Feb 10, 2023 / Money Tips
Do you remember making Valentine’s Day boxes? You’d come to school with a crate paper covered cardboard box that your parents spent all night making. Believe it or not, they may have been teaching you a valuable Valentines lesson. That is, the more outside the box you got with your Valentine’s box, the more valentines you actually got—it pays to do something a little different.
The same can be said for your savings. When everyone else does something one way, doing something a little different can help your savings stand out. In celebration of Valentine’s Day, here are a few outside the box savings ideas you’ll love.
The world is always in a hurry—look no further than the speed of traffic for proof positive. Instead of trying to keep up with everyone else, switch to a more relaxed, laid-back driving style. It could save you as much as $700 per year on gas.
Speaking of slow, try switching from fast food to slow cooked meals. Take just a few minutes at the beginning of the day to throw some food into a crockpot. It’s easy and it’ll be ready at the end of a busy day. Replacing just one meal out a week with the at-home crockpot equivalent could save you more than $2,000 a year.
Instead of regular savings, put your money in a money market account. It’s just as easy as a savings account—your money is always accessible and there’s no limit on deposits or withdrawals—and right now, you can earn as much as 3.25% APY. Plus, your savings is NCUA insured, so there’s no risk.
How many times has a marketing email tempted you to make a purchase you didn’t really need? If you’re like most people, it’s often. In fact, more than 330 billion emails are sent every year. Take inventory of your emails and unsubscribe from marketing lists. It might save you a surprising amount of money this year.
There’s a reason why so many businesses have switched to subscriptions models. Charging recurring fees at regular intervals is a great way for companies to make money. The average consumer has 12 paid subscriptions, some they’re not even aware of. Take inventory of your subscriptions and cancel those you don’t need.
Instead of keeping your long-term savings in a checking account or regular savings account, open a term deposit to multiply your money. Right now, you can earn up to 4.75% on a 24-month term deposit and your savings is insured up to $250,000. That’s automatic growth on money that might just be sitting in your account.
Direct deposit doesn’t have to be limited to just one account. You can divide your paycheck into different accounts, so you’re automatically saving for an emergency fund, retirement, and normal savings and spending. Automatically saving before your money is spent is a great way to keep more of your money.
This Valentine’s Day, channel your inner-elementary schooler and think outside the box when it comes to your savings. Doing a few things a little differently can help you save more, spend less, and fall in love with saving money all over again.