Sadly, many Americans have been laid off and have to find a way to live off of their bi-weekly unemployment checks. But, it is still possible to grow your savings account during this time? All you need is commitment and hard work.
The following five suggestions can put you on track to continuously adding to your savings account, even if it is just a small amount:
1. Open an Interest-Bearing Savings Account
If you don’t already have a savings account, opening an interest bearing account can be the best choice. Although, the interest rate may not be high, you will still be earning something with every deposit you make.
2. Perform a Budget Makeover
Next, take a hard look at your finances and your budget. While you were employed you were able to spend more on items like dining and shopping. Knowing what is considered a necessity and what is a luxury is key to reeling in your spending. Once you figure it out, you can cut your luxury budget in half or maybe even cut it out all together. The money you have left after you cover the necessities can be placed into your interest-bearing savings account.
3. Lock Up or Shred All Credit Cards
The first thing many unemployed Americans do when they want something that isn’t a necessity, is reach for their credit card. By doing this you are only adding to your debt, and not by just the amount of the purchase, if you don’t pay your card in full every month, you are also dishing out an exorbitant amount of interest. Try to live on a cash-only basis. If you can’t afford to pay for an item in cash, then you can’t afford to add to your debt via an interest sucking credit card. The money you save by not using the credit card, can be placed in your savings account.
4. Get Creative
When shopping at the grocery store try to go for the items that are on sale or generic brand. There are also many websites that offer coupons for you to print and save, even more on your grocery bill. If you are in need of clothes, try to shop at bargain based, discount or second hand stores. Many of these stores carry items, that are brand new with tags still attached for extremely low prices. Any money you save can be added to your saving account.
5. Sell Gold and Silver Jewelry or Watches
The beauty of today’s world is that precious metals such as gold, silver, and platinum are highly sought after by precious metal brokers. If you have necklaces, earrings, pendants, or luxury watches you don’t wear, now is the perfect time for you to sell gold and other items. You may be quite surprised as to how much cash for gold you can gain. The secret is to find a cash for gold dealer that you trust.
With a bit of hard work, patience, and dedication, you can truly save money for your future.