How to Boost Your Savings Fund in 2019
One of the best financial goals you can set in 2019 is to boost your savings account. It doesn’t matter what you’re saving for: retirement, a vacation, a big purchase, etc. Consistently contributing to your savings account is a great way to make your dreams come true and get rainy day funds in the bank.
But anyone with a savings account can tell you that putting money away can be difficult. If you’re living paycheck to paycheck, it’s all too easy to withdraw money from your savings if your checking account is running low. Furthermore, it’s easy to splurge on a bunch of things you don’t need, which limits how much you’re able to contribute.
With a little discipline and a few lifestyle changes, you can save more money this year than you’ve ever done before. Here’s how you can boost your savings in 2019.
Cook Your Own Meals
Most people admit that they spend way too much money eating out every month. It’s tempting to pick up food on the way home from work, especially if we feel tired and don’t feel up to cooking. It might not seem like you’re spending that much more money eating out, but $10 here and $15 there really adds up over the course of a month. Eating out has another consequence that has nothing to do with finances: most restaurant-prepared foods are unhealthy and cooked with lots of sodium.
You can save a ton of money and also live a healthier lifestyle by opting to cook meals more often. You don’t have to swear off eating out altogether, but you should make home cooking the rule and not the exception.
If you don’t have a lot of experience cooking, or if you feel like you’re too busy to go and buy groceries every week, consider using a meal prep service like HelloFresh. HelloFresh will deliver a week’s worth of food to your home. There are easy instructions included on how to prepare the food, and it’s so simple that even beginning cooks can do it. It’s one of the easiest ways to get yourself into cooking if you’ve only ever prepared microwavable foods.
Find a New Mode of Transit
A car can be one of your biggest monthly expenses, besides rent. Auto insurance can cost a fortune, and gasoline can take a sizeable chunk away from your funds. Crunch the numbers and see how much your car is really costing you. If you think that you’re spending too much on your car, it might be time to ditch the car altogether.
If you live only a few miles from work, consider commuting on an electric bike. Or, you can wake up a little earlier and start walking to work, which is both healthy and beneficial for your creativity. If you don’t live close to your job, you might consider trying out public transportation, like the bus or a local light rail system. These types of public transits might take a little longer than driving, but they won’t cost you as much as a car does and they’re better for the environment. Lastly, consider arranging to carpool with any co-workers who live nearby you, and offer to pay for a monthly gas stipend (still not as much money as filling up a whole tank, and you also don’t have to pay for auto insurance).
If you’re tired of your vehicle draining your profits, now might be a great time to sell your car. You can put the earnings you make from the vehicle into your savings account (learn how to sell your car online, if you’re intimidated by the process), and all that money you’re spending on gas and insurance can go toward savings, too.
Invest in Stocks
Investing in stocks can be a great way to make some extra money to contribute to your savings. Create an account at an online stock trader, like TD Ameritrade, and buy stocks in a company that you think is going to be profitable. Be sure you do ample research on the company, and research their quarterly earnings and recent business moves (now’s a good time to start viewing financial news).
Once you buy a stock, you’ll own a small portion of that company, and the company will pay you dividends of its profits. Obviously, one small stock isn’t going to earn you much. But the more stocks you buy, the more money you’ll make from dividends. Stocks are a great way to put some extra money in your wallet, and you’ll be increasing your wealth all the while.
You can boost your savings in 2019 through 3 simple methods: cooking meals at home, ditching your automobile, and investing in stocks. In no time, you’ll make your savings goals come true, and hopefully you’ll be able to reap the rewards of a great vacation or dream purchase!