How to save money in the USA: 10 unusual ideas
There are so many expenses in our budgets that saving money for retirement may seem to be the last priority. This is a very dangerous thought, as only half of employees participate in their company’s pension scheme, according to The Pew Charitable Trusts. What happens if we change our perception of saving money, just as we learn to eat healthy foods instead of snacks? We could train ourselves in good saving habits and save money for our retirement using these unusual saving methods.
Don’t press gas
“Tests from Edmunds.com showed that you can get more miles with the same amount of fuel by switching from an aggressive to a more relaxed driving style,” says Kara Reynolds, director of the online financial planning service Sum 180 in Louisville, the state. Kentucky. If the average American spends about $1960 a year on fuel, that would be a saving of $686 a year. Overcome the desire to be the fastest rider on the road and put the money you save into a savings account.
2. Cook in a kitchenette
If you eat too often outside because you are tired and have no appetite to cook at home in the evening, search the internet for recipes and devote a few minutes in the morning to loading the ingredients into your slow cooking. By the time you return, you will have dinner ready. If you give up a dinner at a restaurant $50 a week and instead eat homemade meals ($2 per person for a four-member family), you will save $2184 a year, says Reynolds.
3. Create your income from rent
With websites like Airbnb and Craigslist at your disposal, it is now much easier than before to rent a room or part of your home. Consider turning your basement into a one-bedroom apartment and renting it for $600 a month. That’s $7,200 a year, says Carla Deering, CEO of Sum 180. Do you have land near the stable? Consider renting it as a horse pasture. “Three horses with $150 a month is $4500 a year,” says Carla.
4. Buy grocery items in the middle of the week
“Midweek sales usually start and if you have a ready list of grocery items, you won’t buy spontaneously,” says debt relief lawyer Leslie Thain from Melville, New York. Note how much you spend before entering the store so as not to exceed your budget. “This significantly reduces the likelihood of impulsive purchases and adds to your retirement savings,” she says.
5. Maintain a healthy marriage
Divorce is expensive. “Marriage is a long-term commitment that begins with ‘I agree’. As soon as you say “I disagree”, not only will your marriage collapse, but your net worth and your retirement savings will seriously decrease, says Kevin Smith, founder of Smith, Mayer & Liddle, a consulting firm from Janney Montgomery Scott. group in York, State Pennsylvania. “Focus on improving the quality of your marriage and do your best to overcome the inevitable difficulties that come with each marriage.”
6. Don’t go completely out
If you have a bad habit that you can’t beat, match it with your savings. For example, you are trying to quit smoking. If we assume that cigarettes cost $7 a pack, “the average smoker can spend $2555 a year on cigarettes. Assuming that 8% per year is concentrated on savings, if the same amount is retired for 30 years it will be converted to $289,” Smith says.
7. Cut the cable
Some TV channels can also be downloaded via antenna. “For people who want to reduce all the unnecessary costs, there is this way to save a decent amount – cut the cable or satellite channels. This will allow you to take the saved dollars and invest them in long-term savings like the Roth IRA or savings for children’s education,” says Jared Snyder, senior financial advisor at Exencial Wealth Advisors in Oklahoma City.
8. Turn your hobby into extra income
If you love animals, consider providing pet care services using online services like DogVacay, completing random tasks through TaskRabbit, or selling collection items through eBay, says Dearing. Light secondary work using your talents can also be profitable, such as writing for blogs or caring for children, working with a charity, selling your own crafts on Etsy or running classes in sports facilities, Thane says.
buy lotteries, try to save as much money for a pensioner account
9. Play with folders
Buy two sets of folders and sign each for all your monthly expenses and hobbies. Add another to your retirement savings, then budget and put money on each. Greg Paradis, CEO of Parady Life & Annuity at The Villages, Florida, talked about a client who split her money into 23 files, including restaurant, car insurance, black days and golf expenses for her husband. “They’ve never made much, but they feel comfortable retired and now they’re traveling the world together,” she says.
10. Create your own jackpot
If you are disappointed that you cannot win the lottery, but still hope to win, consider converting the money you spent on lotteries into retirement savings. “With an annual saving rate of 8%, the $10 a week set aside would be $7 for 957 years, $10 for 25 years and $655 for 20 years,” Smith says. If you still feel the desire to buy lotteries, try saving as much money on a retirement account as you spend on a ticket—and regularly compare both ways of “investing”.