How healthy is your savings account? Do you get to pad it out every single paycheck? Probably not - it’s hard to put money away when you’re living from one payday to another. And we all know that there are many ways to save money when it comes to all kinds of expenses, but putting these methods into practice is a bit easier said than done!
When it comes to blowing your household budget in one single day, with bills and daily needs accounted for, there’s always a chance you’ll have to dip into your savings for the rest of the week. And trying to save on a regular basis can take a lot of hard work and commitment, and not all of us have the energy! So what do you need to do instead?
Pop Money in and Forget About it!
Sometimes known as ‘padding’, if you can save an amount of money, but then note down in your budget that you’ve only got half of that amount in your account, you’ve essentially saved money without even knowing it. Of course, you know in the back of your mind that it’s there, but on the budget sheet, there’s no sign of it, meaning you’re much more likely to leave it alone and let it build up over time.
Have Insurance Policies in Place
A well placed insurance policy can do a lot for reducing the pressure on your financial health; for example, life insurance comes highly recommended by experts like Shawn Meaike for multiple reasons. Most of all, it’ll prevent you from needing to preserve your savings account for years and years on end, which adds pressure to any family members you’ll need to account for in the future.
Without a proper payout to fall back on, just in case, your loved ones won’t have time to get back on their feet without falling deeply into debt. And if you’ve got a loved one who isn’t paying into some kind of scheme that’ll allow for a payout in case of a loss, be sure to talk to them about their options, which can also include investing in real estate and/or the stock market.
Learn How to Negotiate with Companies
Did you know you could negotiate your utility bills down to a more reasonable price? It’s true - you don’t have to simply pay a tariff if it’s too much for you. Just get on the phone to the company, ask for a price reduction, and don’t budge until they give you what you want.
After all, if you take your business elsewhere, that’s a customer that the supplier loses, and they never want that to happen! A lot of people can take off at least a quarter of the original bill when they do this, but any reduction is a win in our book.
Your savings account doesn’t have to collapse under your budgeting pressure. Find ways to let it thrive without constantly paying into it.