If you live within a tight budget, are getting by on one income, or are striving to pay off debt, saving money can feel challenging. It’s essential for you to have an emergency fund, but what if you want some money for fun too?
Here are four easy ways to save money, whatever the reason, without even noticing.
Apps that roll over change from purchases
Acorns, launched in 2014, was the first of these apps to roll over change from purchases. If you make a debit card purchase, it withdrawals the difference from the nearest dollar and invests the money in an investment portfolio in $5 increments. The app charges $1 per month for accounts with less than $5,000. Apps like Acorns are helpful for those who want to save money without noticing; the amounts being invested are small enough you won’t miss the money and the bonus is that you’re saving cash without lifting a finger.
Automatic deposits into savings accounts from checks
Another option to save money is to set a certain amount of your check to go directly to your savings account. A predetermined amount of cash will go to your checking account so you can use the money for bills and as needed, but the rest can go into your savings so you save by default and can contribute toward your financial goals. You never see the money and aren’t used to having it in your bank account, so don’t feel like you’re missing anything.
Coupons that slash your grocery bill
Everyone wants to save money and if you learn how to manage coupons, you can help your friends save money too. Coupons can be tricky to use, but they don’t have to be. Check local papers and check the store ad to see what’s on sale. Don’t want to clip paper coupons or spend time printing them? Redeem digital coupons – no printer needed, simply show the cashier the coupons on your phone. You don’t have to invest tons of time into couponing to save yourself some big cash. You should also look online for places that offer a signup bonus such as an extra 10 percent off for using your store card. No matter what you are doing or purchasing, there are always ways to save money.
If it’s tax time, take that refund money and put it in a high interest savings account. If your kids are in childcare but soon headed to elementary school, redirect the money you’ve allotted for childcare into a savings account. Take unexpected money, or money that was going to an expense that no longer exists, and invest it instead of using it to make frivolous purchases or splurges on unnecessary things. Remember that it is okay to treat yourself here and there for saving money. While it may seem counter-intuitive, occasionally spending money on something you want will motivate you and keep you on track.
These ways can help you save money every month without negatively impacting your budget. Pick a few ways to implement into your daily life and start building your savings now. You’ll be amazed how quickly the cash will add up without you missing it from your budget, and find yourself wondering why you didn’t start years ago.