Hello folks! Hope this Sunday finds you well. I have a contributed post from Jessica to share with you today on how you can find savings around the home to help fuel your retirement accounts. Check back tomorrow for an update on my small business, The Green Condor!
Retirement savings are assets that every individual should invest in, and the earlier it starts, the better. It is not easy, though for some people to set up retirement funds, especially when expenses are too high. Contrary to popular belief, a workplace pension is not the only way you can save for the future. It is possible to set up a personal savings account by cutting costs around the home. Knowing how to make savings at home is a good first step of generating more cash available for your retirement fund. Your children and other household members can also learn various ways of saving, which will benefit them later. So what can you do to boost your savings?
Capitalize on Customer Rewards Programs
A majority of retailers have special deals and promotions for loyal customers, which you can take advantage of. By signing up for newsletters or alerts, you can earn points, coupons and updates on the latest deals. With the discounts offered, you can save a penny here and another there, which you can then put in your savings account.
Find a Suitable Broadband Package
Home internet use can eat up a huge chunk of your income if you are not cautious. When selecting broadband services, find products that cater to your exact needs. Factor in the amount of work the internet has to accomplish and the number of users. If during the day there is no one at home, it’s wasteful to have an all access cable TV subscription. By switching to a more suitable broadband package, you can cut down your spending and have more left for your retirement savings. Options such as SlingTV and Playstation Vue have helped revolutionize cable packages. Even The Green Swan himself found a way to cut cable!
Eating out is great once in a while, but making a habit out of it may cost you a significant amount every month, leaving you with nothing for your retirement savings. Cooking your own meals not only saves money but gives you a chance to eat healthy as well. You can buy groceries in bulk, which will cut your expenditure even further. If there is a local market near you, it’s more advisable to buy produce from there. With homemade meals, you can make more than one batch and keep it in the freezer, especially during the weekend when people are at home.
If you have the time, doing it yourself can save you a pretty penny. Unclogging kitchen sinks, replacing a socket, and painting your bedroom are some tasks that you can complete successfully with the right instructions. When you don’t have to pay professionals for even for the simplest duties, you make savings that will contribute to your nest egg.
Increase Energy Efficiency
For most people, a significant amount of their income goes to energy bills. You can change that by instituting measures to conserve energy in your home. Installing Energy STAR appliances is one way to do that. If your house has been using the same devices for the past thirty years, it may be time to get new ones! Water heaters, radiators and ACs can eat up a lot of power if they don’t meet certain efficiency standards. Poor installations also contribute to high energy bills, like say, if your AC doesn’t have the right ductwork, it won’t meet your cooling needs. Regular servicing goes a long way in retaining the energy efficiency of appliances. Proper home insulation guarantees that heat doesn’t get out when it’s cold. Switching off lights that are not in use is another way of reducing power consumption. LED light bulbs, showering during off-peak hours and programmable thermostats can also help slash your energy bills, giving you more chances to save for retirement. Or you could always go Solar!
Review Your Insurance
You may be finding it hard to save for retirement because you are overpaying your life or home insurance. Maybe you bought your policy under pressure and did not have time to make comparisons. The cost of insurance is getting cheaper by the day as people eat healthier and work out more. Go through all your plans from home to car policies and make detailed comparisons with multiple insurers. Another mistake that may be eating up your income is auto-renewing your travel insurance. It is cheaper to restart a cover once you have a holiday booked.
You can get creative and find more ways to save money at home to help build your retirement fund. Have any idea? Please share in the comments below!
Thanks for the contributed post, Jessica! The Green Swan will be back tomorrow with an update on how the small business (The Green Condor) is going. It has been a rocky first six months, no doubt about it, but we keep working through things!
Thanks for taking a look!
The Green Swan