Oct 18, 2022 / Money Tips

3 Scary Good Savings Ideas

Halloween is nearly here and that means the end of the year (i.e. the most expensive season of all) is fast approaching. With inflation reducing the power of your dollar, this year is shaping up to be even more expensive than ever. If that’s not enough to scare you to save, in the spirit of saving money (and the spooky season), here are three scary good savings ideas to kick off the holiday season.

1. Go Through Your Haunted Financial House

Nothing says scary like an abandoned budget. By this time of year, your budget might resemble a haunted house of empty intentions, rather than a usable, livable framework for your finances. Your new year’s resolutions have become ghosts of holidays past and your spending goals have been relegated to the spooky, abandoned basement of your budget. It’s time to clear away the cobwebs and say “so long” to those money-sucking spiders.

Start by lighting a creepy candle and slowly walking through every nook, cranny, and corridor of your abandoned budget. When you find some spending category that’s no longer useful, take a broom and brush it aside. Clear out and update your budget to reflect your current spending goals and realities. While you’re there, identify the creepy, crawly out-of-control costs that suck away all your money.

Most people’s spending weaknesses are so scary, they’re afraid to admit them—eating out, entertainment, etc. Take that budget broom, separate needs from wants, and say goodbye to anything that tends to tie up your money.

2. Solve the Strange Case of Dr. Savings and Mr. Debt

You try to save money, but it seems like every dollar you save, two dollars go out the door to pay a debt. Your intentions are good. But your actual savings is bad. Your money is constantly being transformed into something you never intended it to become. You’re paying for past mistakes and having a hard time getting ahead. It’s a frustrating financial cycle to be sure, and a huge hinderance to your ability to build wealth and get your savings back on track.

The strange case of eliminating debt and saving real money can be solved. It just takes a little self-discipline to fend off Mr. Debt and resist the urge to give in to savings alter, uglier ego. In other words, try your best to stick to a savings plan and avoid adding to your existing debt.

You might also consider streamlining your debt payments and personalities into a single, manageable balance. A balance transfer can help you get out of debt faster, with more of your money. With the help of a great, fixed interest rate that won’t fluctuate with a volatile, unpredictable market, a balance transfer is a great way to keep Mr. Debt at bay.

3. Make a Money Saving Monster

Economic factors outside your control have killed your savings plans. As far as inflation is concerned, your savings dollars are as good as dead. All your hard work is being undone. You studied best savings practices, invested in the stock market, and put money in a savings account. But the powers that be have rendered your every effort financially futile—inflation is outpacing your savings plan. It’s enough to drive you (and every other savings scientist) mad.

Don’t give up—give life to your savings plan. By bringing together a mishmash of money savings accounts—including a money market account and a term deposit account—you can find earnings that outperform market averages. The right combination of accounts for your unique goals (along with the right returns) can spark your savings. You can turn your dying dollars into a money saving monster—a veritable financial Frankenstein that’s strong enough to take your savings from science fiction to actual, factual savings.

Trying to save money can be scary. There are a lot of factors affecting your finances. But with these scary good savings ideas, you can balance your budget, eliminate debt, and find the right accounts to help you save more of your money—right in time for the spookiest (and most expensive) season of the year.