Everyone looks for new ways to save money anyway they can. Use these tips to help grow your savings account for the rest of 2019.
According to a Federal Reserve System report, four in 10 American adults would be forced to borrow money, sell something or would not be able to pay at all if faced with a $400 emergency expense. Unfortunately, many home system breakdowns can easily exceed that amount, making a stable savings account essential.
If getting a higher salary or a bonus isn’t feasible and you don’t have the energy or time for a second job, you’re probably looking for more ways to save money.
Of course, saving money is easier said than done, especially when you have a family or own a home, or both. Something’s always breaking down, and someone always needs (or wants) something expensive. But the more you can save, the closer you’ll be to reaching your financial goals, like retiring early or taking that dream vacation. 2019 may be half over, but these 10 tips can help you save money for the rest of the year:
1. Install Solar Panels
Solar panels aren’t cheap; they usually cost between $11,214 and $14,406 for an average six-kilowatt (6kW) system, after tax credits. But if you’re looking for a money-saving home improvement, solar panels could eliminate your home’s energy costs, especially if you live in a sunny region. They could even earn you money if you create more power than you consume. Solar panels are an especially good investment if you live in an area where electricity is expensive, like California or the Northeast.
2. Switch Banks
Is fee-free banking a thing of the past? Not if you go with a small, local bank or credit union. Many smaller banks and credit unions still offer their checking and savings accounts free of charge, and you might even get a cash bonus for opening a new account.
3. Buy a Home Warranty
Home warranties are another way to help manage and protect your budget efficiently when it comes to high, unexpected costs related to repairs and replacements. A home warranty from American Home Shield® can help cover the cost of repairing or replacing components of up to 21 major home systems and appliances. Additionally, you can opt to add on additional coverage like the Electronics Plan by Asurion® and cover your electronics when they break down.
4. Audit Your Recurring Memberships
How many services, subscriptions or monthly loot boxes are you subscribed to? Do you use them all? Go through your recurring memberships and cancel the ones you’re no longer using. Gym memberships that don’t get used or that Netflix account that no one watches can add up. The savings you end up with could surprise you.
5. Get a Digital Thermostat
A programmable thermostat can save you a lot of money on heating and cooling costs. The fancier ones let you control the temperature inside your home afar and can even learn your routines to adjust your home’s temperature according to your daily patterns. Even a basic digital thermostat that lets you use less energy on heating and cooling when you’re out or asleep can save you a couple of hundred bucks a year.
6. Lower Your Debt Payments
Credit card bills can really take a bite out of your budget, and the high interest rates they charge mean you’ll end up paying much more for your purchases than their sticker prices. Prioritize paying off credit card debt to reduce the strain that monthly debt payments can place on your budget. If you can’t pay your cards off, consider taking advantage of a zero-interest balance transfer deal.
7. Comparison Shop
Whether you’re buying groceries, clothes or a new sofa, you should always shop around for the best price. Use smartphone apps like GasBuddy or Favado to look for the best prices on items you buy all the time. Take advantage of retailers’ price-matching offers, too.
8. Invest in Energy-Efficient Home Upgrades
If you’re buying a new appliance, getting one with an Energy Star rating can help keep your energy costs low. High-efficiency light bulbs, low-flow toilets and low-e windows can all save you money, too.
9. Maximize Your Credit Card Rewards
Credit card rewards can get you free flights, free hotel rooms, free gift cards and even free cash. You shouldn’t go into debt just to get credit card rewards, but if you’re buying something anyway, and you have the cash to pay for it, make some extra room in your budget by charging the purchase to a rewards credit card and then paying it off. Your credit rating may even improve.
10. Rent, Don’t Buy
Not everything you want or need has to be purchased. Need formal clothes for an event? Rent them. Need a power tool for a home improvement project? Rent or borrow it. Set up clothing or toy swaps with friends and neighbors to get new items without emptying your accounts.
Saving money can be hard at first, but it’s really just a matter of building good habits and making the right choices. A home warranty from American Home Shield should be one of those choices. It’s the easiest way to fit unexpected home repairs into your monthly budget. Call today to learn more about our coverage.