2012 is knocking on the door and the new year is a great time to tighten your money game. Best of all, getting your money straight doesn’t have to be a needlessly complex endeavor. Often a series of simple money moves will have you seeing more green before you know it.
Here are seven simple tips to growing more cash in 2012.
Make Saving Painless
Unfortunately, many of us spend everything we make and then some. There’s an old expression that goes, “You can’t spend what you don’t see.” To put your savings on autopilot have part of your paycheck deducted into a savings account. Ten percent is what experts advise, but if times are tough, start off small. Have 5%, 3%, or even 1% of your paycheck transferred into savings each month.
Change Your View On Change
Pocket change can be annoying, and in today’s economy it doesn’t buy much. But in 2012 put your change to use. Get a jar, large piggy bank or container to dump your pennies, nickels, dimes, and quarters into each evening. By the end of the year you’ll easily have an extra $500 to $1000 saved to spend on holiday shopping, a vacation, or to place in your child’s college fund.
Vow To Get The Best Price on Everything
With today’s technology it’s easier than ever to get the best deal on everything. Amazon’s Price Check smartphone app, for instance, allows you to scan a product’s barcode right in the store and determine instantly whether or not you can purchase the item cheaper elsewhere. Sites like Dealnews.com and Pronto.com scour the internet for the best prices on everything from laptops to women’s clothing. There’s really no reason to ever pay retail again.
Trim The Fat
What a better time to trim the fat than during the new year. Do you really watch all 355 cable channels you ordered? Have you used your gym membership even once during the last month? It may be time to cut back or cancel services you never use and put more money in your pocket.
Switch To A Credit Union
According to Bob Sullivan, author of Gotcha Capitalism, large banks are often the largest fee predators. Fight back. Cut the fees by switching to a credit union. Credit unions offer better rates on savings, charge lower fees, and provide lower interest rates on mortgages and other loans.
Collect The Free Money
Savvy consumers never leave money on the table. Neither should you. The new year is a great time to review your credit card terms. Use the one with the absolute best reward points and perks. Enroll in UPromise, a program that allows you to get money back for college when you purchase everyday items.
Don’t forget to check with your human resource department at work to identify any perks or job benefits you’ve missed. College scholarships, 401K matching, cell phone service discounts, gym memberships, and airline discounts are just a few of the benefits employees often overlook.
Stop Throwing Money Out The Window
Your home is a literally sucking money from your pocketbook. Tame your water, heating, and electricity costs and you’ll help green the planet and your bank account.
Appliances that are plugged in but not turned on, for instance, still draw power and account for 10% of your home energy use. Simply unplugging or purchasing special power strips could save you a few hundred dollars a year. Invest in CFL light bulbs, programmable thermostats, weatherstripping, and other small measures and you could see a return of several thousand dollars.
BMWK, what are some of your money saving suggestions for a wealthier 2012?