In a previous article we discussed saving for college and it ignited a lot of positive responses. The article included plenty of simple, straightforward tips that anyone can implement when they want to pursue a higher degree. The same tips can also be used for other purposes, such as saving up to purchase a home.
Besides the tips covered in the previous article, there are more ways to save and generate cash for investing. In this article, we are going to go over three more tips you can implement immediately. Let’s get started, shall we?
Review Your Taxes
There are many tax breaks you can claim as an individual or a business owner. Unfortunately, many of us are not fully utilizing these tax breaks to save more. Trust me, a quick look at your tax return can yield savings.
Tax codes and other regulations governing individual tax breaks are often too complicated to understand, but there are plenty of online resources you can now use to research tax breaks to utilize. There are even tools that will automatically recommend potential tax deductions to claim after you enter your financial details.
There is another interesting opportunity if you enjoy researching tax breaks: you can turn it into a career. A lot of people are pursuing their own online master in taxation degree from reputable names such as Northeastern University to be better at discovering tax breaks to claim. The online MST program will also teach you more ways to utilize the latest tax regulations to save money, making it an even more valuable investment.
Be Frugal with Electricity
Energy bills are another expense worth looking into if you are really trying to save. The small steps you take to conserve electricity can lead to substantial savings every month. You can start by unplugging your appliances when they are not in use. Even when turned off, electrical appliances still draw a small amount of electricity.
You can go a step further and make your house fully energy-efficient. This is done by fixing cracks around the windows, making sure gaps are fully closed, and checking the insulation of the house properly. Small steps like these are capable of lowering your energy bills by a whopping 40%.
Invest as Soon as Possible
One last tip to keep in mind is investing your money as soon as possible. There are plenty of smaller investment opportunities like DRIPs, low initial investment mutual funds, or ETFs that allow you to get into the market with less initial outlay.
Investing early allows you to benefit from the time value of money which speeds up the rate at which your investments grow. Combined with the savings you make from applying the two previous tips, it won’t be long before you start hitting your investment targets.