You Can Save Even If You’re Just Barely Squeaking By.
But there are strategies anyone can use to start building up savings. The first is by generating passive income streams. The second is utilizing free discounts available to anyone to trim down your daily expenses.
Build Passive Income By Starting a Blog (using GoDaddy Renewal Coupons, Of Course).
But I don’t have time for a blog! This is a common refrain for many people and for some: they are right. But here’s one of the benefits of a blog: you can recommend products, or place ads on your website, and generate daily income from work you did once. No more trading hours for dollars! You can start a blog for free, but to make money off your website, you’ll need to host it yourself. We recommend GoDaddy because it’s the hosting provider most people use.
And you can use coupons to save 70% or more off the cost of registering your domain name and web hosting plan. Which brings us to our second strategy:
Become a ‘Couponer’ – Even With Banks!
You may not have a lot of free spending money, but you can make it go as far as possible if you just utilize the power of online coupon codes. These are free for anyone to search for and use. There are no coupon websites online that charge for memberships or access. You can even print coupons for banks, that’s right, there’s a coupon for CITbank.com you can use to save money on your money!
Online Coupon Code Websites to Help You Out:
Web Hosting Coupon Codes
How Low-Income Workers can Start Saving for Retirement
Saving for retirement is a daunting task for low-income workers. Further compounding this challenge is the fact that many do not have employer-sponsored retirement plans. Also, coming up with the extra money to save, let alone, enough money to meet the minimum investment requirement can seem impossible. Luckily, there are a couple of government initiatives as well as some simple money-saving tips that can help low-income earners start saving for retirement.
The myRA account is a Roth IRA plan that the United States Treasury Department created for workers without access to an employer-sponsored retirement plan. Opening an account is free, and there are no maintenance fees. Also, there is no minimum investment amount either. Contributions get invested in treasuries backed by the US government. Account balances earn a monthly interest rate that varies but is higher than most banks pay savers. Once your account balance reaches $15,000, you have to move the balance into a Roth IRA.
Once you open a myRA account, you still have to fund it. However, funding your account might be easier than you think. Since there are not minimum investment requirements, you can save any amount that you can afford (even as little as a few dollars a month). Take a look at your budget and find any possible savings. Once you find some things to cut out of your budget, deposit those savings into your account. You can automatically transfer money from your bank account into your myRA account. Setting up automatic monthly transfers is a good way to save for retirement; because the money gets deposited into your retirement account before you can spend it.
Another idea to fund your account is to use your tax refund. The IRS offers to deposit your refund directly into your myRA account. Having the IRS deposit your refund into your account is a good idea because it will remove the temptation to spend this money elsewhere.
The government offers a tax credit to encourage low-income workers to save for retirement. The Retirement Savers Tax Credit can help those with low-to-moderate incomes cut their tax bill when they save for retirement. The credit is non-refundable, which means that your household must first owe income tax to receive the credit. The credit depends on your filing status and Adjusted Gross Income. The lower your AGI, the greater the credit. Likewise, married couples will receive a larger credit than single filers. The IRS website details all the requirements needed to qualify for the Retirement Savers Tax Credit.
In short, the job of saving for retirement is difficult for low-income workers; especially those with no help from their employers. However, the myRA account is a low-cost way to start saving for retirement. Most people can usually find ways to save money by looking over their budget and eliminating unnecessary spending. You can then use these savings to begin funding your retirement account. Finally, depending on your income tax filing status and AGI, the Retirement Savers Tax Credit can cut your income tax bill.