Having financial difficulties or just wanting to save a little extra money? There are so many easy ways you can save money this year, including budgeting, tax deductions, retirement accounts, eliminating waste, and more!
First off, for anyone to save money they need a realistic budget with savings built in that eliminates waste. Many people spend money on things that are luxuries- things that are not truly necessary. If you are willing to reconsider what you spend your money on during a typical day, you’ll find that there are many ways you can save. Do you buy coffee at Starbucks every day? A 3 dollar medium drip every weekday adds up to 60+ dollars a month! Instead of going out, try making coffee at home. Do you go out to eat or order takeout often? You can learn how to cook, cut that cost down, and put that money into savings. Do you buy a lot of frivolous items like clothes, makeup, DVD’s, video games, etc.? You may be used to spending this money, but is it not necessary. A good way to keep track of your daily, weekly, monthly and even yearly spending is to use receipt scanners. One of these paired with a good software program, or even just an excel spreadsheet, can do wonders for helping you keep a tighter grip on your spending.
Looking at larger amounts of money, another way to maximize savings is taking advantage of tax deductions. If you didn’t know, tax deductions reduce your taxable income, therefore reducing the amount of tax you have to pay every year. There are so many tax deductions available that most people have no idea how to utilize them, leaving the IRS more than a trillion dollars in unclaimed deductions. Just a few of these include tax preparation fees, hobby expenses, personal legal bills, educator expenses, charitable expenses (including miles driven while taking part in a charitable cause), losses due to theft or casualty, property taxes on a timeshare, breastfeeding equipment, credit for children, the elderly or the disabled, and so much more.
There are many retirement accounts available specifically to help you save money for the future when you are no longer able or no longer want to work. 401(k), 403(b), IRA, and Roth IRA are just a few of them. These accounts can be complicated so it is highly recommended that you talk with a qualified professional to see how you can best maximize your saving potential.
There are many ways to save money if you take the time to implement these methods in your life. Whether it’s simply forgoing a weekly restaurant meal or opening a Roth IRA, there is much you can do to secure your own finances.
Author Bio: Paige Jirsa- I work with Top10.Today, a shopping comparison site, where we strive to help consumers find the best quality and priced products.