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Where To Find Extra Money

Savvy ATM: Where to Find Extra Money

There's no real secret to reaching your savings goals, but there is an attitude of commitment that you should consider adopting in order to accomplish them. In order to keep your commitment to save, make it a priority: decide what you will save each month and learn to live on the rest.

This approach ensures that you don't run out of money each month before you get around to saving some, and it means that you don't have to abide by irritating mantras like the latte factor. Everyone's spending priorities are different so all encompassing mantras aren't always appropriate, but no matter the reason for saving everyone aiming to set aside more money shares a common goal. Discover a few not-always-obvious places to find extra money when you

.

According to Kiplinger, a 30-year old with no savings must save $448 each month in order to have 1 million by age 65, and that's assuming the account earns an interest rate of 8 percent. It may seem daunting, but it isn't an impossible feat. They suggested six places in our spending lives that may have room for extra savings, and I've selected the three that aren't always apparent.

  • Save $219 per month on taxes: The average refund for the 2008 filing season so far is about $2,500. If you received an average refund and you are in the 25 percent federal tax bracket, you could be entitled to three extra exemptions worth $3,500 each. That would boost your take-home pay by $219 a month. A couple of reasons you might be eligible for more exemptions: becoming a new parent or buying a house.
  • Save $28 per month on health care: The typical family spends $1,321 on out-of-pocket health expenses each year, says the Department of Health and Human Services. You can pay those costs with a flexible spending account, which lets you set aside pretax dollars.
  • Save $10 per month on auto insurance: The average consumer pays $829 annually for car insurance, according to the National Association of Insurance Commissioners. Raising your deductible from $250 to $1,000 can save you 15 percent or more.

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Join The Conversation
JaimeLeah526 JaimeLeah526 7 years
I really would need money to be put in my savings automatically because there is always something I need to spend the money on. Paying your auto insurance in one lump sum when it's due also saves you at least 10% too.
MindayH MindayH 7 years
ok - I get it now. Definitely think paying more for insurance is fine - I'd rather not have to pay in the event of an accident
bluesarahlou bluesarahlou 7 years
I do the same thing Tidal...it's the only way I can really save money. It's hard for me to remember when my bills are due, let alone remember to put something aside every month!
TidalWave TidalWave 7 years
I use ING and have money taken out of my paycheck automatically and put into my ing savings. only way to get the best interest rate.
skigurl skigurl 7 years
MindayH, a deductible is what you pay in the event of an accident before you get insurance money so if your deductible is $200, and you get in an accident and repairs cost $600, you pay $200 and the insurance company gives you $400, but if your deductible is $1000 and you get in the same accident, you pay it all. by increasing your deductible, it saves you money monthly but in the event of an accident you will have to pay more out of pocket
brookrene brookrene 7 years
Another way to save on Auto insurance (atleast in texas) is to take a defensive driving course. You can do this online in your spare time. It costs $25 upfront, but it'll last i think 3 or 5 years (can't remember which). It's going to save me about $100 a year. Doesn't sound like much, but it'll help. :)
riccaroo62 riccaroo62 7 years
A good way to save for something specific and earn interest, is by setting up an account at SmartyPig.com.
linb linb 7 years
At the beginning of each month, I immediately transfer a set amount of money to my savings account. That way it is done, and out of my mind. And it forces me to curb my spending on the non-essentials for the rest of the month. I save money on my electric bill by closing all of my blinds and curtains during the warmer months (and, of course, turning on the ceiling fans). A darker home is cooler than a bright one, and I still have some light coming in through windows on my doors so I usually don't need to turn any lights on in the house. I've also gotten in the habit of unplugging appliances and electronics that I'm not using.
MindayH MindayH 7 years
I am confused how the auto insurance savings works
meena1677 meena1677 7 years
I usually save money on my electric bill by doing the following: 1.)Running my dishwasher on the short cycle, they are just as clean! 2.) I dry most of my bulky clothes on the drying rack outside. The dryer consumes so much electricity! I just dry undergarments and socks in the dryer for about 10 minutes.
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