11 Ways to Kick Start Your Savings:

Josh Smith

As we kick off the new year, millions of Americans have already started to make New Year’s resolutions about their finances. Managing debt, saving more and making better financial decisions are consistently in the top ten New Year’s Resolutions.

Whether you’re trying to start an emergency fund, or saving up for a special purchase, here are 11 ways to kick start your savings now so you can get a head start on a better financial future in 2011.


1. Sign on bonus - Many banks are still offering rewards for opening an account, here’s a listing of popular bank bonuses for opening an account.


2. Sell your old items on eBay and Craigslist - Books, electronics, clothing, purses and more can all be turned into cash in the bank in 10 days. Adam Baker of ManVsDebt has a great guide on how to Sell Your Crap which will help you get started. It’s not free, but there is a money back guarantee.


3. The Pantry Diet - Skip a weekly trip to the grocery store and eat the stuff in your cupboards, pantry and freezer. This “diet” can easily help you save $50-$100; even if it means eating that “Nacho Cheese” flavor ramen noodles you bought on a whim!


4. Recycle your Gadgets - Don't want to wait for an auction to end? Recycle your gadget for cash. Ecosquid will compare prices on phones and you can use a service like Gazelle or eBay Instant to sell old mp3 players and more.


5. Take an Odd Job - Head over to Craigslist and look for folks in need of a hand moving an item or another random job. This is one of the easiest ways to earn a quick buck.


6. Sell your Hair, Plasma and Um... - Sell your own natural resources by “donating” plasma or selling your hair. There are many places across the country to donate your resources, so check Google for a location near you.


7. Refer a Friend - If you already have a bank account look into rewards for referring a friend. Not only can you help a friend start saving -- you’ll both get cash to start the process. Bank of America offers a refer-a-friend reward offer as do many others including the same high yield savings accounts that also give a sing on bonus to you.


8. Pause your Subscriptions - Netflix, Cable, Audible....the list of subscriptions many of us have goes on and on. Call or email and ask to put your account on hold for a few months (say you’re going on vacation) and you can put an extra $30-$40 in savings each month.


9. Save a little, Save a lot - Start saving $10 a month in a high yield saving account. This may not seem like a lot, but it’s over $500 a year, and if you can combine it with a bank sign on bonus and seasonal employment you’ll build your emergency fund even faster.


10. Lower your Monthly Bills - Billshrink provides easy to use tools to help you save on your cell phone and television service month after month. You might not even have to switch to a new provider. If Billshrink comes up empty call and ask for a lower monthly fee using this script from Get Rich Slowly.


11. Get a Part time- Here’s a collection of tips to get a temp job.



If you do take these steps, be sure that you don’t waste the savings. When possible send the payment directly into a dedicated savings account. If that’s not possible, transfer it there as soon as you can.


By establishing a dedicated emergency fund, or rainy day fund, you’ll be better prepared to handle the surprises that pop up throughout the year without relying on a credit card.