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Money Mondays: Start Saving With Your New Bank Account

Now that you have set up your bank account, the next step is to begin to save. Today’s post is to help you find new and creative ways to save money and become more self-sufficient while participating in the Ticket to Work program. Money MondaysSaving can be easy. Finding ways to keep more money in your bank account is up to you!  

Here are some ways you can start saving today. Today’s top 5 money saving tips are:

 

  1. Replace your light bulbs with energy saving bulbs. Energy saving bulbs also called compact fluorescent light (CFLs) bulbs use 75% less energy and last 10 times longer. With these bulbs, you can save about $6 a year in electricity costs and can save more than $40 over its lifetime. They may take some getting used to, and they don’t work in every light fixture. If you use them where it makes sense, you can save energy and money.
     
  2. Combine your cable, internet and telephone service. One of the biggest monthly expenses for some is the cost of Internet, cable, and phone service. Many companies offer combined services that not only cost less, but also offer the convenience of a single bill.  Bundles can provide a savings of $15-$30 a month off the regular price ($85-$120) of the services. Called a Triple Play Package (Cable, Internet, and Phone), these combined service deals can save you money each month. Just watch out for introductory deals that give a low price in the beginning, but then rise after a certain period of time. Review your plan every 6-12 months.
     
  3. Get books and DVDs from the library. Simply put, a library is free. Most communities have libraries that allow community residents to reference or borrow books, magazines, CDs and DVDs. Today, many libraries now have movies on DVD that can also be checked out. If your library offers this service, it is a cost savings compared to paying Blockbuster or Netflix.
  4. Agree to limit gift giving. During the holidays many people tend to go overboard when it comes to gift giving. As the holidays get closer, agree in advance to limit the gifts and save everybody some money.
     
  5. Take your lunch to work.  Buying lunch everyday can be pricey. Although it’s fun and often more convenient, you can some money by bringing lunch just one more day a week than you do now. Buying lunch can cost from $5 to $15 a day. Taking lunch 2 or 3 days a week could save you $20 a week, $80 a month and $960 a year. Try taking lunch just one more day a week and put that extra money in your savings.

Pick one tip from above that work for you, and you can start saving today. Each week try one or two new tips. Soon you will be saving more money and will be on your way to financial independence and a self-supporting future.

Saving is a great step on your journey toward financial independence!

Viewing PartyRead more money saving tips at #MoneyMondays. Sign up for our blog updates to stay on your path to financial independence and a self-supporting future. Our next post will help you create a budget.

When you are ready to change your life through work, try Ticket to Work. Explore choosework.ssa.gov for more information about the program, email us at support@chooseworkttw.net, or call 1-866-968-7842 (V) or 1-866-833-2967 (TTY/TDD).

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