35 proven ways to postpone for a rainy day
Life is full of unexpected surprises, which sometimes come cheap. If you suddenly lose your job, you have to do urgent repairs or pay a bill for medical services, you must have cash to cover costs.
Money set aside for a rainy day will guarantee you peace of mind: you do not need to take out a loan if a water heater burns out or your car breaks down. Experts believe that you should keep enough money in the bank for 3-6 months if times get tough.
If you haven't already started saving for a rainy day, start now and use these 35 tips to replenish it.
1. Take advantage of loyalty programs
Many retailers offer rewards. If you are not registered, now is a great time to do it.
Josh Elledge, executive director at SavingsAngel.com, recommends ShopYourWay.com, which has many business partners.
2. Unsubscribe from cable TV
Most likely, you do not watch most of the channels that you put on a subscription. Save by discarding them.
“By ditching online streaming services, you can save roughly $ 10 per month,” said Jake Norton, co-founder and financial planner at Stewardship.
3. Take a side job
If you really want to save for a rainy day, take some of your free time to earn extra money. ForumDaily писал about ways to work.
4. Do not keep money in the wallet
It is always good to have some extra dollars in your wallet. But direct access to money is fraught with the fact that you can spend it, if you, for example, do not have enough for a new expensive bag or for something else. Keep your money away from your eyes.
5. Arrange a "garage sale"
Top up your budget by selling everything you don't need. Cleaning your home is a great way to make extra money.
“Get in the habit of checking your belongings regularly and selling anything you don't need on eBay or Craigslist, or do a yard sale, garage sale,” Gallegos said. vice-Phoenix President. - Do this every 3 or 6 months. Even small funds can accumulate surprisingly quickly. ”
6. Replace credit cards with cash.
It is very easy not to calculate the amount if you pay for your purchases with a credit card. By giving up your credit card, you can increase your savings for a rainy day.
“Using a credit card is easy and convenient, but paying with cash (or a debit card) keeps you within your budget,” says Gallegos. "Many studies show that people spend 15% to 20% less when paying in cash."
7. Shop with a list
“Make a list before you go shopping,” advises Gallegos. - You are more prone to impulse purchases if you go to a store without a list. Plus, when you make a list, you can see what's in your pantry, refrigerator or closet so you don't buy unnecessary items. ”
8. Plan your menu according to sales
“Try planning your menu based on what's on sale and see how much you can save,” Gallegos says. - Check the weekly sale announcements and build your menu based on that. You can also buy perishable food at a discount, such as meat. ”
9. Use savings card
It's great to look at your check and know you've saved money at the grocery store. “If you have a grocery savings card, you can see how much you saved on your check,” Gallegos continues. "Add these sums from each visit to the store and put them in your savings."
10. Use credit card rewards
If you, like many people, received credit card rewards, do not waste them thoughtlessly. Include them in your emergency plan.
“Check your credit cards to see how many points you have,” Gallegos says. - Then visit the awards website to see if you can convert the awards into cash or gift cards. Some credit cards even double the value of your awards at certain stores. ”
11. Save on monthly bills
“Everyone is overpaying for their monthly bills,” says Barry Gross, founder and president of BillCutterz.com.
Gross said his team can help people save up to $ 1500 a year or more on their monthly bills, including cable and satellite television, telephone and the Internet.
Decide for yourself whether it is worth hiring professionals to reduce your bills and save on a rainy day or not.
12. Invest in your emergency account
It's easier to save money for a rainy day when money is automatically debited from your account.
“You can automatically set up a debit from your checking account to the desired date of the month, and it will automatically transfer money to the account you use for a rainy day. Install this feature and forget about the bill until you need it, ”advises Abby Eisencraft, CEO and Senior Tax Advisor at Choice Tax Solutions, Inc.
13. Treat your savings as a mandatory payment.
It is much easier to part with the money that you save for a rainy day if you treat it as another mandatory monthly procedure. “You pay your rent, you pay for your cell phone,” says Eisencraft. "Make replenishment of your emergency fund another mandatory payment."
14. Reduce your holiday expenses
Buying holiday gifts for each of your family and friends can be expensive and tiring. Instead, try to buy one family gift and warn everyone in advance. In this case, you will have money to replenish your savings. In addition, many will be grateful to you that you have freed them from such waste.
15. Refuse to buy morning latte
“An easy way to save money is to keep from buying a $ 5 morning latte every day,” says Deborah Sweeney, CEO of MyCorporation.com. - By doing this 5 times a week, you save $ 25, and the amount will be $ 100 per month. You will save about $ 1200 by the end of the year. ”
Of course, no one makes you forget about coffee at all, just make a cup of coffee at home.
16. Do not carry big money in your pocket
If you are prone to spending cash in your pocket, Gene Caballero, co-founder of GreenPal, has a solution that will benefit your savings.
“ATMs usually dispense bills of $ 20 or more,” Caballero says. - I usually ask to change this money for $ 1 or $ 5 at a car wash or somewhere else. By the end of the day, having small ones in my pocket, I always put them aside for a rainy day.
