<!DOCTYPE HTML PUBLIC '-//W3C//DTD HTML 4.01 Transitional//EN' 'http://www.w3.org/TR/html4/loose.dtd'>; <html><head><title>Article Directory Online : Free Online Article Submission - Articleonlinedirectory | 7 Tips For Stretching Your Income And Increasing The Savings Account</title></head><body><h3>7 Tips For Stretching Your Income And Increasing The Savings Account</h3><br /><br />By: <br /><br /><p>These days, many people are looking for practical, effective ways to not only get the most out of their dollar, but also increase savings for a rainy day. It's recommended that households have an average reserve of at least three months' worth of income put aside in case of emergency or loss of a job. In the face of challenging economic times, this rule of thumb is more critical than ever. While stretching a dollar these days may seem a thing of the past, here are 7 tips for doing just that:<br /> <br /> 1. Empty your change into a jar each night. Many people are discovering that saving change instead of spending it is a great way to stretch their dollar. Whether saving for a weekend getaway or something more long term, when thrown into a jar, change can add up quickly. In fact, if one couple puts a dollar each into a jar daily, they will have saved $700 by the end of the year. According to one source, if that $700 is invested at 10 percent over 10 years, the initial investment will grow into $12,000.<br /> <br /> 2. Eat out less. Consumers who are willing to cut back on convenience foods and eating out can realize big savings in just a short period of time. For those who eat out several times a week, cutting back to just once a week even can make a substantial increase to their savings account with the money saved. <br /> <br /> 3. Curb "nickel and dime" expenses. Daily coffee stops and snacks are another area where it's easy to spend money without adding up the expense. For instance, spending $3-$5 several times a week on a latte from the local coffee shop can add up to more than $100 a month. Quick snacks and pop can add up to more than $500 per year. Consider bringing coffee from home more often and replacing convenience snacks with healthy choices from home. It's not just a good idea for your wallet, it has positive health benefits as well. <br /> <br /> 4. Analyze credit card use. Credit card debt is one of the biggest hindrances to reaching one's savings goals. Those who are paying on credit card debt are not just paying more on their purchases due to interest rates and potential late fees, they are also missing out on money that could be earning more in investments. If credit card debt is making a dent in your savings, commit to paying it off as soon as possible. Also consider making a call to your credit card company to request a reduction in your interest rate.<br /> <br /> 5. Rethink your service providers. Paying too much for cable, cell phones and internet plans? Do some comparison shopping to see if there are other providers who may be offering a more economical plan that can put money back into your pocket. These are competitive markets that are always offering deals to entice new customers. Switching can save plenty of money. Also consider reducing services, such as cutting back on a cable package or canceling long distance home phone service and using a cell phone instead.<br /> <br /> 6. Sacrifice a little. Turning down the thermostat and throwing on a sweater, cutting back on shower time, or renting movies less often can create significant savings over a year. Visit the local library for $1 movie rentals or borrow the latest best seller instead of purchasing it. Or visit an auction website to purchase books at a discounted price and then resell them back.<br /> <br /> 7. With the high price of gas, cutting back a little can really add up. Consolidate trips to the grocery store, post office, and other errand stops. Telecommuting one day a week from home or working 40 hours in four days can add as much as $500 per year to the savings account. Of course, relying on public transportation and carpooling are other effective ways to stretch a dollar as well.<br /> <br /> A few lifestyle changes can pay big dividends in the end. As you see your savings grow, you may be motivated to find new ways to stretch a dollar. Think of it as paying yourself for being a savvy consumer.</p> <br /><br /><b>Author Resource:-></b> <a href=http://www.AmericanMomentumBank.com>AmericanMomentumBank.com</a> provides a wide array of personal banking and business banking options and banking solutions tailored to your individual needs. For more information, please visit <a href=http://www.AmericanMomentumBank.com>AmericanMomentumBank.com</a>.<br /><br /><b>Article From</b> <a href='http://www.articleonlinedirectory.com/'>Article Directory Online : Free Online Article Submission - Articleonlinedirectory</a><br /></body></html>
