Would you like to get more mileage out of your money? The good news is that there are some time-tested ways that still work. Plus, there are a few new methods that can help anyone squeeze more out of every single dollar in their pockets. So, if you just got turned down for a raise or found out that your rent is going up next month, here are some techniques for fighting that age-old battle of making the most out of your hard-earned cash.
Use Payroll Savings Plans
One of the oldest of all dollar stretching methods is the payroll savings plan. Fortunately, you no longer need to work for a company that offers one, though most do. You can create one via an app on your banking website. How does this brilliant idea work? A fixed amount of each paycheck, say 2 or 3 percent, is automatically placed in a time locked account. You don’t have access until the end of the year, at which point you’ll be shocked at how much is in the account. It’s a simple, error-free way to save some cash for a weekend getaway or Christmas gifts.
Join a Marijuana Subscription Service
If you want to save on your medical or recreational marijuana, joining a subscription service can get the job done. Companies like Nugg Club offer monthly boxes full of cannabis and accessories that are not only conveniently delivered to your doorstep, but save you a bundle. In the case of Nugg Club, for example, boxes are worth $225 and cost just $99. That’s more than $1,500 in savings each year on something you’d buy at a local dispensary.
Invest In DRIPS
Putting a fixed amount of each paycheck, typically 5 percent, into a DRIP, dividend reinvestment plan, is a smart way to invest in the stock market in a conservative, automatic way. Some DRIP clubs randomly choose high-dividend stocks that allow incremental buying. That way, even if you only have $100 to invest in a security with a share price of $500, you effectively buy one-fifth of a share. DRIPS are hugely popular with young professionals and investment types who like the idea of using high dividend rates to purchase more shares. A few of the DRIP organizations have annual fees, so if you join, make sure it’s worth your trouble.
Learn to Find Coupons for Items You Already Use
Online couponing is one of the most popular sports among young techies. They challenge each other to find usable coupons for items they already routinely buy. So, if you can locate, for example, a 50 percent off deal on your preferred brand of peanut butter, you essentially found money in the street, in a manner of speaking. Of course, the costlier the item, the bigger the potential savings. Some coupon clubs run contests to see who can accumulate the most savings on designated market basket goods within a given time period. Sticking to those commonly purchased food items is a good way to force contestants to find real savings rather than one-off discounts on unusual items.