17. Trim your mobile tariff plan
“Do you really need unlimited calls on your phone? Most people say no, ”says Stephanie Genkin, a certified financial planner and founder of My Financial Planner, LLC. “So go for a cheaper plan and put the difference each month into an emergency fund.”
18. Stop early paying your student loan.
“Of course you want to get out of college debt, but some interest rates are very low,” Genkin said. - Pay the required monthly amounts on time and not a dime more. Put the rest of the money into your savings account. ”
After accumulating reliable savings, you can return to repaying your federal student loan.
19. Hand over free residential space on Airbnb
If you have an extra room in your home, you can make money for a rainy day by offering a bed or an entire room on Airbnb. The money you can make depends on your location and the type of space you offer.
For example, according to Airbnb, a resident of Los Angeles can earn an average of $ 350 per week, settling someone in his house.
20. Check your automatic credit card charges
“Check your automatic credit card deductions,” says Annalee Leonard, founder and president of Mainstay Financial Group. - Obviously, organizations have a vested interest in convincing the consumer to agree to an automatic withdrawal. I don’t mind when it’s a vital service like my car insurance, but when it’s a subscription to an internet newspaper or kids' games, or Netflix or an Amazon Prime membership, make sure it’s important to you or cancel your subscription. ”
21. Grow yourself
The grocery store is important. But shopping is expensive. Fortunately, there are options to reduce your monetary burden - grow herbs or some vegetables in your home. USDA statistics confirm that you can save up to $ 1000 per month.
22. Stop your gym membership
Going from a treadmill to jogging in the park will help you save and replenish your savings account without compromising your health.
“You can be fit and healthy, but not spend a cent on it,” Leonard is convinced. - Stop your gym membership and create a workout program at home. Not only will you save that money, you will also save on gas. ”
23. Postpone your bonus
Put the premium on your savings account, which will increase its balance in a short time, and the main costs will be covered by salaries.
24. Get interest from savings account
Open a rainy day stock account and enjoy XNUMXx the benefit of safe storage and earning. To do this, look for the best deals from banks. Also check if you will have instant access to money if you need it urgently.
25. Transfer meetings with friends at home
Obviously, saving for emergencies is much easier when you are not going to the bar with friends every night. However, reducing these costs can seriously hinder your social life. Transfer your meetings from bars and restaurants home.
26. Meet at Happy Hour Specials
If you have to meet with friends, schedule an appointment for Happy Hour Specials. Usually such watches are made between 16-00 and 19-00. At this time, big discounts on food and beverages. Calculate the amount you saved and put it into a savings account.
27. Stop Paying Overdraft Fees
In 2015, JPMorgan Chase, Bank of America and Wells Fargo received more than $ 6 billion in overdraft fees, according to a report from SNL Financial and CNN Money. Tariffs depend on the bank, but, regardless of the amount, spending money that you literally did not earn, in any case is not good.
28. Save on shipping
If we choose to deliver on the same day of order, this is reflected in its price. If you really need this or that item, make an order in advance and enjoy a discount on delivery from 5 to 10 days after ordering. Save the money you save for a rainy day.
30. Do not use paper products of famous brands.
You use paper towels, napkins and plates only once. Spending more just for the promoted brand is simply unprofitable. Buy an unadvertised brand, and deposit the difference in a savings account.
31. Earn on the return
Currently, many companies are returning a certain percentage of purchases back. Do not forget to read the fine print and make sure that the account does not require a monthly subscription fee or a monthly minimum.
After the checks, you just have to check the report at the end of the month to find out how much you have earned and postpone this amount for a rainy day.
32. Stop going to the movies
“I understand that going to the cinema is an interesting way to spend an evening, but it is certainly an expensive pleasure,” says Kofke, an expert in saving personal finances. "If you go to the cinema twice a month, you spend a lot of money in exchange for a few hours of pleasure."
The average cost of a movie ticket is $ 8,61, according to Box Office Mojo, while renting a movie on Redbox is only $ 1,50. After all, you probably won't remember where you saw the movie, and the difference can be put off for a rainy day.
33. Get new quotes for your home and auto insurance
If you have been using the same insurance plan for 3 years or more, contact your insurer for the best prices - as a regular customer - or consider other options from their competitors.
34. Forget about dry cleaning
“I can honestly say that I have never used a dry cleaning service,” Kofke said. "Ironing the shirt will take some time, but it really saves a lot of money."
Save money on dry cleaning, buying those things that can be washed in a washing machine or manually.
35. Do not pay full price for local events.
“Sporting events can be expensive,” says Kofke. “I don’t go to games often, but if I’m going there with my mom, I use the ScoreBig.com website and save on our ticket prices. They offer up to 60% savings on certain tickets. ”
This method can also be used when purchasing tickets to events, such as concerts and theatrical performances. Just do not forget to compare prices in stores before you pay a face value.
All the money you save should be put into a savings account.
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