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Finding Creative Ways to Save

With the cost of living rising each year, it is now more important than ever to save money in every area of your life. These four tips will help you stash away more cash in your savings account by cutting unnecessary expenses.

Switch Banks

Changing banks may seem like an extreme step, but putting your money in the hands of the right bank can save you thousands each year. Most banks add on fees for any transactions other than the basics and may even deduct a monthly service charge. By keeping your money in a bank, you are essentially giving them an interest fee loan. Stop letting your bank take advantage of you by opening an account that gives you interest on the money you deposit. Most credit unions do this for both a checking and a savings account and do not charge frivolous fees.  The problem is that some banks charge based on balance others charge based on usage or some other factor. The key is to add up all the fees to find which bank or credit union provides the lowest cost based on your personal usage patterns.

Smart Car Shopping

Besides purchasing a new home, buying a new car is the most expensive investment for families. Fortunately, there are money saving methods for buying a new car that can make the expense fit easily into your monthly budget. Take the time to research a car that fits perfectly within your lifestyle.  If you are going to need a loan to purchase the vehicle, think about approaching your bank for a loan. Shopping for a loan and for a vehicle should be two separate transactions. If you enter negotiations with the dealer already having your financing sorted out, you are more likely to get the price you choose.

When you are car shopping be sure to take maintenance into consideration. It is best to check on maintenance history fro the type of vehicle you are interested in with an organization like Consumer Reports. Then you can be in the market for a vehicle with a lower cost of operation. You should also shop for deals for instance this St. George Subaru dealership, offers a variety of deals but mostly on leases and financing. It is best to shop online first before ever walking into a dealership.

Group Vacations

Family vacations are a major drain on your bank account. When you take a big vacation, the cost can be cut drastically by sharing the expenses with another family. Instead of footing the bill for rental house and transportation alone, the cost can be evenly spread. This arrangement means that your children will entertain each other, and you will have extra eyes to watch the kids. Shared vacations are a great way to cut your vacation costs in half.

Your Local Library

For those who love to read, nothing is better than browsing through a bookstore thumbing through fat, shiny books. The price tag on a new bestseller can quickly bring you back down to earth. There is no need to shell out the price of a nice dinner for a new book. Your local library provides books and a number of other services free of charge. Check out new bestsellers, borrow audiobooks and ebooks online, and rent DVDs all for the attractive price of free.

Saving money is not hard if you think outside the box and look for unusual solutions to everyday expenses. Get creative, and watch your savings account expand.

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