From our previous blog post titled “Are You Living Paycheck to Paycheck? You’re Not Alone,” we asked our readers for suggestions on ways to save. Here are our favorite ideas that can help you get the ball moving with your savings plan!
- Every time you break a dollar, put the change towards savings. For example, if you spend $1.50 on a package of gum, place the other 50 cents in your piggy bank instead of your car console or kitchen table. If you are a frequent debit card user, see if your bank offers a rollover program. This will round each charge up to the next dollar and place the difference into your savings account!
- Put all found money into savings. If you find a penny or even a twenty-dollar bill on the street, put it towards savings instead of spending it. Since it is money you never had, putting it towards savings won’t be like taking out a chunk of your everyday spending amount. Hint: drive-thru lanes and carwash vacuum areas are great places to find lost change!
- When paying your bills, round up the owed amount. For example, if you are paying your water bill of $36 dollars for the month of October, round up the amount to $40 and place the $4 difference towards your savings. This little trick can help you save a lot of money if you make it habit!
- Take the time to find the best deals. Search for in-store and online coupons when buying your everyday products. If you find that you usually spend $100 on groceries a week but were able to only spend $85 with discounts, place that $15 difference into savings.
Thank you to Michelle for the great ideas to help people build up their savings accounts! Do you have any more suggestions? Comment below!