Who doesn’t want to save money? It may seem hard, but you are probably overlooking these simple ways to accumulate some extra savings.
This is beyond what we normally hear of cutting the cable cord and dropping the morning mochas, but those suggestions seem like work. So, rather than make saving a chore, make it a game!
Following are five ways to play the savings game.
1. Stash Away What You Save On Deals And Cash Rebates…
The next time you score a deal, be it through shopping at a sale or using a coupon, put the difference between the regular price and the discounted price in the bank.
This strategy can not only help you save more but also lead you to shop less. After all, those $50 jeans will still effectively cost you $50 in the end. So, this strategy can help you decide if something is really worth spending money on.
To bulk up your savings a lot faster, bank your cash rebates too.
2. Never Get A Raise Again…
Another painless savings strategy is to bank all of your raises. If you can pay bills on your current income, you can simply send all that extra money straight to savings. The same goes for bonuses, cash gifts or other unexpected windfalls.
This method is especially easy if your employer allows you to directly deposit a paycheck into multiple accounts. You could set up a direct deposit to savings for the amount of the raise, and you’ll never miss it.
3. Take The 52-week Savings Challenge…
The idea is simple: Each week, save an amount of money based on the week of the year. So, the first week of the year, you put $1 aside; the second week, it’s $2; and the last week of the year, you save $52.
By the end of the year, you should have $1,378 in the bank, not counting any interest.
Of course, you can always customize this.
Maybe you want to double the amount and do $2 for week one, $4 for week two and so on. Or, if you’re worried about running out of steam by the end of the year, you could start with $52 for the first week and then work backward to $1 for the last week.
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4. Keep Your Own Change…
If you use cash, don’t spend the change you receive after a purchase. Collect it in a jar and then deposit it into your savings account at the end of each month.
To take this savings strategy one step further, don’t spend $1 bills, either. Put them in your savings change jar too.
5. Make Money Disappear From Your Checking Account…
You might be able to use the change-jar strategy even if you don’t use cash.
Some banks offer options that essentially do the same thing as placing your change in a jar.
You don’t need a special bank program to do this, though.
For example, you could round up your daily transactions to the nearest dollar or even the next $5, and keep track of the difference. At the end of the month, transfer the month’s difference from your checking account to your savings account.
The steps above are ways to save whereby you don’t even feel like it is saving. Even if you just employ one or two of these, you’ll be surprised how fast the savings add up!