Saving money can seem daunting, especially when you are already on a budget. I wanted to share some saving tricks that actually work for a wide range of people and budgets.
There are several different saving tricks listed below because not everyone is the same and what may work for one person may not work for you.
These are the savings hacks that have been tested to be the most successful in growing people’s savings accounts.
If you always ask, “How can I save more money?”, try out different ones to see which saving trick will fit your lifestyle best.
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Saving Tricks that Actually Work
Name your Savings Accounts
When setting up a savings account, name it for what it is meant for instead of a generic title. Is it a vacation fund, new house down payment, or emergency fund?
By putting a name to each account, it is a reminder of your ultimate goal each time you move money into that account.
You can visualize your end goal and will be motivated to save for it.
Cash Back Apps
If you aren’t using cash back apps, you really should sign up for some now. They are all free to use and you save money on your purchases every time you go grocery shopping or shop online.
When you have enough money in your cash back accounts, send it directly to your Paypal account and then on to your savings account.
You would have already spent the money anyway so you won’t even miss it. My favorite cash back apps and sites are:
52 Week Challenge
This has been successful for a lot of people because it is a gradual way to save over a long period of time. Start with a $1 and saving just one dollar more each week ex. $2 the second week, $3 the third week, and so on.
In a year you have saved $1,378! If you save that same amount every single year for 20 years, you will have around $32,000 with compound interest.
More Tricks to Save Money
Stop Using Plastic
Each week, take 25% of your monthly spending money and put it in an envelope. Then you can only buy what you can with that amount of cash for the rest of the week.
When people have to actually hand over cash, they are more likely to spend less than you would when using a debit or credit card.
Several banks offer free ways to save without thinking about it. Some will round up your purchases to the nearest dollar and transfer the difference to your savings account.
Other banks might move $1 each time you make a purchase or pay a bill to your savings. Check with your bank to see what they offer.
Pay Yourself for a Deal
If your bank doesn’t offer that feature, you can pay yourself when you score a deal. Take the difference between the full retail price and it’s sale price and put it in your savings account.
If it is a huge significant savings, you can round down to a number that is more doable for you to put into savings.
This tactic will also make sure that you’ll really use the item and not just buying it because it is an amazing deal.
Set a Maximum Checking Account Balance
Set a maximum account balance for your checking account with the goal of sending any extra funds to your savings.
Pick an amount that is slightly higher than your typical monthly budget, say $1500. If your balance is over the number, ex. $1650, move the $150 over to your savings.
This savings trick takes away the temptation of extra spending money.
By using a few or just one of these saving tricks you should be able to reach your savings goal in no time.