Do you find it difficult to build a savings. You are not alone. Many people have trouble finding money in their budget to put away for a rainy day. Here are four things you may not have considered to find the cash to jump start your savings.
- Raise your deductible on home, auto and other insurance policies. Raising the deductible means you’ll pay more out of pocket if you ever file a claim, but you’ll lower your monthly premium. Use the money saved to start a savings account.
- Sale sports equipment and musical instruments you no longer use. If you have kids, it’s likely you’ve spent money on activities they no longer participate in. Place an ad online or in the newspaper, or check with local consignment shops and thrift stores to see which items you can unload.
- Do manual labor. If you’ve got an arsenal of lawn equipment and other tools, post flyers around town and let your neighbors know you are available for hire. Put most of your earnings into your savings account.
- Recycle. Don’t limit yourself to cans and bottles. Recycling or selling old electronics, cell phones or ink cartridges could pay. Wisebread has an overview of some sites that accept these type of recyclables.
Think of other solutions you may have overlooked to find the cash you need to build a savings.