How to Make Saving Money Easier
Many people want to save money but find it hard to actually reach the goals that they aim for. It can especially be hard once you start reaching goals because you feel like you have money to spend. Luckily, that doesn’t need to be the case. There are ways that you can make saving money easier!
1. Add Savings Automatically
It can be difficult to constantly be going into your checking account and moving money into your savings account. You may forget or be tempted to not put as much in. Instead, you can set up an option with your banking institution that will automatically take money from your paycheck or checking account and put it into your savings!
2. Name Your Savings Accounts
When you know why you’re saving you may feel a little more obligated to put the right amount of money into each account. It will also help you feel less comfortable pulling money from your savings accounts. You may feel guilty for pulling money from your new car fund to buy some fast food.
3. Hide Accounts from Your View
Out of sight is out of mind, and this is especially true with savings accounts. If you have automatic payments set up and can’t see your savings accounts, then you don’t need to worry about trying to pull money from that account. However, it is important to make sure that you don’t forget about these hidden accounts. You should sign up for alerts so that you can be aware of any potential unusual activity.
4. Better Ways to Save
There are many ways to save that people may not realize. For example, some credit cards offer cash back rewards. Instead of using that cash back towards your credit bill, you can save up that fund and have it go into a savings account. You can also take any raises or bonuses from your paycheck and put that towards savings immediately. If you get a $1000 bonus from work, that was unexpected money that can be put into your savings account! Another great way to save is by cancelling subscriptions you don’t use (gym, cable, etc.) and putting that same amount of money towards your savings account.
5. Make Savings Fun
A lot of times people come across spare change, or random cash from a friend paying them back, winning a bet, etc. You can put these funds into a piggy bank and every month, 6 months, year, etc., take those funds and deposit them at the bank. When you do this, you will be able to make savings a little more enjoyable. You can also have your piggy bank be interesting whether high tech or super cute!
6. Make Tracking Easier
You can use apps like Digit to make keeping track of your savings easier. You will be able to analyze your checking account and have money from your checking account be deposited into your savings accordingly. There are other apps too that can help you save like Acorns which takes spare change and puts it into an investment account, or Keep the Change that rounds your checking account purchases from your debit card and puts that change into your savings. There are more apps like these, but these are just some popular ones.