Three tips to help you maximize your salary

make the most of your salary with these tips
September 27, 2017 | Alliant Credit Union

With convenient access to online shopping, new restaurants opening up on every corner and a proliferation of subscription services for every need, it can feel harder than ever to keep cash in your pocket. However, with a solid savings game plan, you can cut back on your spending to ensure you maximize the salary you’re bringing home—without sacrificing convenience.

  1. Reduce your monthly expenses. Look at your recurring monthly expenses (cable TV, electric, natural gas, gym, subscriptions, etc.) and determine if you can lower what you’re paying. Simply call each one and ask if you can get a lower rate, or if there are promotional offers available that you can take advantage of. If you’re not a great negotiator, there are even services that will do this for you (check out BillFixers or BILLSHARK) for a percentage of your savings. This is a great way to find funds you can then shift to your savings.
  2. Trade up for a more efficient car. Paying for gas every month really adds up, especially when prices fluctuate. In fact, according to reports, the average consumer spends over $2,000 per year on gasoline for their vehicle. If you can take the plunge and purchase a new car, consider purchasing an electric car. Simply charge your car and skip the gas pump. Your wallet will thank you—and so will the environment. Not ready to go fully electric? A hybrid can also help you cut down on fuel costs.
  3. When you pay off a loan, keep paying yourself. There’s nothing like the feeling of finally paying off a loan you’ve been chipping away at for a long time. And now that it’s gone, that payment can now go to other things—like a high-rate savings account or a money market account. With the latter, you get the benefits of both savings and checking accounts and earn higher interest than a regular savings account. So keep that good feeling going by putting the money you were sending to a lender into an account that will earn you more.  

When it comes keeping more of your money, you don’t have to make huge spending sacrifices to continue enjoying the fun things in life. By making a few tweaks to your savings game plan, you can continue to live your life as you always have—just with more of your paycheck in hand.  

Maximize your savings with an Alliant High-Rate Savings Account. Take advantage of our high returns & open an account today.

You might like

Sign up for our newsletter

Get even more personal finance info, tips and tricks delivered right to your inbox each month.