Have you ever thought that there is no way to put aside a little extra money this week or next – or where in the world would it come from? I have found that little things add up to bigger things and every effort we put into saving something has a large end result. So how do you find extra money?
Are you cutting coupons or shopping sales? Wherever you find savings in your normal budget, put that money aside, or better yet, deposit it into an account to track your “found” money. You will see, over time, the small steps you take will have a larger outcome.
3 Ways to Find Extra Money
Coins Add Up
Put aside all the change you receive each day, it really adds up. Here in Canada, it’s even easier to accumulate large amounts in change as our one dollar is a coin called a loonie and our two dollars are coins called toonies. As you can imagine, including those as change, which they actually are, your saved change can add up very quickly.
My dad used to save his pennies all year and roll them when the time came to pay his property taxes. He always told me that his diligence paid off and I never was certain if he saved enough to pay the full bill but it definitely put a large dent into it. I’ll share another story with you about saved change….I once saved enough “loose change” to buy a chest freezer I found at a yard sale and that freezer sustained me and my husband the entire time we were married.
Counting Your Savings
One way I’ve found to put a little savings aside is by reducing my usage of my electricity. We have smart meters and I do my best to do laundry, take showers and do other things that use more electricity during the hours the rates are the lowest. As I track the savings I find each month, I put that money aside with my other savings. Another way I challenge myself is to see how much I can save on my use of water. Any savings I have on each bill is put aside.
Automating Your Savings For Finding Extra Money
There is a new service out there called Digit. What is it? It’s a free service that analyzes your income and expenses and transfers small amounts of money every few days to a savings account. The amounts are so small, you never realize they are “missing” from your checking account, but they add up. In 2 months I’ve found an extra $200! You can read more about Digit here.
Readers, how do you find extra money? I would love to hear about them, please share.
Mary Cunningham would never claim to be a financial expert but has worked in the area of finance with personal taxes for over 15 years. Those personal taxes included all personal aspects, rental property and small businesses. She will be offering some Canadian insight to this venture but she came to live in Canada by way of Kentucky.