How to Boost Your Bank Account in 5 Easy Ways
In light of today’s economic situation, saving can be an extremely hard thing to do. In fact, studies show that 76% of American families are living from paycheck-to-paycheck. In addition, 40% of working Americans are not saving for their retirement, 25% of American families have no savings at all, and 7.7% of American adults do not even have a bank account. Needless to say, this is not how it should be.
Thankfully, there are several ways by which you can start saving for your future without necessarily turning yourself into a miser. Here are some ideas that you may want to consider to achieve your goal.
Keep a Virtual Piggy Bank
All of your loose change can quickly add up to a sizeable amount which can then be used to pay for your bills or your groceries. However, since most people do not use real money anymore for their purchases, Bank of America came up with an ingenious solution ? a virtual piggy bank. With these “Keep the change” accounts, the bank will round up the total purchase price to the nearest dollar and transfer the difference to your bank account. As an incentive, the bank? will match your virtual change deposits for the first three months up to a limit of $250 per year.
Participate in Education Matching Programs
Opening an Upromise account is one of the easiest ways to add to your kids’ education savings. Under the program, participating merchants will match a portion (usually between 1% to 25) of the purchase price and contribute the amount to an education savings account of your choice. At present, there are about 600 participating retailers in the program. This includes Apple, Office Depot, Gap and J.C. Penney.
Consider Online Banking
Banking online saves you time and money, and may even make you smarter. According to a study conducted by Javelin Strategy & Research, banking online can save you about two hours per month and $60 in stamps (considering you pay 12 bills in a month). It can also make you smarter and help you take charge of your finances.
Change Your Mindset
If you find it easier to buy something than to sell it when you no longer need it, then you are buying with emotion rather than proper judgment. Get over this mindset. Be extremely cautious when buying things ? especially if you plan on selling at a later date.??
Give to Charity
Instead of tossing things you don’t need into the dumpster, consider making a charitable donation. You will be able to help those who are in need and obtain a tax deduction while doing so.