Brainstorming New Ways To Start Saving

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Automate your Savings

Now in the current year of 2018 many individuals are looking for new ways to start saving money. Many young individuals are now paying back massive school loans and life can be hectic, so it is not surprising that some may need to learn how to save money for their future that they may not be so focused on. A great new way to start saving money is by automating a checking account to automatically send money directly to a savings account as soon as money is directly deposited into an account. Another cool new way to save is by using new apps like Acorn or Piggybank that can be used as a personal savings account. These apps allow individuals to set a specific amount of money with a set recurring period where money can be automatically transferred into the apps where they can build interest and individuals can have a personal savings account that is outside of their main bank. These new apps are making it more convenient for millennials and future generations to make saving more relatable to the type of lifestyle they may be used to. Furthermore, there are also limits as to how many times an individual can withdraw money from their savings account due to laws that are in place. So, the more people have money automatically added to their savings accounts the more they will save and have money added to their futures.

Solar Tax Credit

Another great way to save money on taxes is by taking advantage of your state’s solar tax credit. For example, the Utah Solar Tax Credit is called the RESTC program and allows individuals who install solar panels on their home, until 2021, to receive a $1600 tax credit. This same tax credit can be used repeatedly every year through each year. $400 will be subtracted from the total, so four years later the tax credit will shrink down to $400 instead of $1600. The sad thing about this tax credit is that it will expire by the year 2025, so individuals will have to hurry to take advantage of this great tax credit. In order to take advantage of this tax credit, they must first install a solar energy system in their house from a reputable solar panel installer. By so doing, extra steps to receive the tax cut are automatically done so the homeowner can start saving on both their electric bill and on their taxes. Next, the homeowner must make an account with the Governor’s Office of Energy Development which assistance will be provided from the installer if they are a reputable company. If this process is done correctly, individuals in around six weeks will receive a form called a TC-40E in the mail as evidence if they are audited. They can properly show proof they can use the tax credit. Even though this is a tax credit plan for Utah, individuals in other states can look to see if their state is also offering up a similar tax credit.

Best Retirement Savings Plan

There are 6 main investment vehicles which include: currency, mutual funds, individual stocks, precious metals, cryptocurrencies, and REITs. Investing in currency is when an individual trades one currency for another in the foreign exchange market also known as forex. A mutual fund is when someone invests into a large pool where everyone’s wealth can grow together a lot of 401K are invested into mutual funds. Individuals also like to invest in the stock market where they have to research the growing and losing markets where they will invest after researching the market. Furthermore, a lot of people like to invest in precious metals like gold or silver due to them continuously holding their value even when a financial crisis is going on. Due to this, a lot of people say that investing in precious metals is recession proof. Cryptocurrencies are a new way people invest all around the world by investing in virtual money. This virtual money can also be gained by using computer digital mining machines that solve complex problems that reward individuals with more digital or virtual currency. Lastly, the final investment vehicle is known as REITs or real estate investment trusts which are when individuals invest into a pool of different property sectors or holdings.

It’s too bad that saving money is not as easy as spending it, but do some research and see what you can do to save more of your hard-earned dollars. 

About the Author

Michele is a Preschool teacher by day and blogger by night. She is passionate about saving money and sharing with others who like to save, too. Her motto is "Saving today so you can spend on what you need tomorrow."

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