If you've recently had to liquidate your savings - say, for a down payment on a home or a particularly expensive car repair - you're probably facing a little angst over rebuilding your savings. After all, it took a while to accumulate that much money, and now it's gone. Rather than look for get rich quick schemes or other ways to save huge amounts of money at once, stop for a minute and think small. If you simply save loose change on a daily basis, you'll be well on your way toward rebuilding your savings.
Here are five useful tips for saving money you can implement starting today.
Put a jar, bottle or actual piggy bank in places where loose change tends to turn up: in your bedroom, by the clothes dryer, in the car or in the kitchen. This way, when you get home for the day and you empty your pockets or purse, you'll have a designated spot for saving loose change. At the end of the month, deposit it into your savings account.
You probably make several little purchases during the day, whether it's coffee in the morning, lunch out, a parking fee, a toll or a newspaper. If you're using cash, you'll end up with the loose change to throw in your piggy bank. But, if you're using a debit or credit card, don't let this savings opportunity pass you by. Round each purchase up to the next dollar and transfer that difference into your savings account at the end of the day.It may seem like a nominal amount at the end of the day, but after a week or a month, you're talking about a considerable amount of savings.
Next, take some time to look for easily overlooked ways to save. Look for coins in your car's console and under the seats. Peek under the couch cushions. Sort through that junk drawer. Dig through your pants' pockets. Odds are you've got some coins laying around that you can snap up and add to your savings jar.
Every once in a while, reward yourself for your efforts, and throw a dollar into your piggy bank. To make more of an impact, try to match your savings that month or at least a percentage of them.
Now that you saved loose change, put it to work in a high-yield savings account like a money market or CD. These accounts are easy to open and earn you interest so you can save even more. To open an account with Citizens Bank, speak with a customer care representative at 1-877-360-2472.