’s too easy to click and buy without making sure you can pay for that new item. If you have to take the time to dig out your card to buy something from a website, you may think twice about spending that money!
3. Escrow your property taxes.
Instead of trying to save for your property taxes on your own and having the temptation to use those funds for other items, consider an escrow account.
Here's how it works: You make an automatic payment into the account monthly or with every paycheck. When tax time comes around, the bank will send the money in your account to your municipality. Since you were diligent about saving each month, you won't have to worry about having enough money when your property taxes are due.
Is all that holiday spending finally catching up with you? The bank can help you consolidate your debt, and this should give you a better interest rate.