A new survey commissioned by Capital One Direct Banking examines the relationship that Americans have with money – from savings habits to the lengths some would go to for an extra dollar.
According to the survey:
* 35% of Americans would give up holidays to receive twice their yearly salary
* 25% would work EVERY DAY of the year if it meant doubling their salary
* 15% admit to having secretly taken money from a joint savings account, without their spouse or partner’s knowledge
* 22% said that if they accidentally received twice their normal paycheck due to a mistake, they would keep the money – and not tell their employer
Fortunately, you really don’t have to go to such extremes just to pad your bank account.
Here are 5 easy ways to save more money in 2010 and beyond:
1. Automate your savings
Most people know that it’s a great idea to have money automatically transferred from their paycheck into their savings account each month. But unfortunately, not everyone does it. In fact, about 1 out of 4 people polled in the survey had failed to take this basic step, which makes saving more money each money easy and hassle-free.
2. Comparison shop online
If you’re going to sock away your hard-earned dollars, you really want your money to work as hard as you do. So leverage the power of the Internet and find the highest rates you can for your savings accounts. The new InterestPlus Online Savings account offered from Capital One is great because it pays you an above-average interest rate (1.45% APY), plus you can get a 10% bonus each quarter. So it’s basically like turbo-charging your savings, because you’re getting paid twice to save. For more info, go to http://www.CapitalOne.com/directbanking.
3. Start small if you must
Too many people make the mistake of not saving money because they say “I don’t have a lot of money to put away.” Well, the truth of the matter is that every little bit helps. Even if you can’t afford $200 a month or $500 a month, you might be able to afford $25 or $50. Just get started. Whatever you can save, do it! Over time, even small amounts of money really add up. For more helpful tips about building your savings, go to http://www.AmericaSaves.org.
4. Use the 24-hour rule
Controlling your spending is critical to saving money in this tough economy. I’m not a fan of telling people to deprive themselves – because financial diets don’t work – just like food diets, they’re too hard to stay on for very long periods of time. But when you find yourself out shopping, or at a mall, and you want to spend money on a whim, instead of spending your cash – or whipping out a credit card – give yourself a 24-hour cooling off period. Try to just walk away from the item. If you’re still dying to have it a day later, you can go back and buy it. But a lot of times, you can really rein in your spending and save money just by avoiding impulse purchases.
5. Evaluate “wants” vs. “needs”
Sales are great. But sometimes we fool ourselves into thinking that “discounts” and “deals” are all smart purchases. That’s not always the case. What good is it to get a $100 item for “50% off” if you really didn’t need the item in the first place …. or if you really didn’t have the 50 bucks to spend to begin with? To avoid this pitfall, think about whether what you want to buy – even if it’s on sale – is really a “need,” or if it’s just a “want.”
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