NDSU Extension Service - Ramsey County

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Finding Money to Save

Finding Money to Save

            Budgets seem to be getting tighter and tighter.  Where do we find those extra dollars to add to a savings account?  To pay bills?   Managing money is seldom easy and seldom accomplished overnight.  Some of the following money management techniques may help you find those extra dollars.

-         Avoid carrying too much cash with you to reduce impulse buying.

-         Select a free checking account or one with no minimum balance requirement.  It can save you more than $100 a year.

-         Be aware that credit cards with rebates, cash back, travel awards or other perks may carry high rates or fees.

-         Balance your checkbook when the statement arrives so you know where you stand. Better yet, bank online and use the information posted daily to balance your checkbook twice a month.

-         Use one company to purchase house, car and life insurance. Often you qualify for a discount if you have multiple policies.           

-         Shop around for insurance. Check with at least three agents

-         Take advantage of the earned income tax credit on your federal income taxes if you are eligible.

-         Have a garage sale to make money and free storage space.

-         Pay bills early if it will get you a discount.

-         Place all loose change in a jar. When it is full, deposit the money into a savings account.

-         Review plans/leases/agreements for cell phones, satellite or cable TV, land line phones, etc. Do you need them?  Is there a better plan available for you?  You should shop around regularly for services that might be better suited to your needs and save you money.

-         Set us a “Pay Yourself First” savings plan.  Decide at the beginning of the month how much money you will save and put it into a savings account.

-         To avoid late payment fees and possible interest rate increases on your credit cards, make sure you send in the payment a week to ten days before the statement due date.

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