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People today have access to simple and effective tools to making it easier to save more money and establish savings. Apps and online banking have revolutionized the banking industry, placing the control of your savings in your hands.
Whether you are establishing savings for the first time, or have been saving money for years, these five tips will help you to boost your savings. Each tip has its own unique appeal and features, so it is important to consider each. Don’t be afraid to try several in order to find out which ones work best for you.
1. Automatically Transfer Money
Most banks now give consumers the option for you to transfer money into their savings account via an app or online banking. This makes it easy for super easy for customers to build their savings!
Users can schedule transfers at regular intervals or transfer amounts one at a time. In most cases, you won’t need anything special to do this, since online access is normally included for most accounts. For more information, contact your bank.
2. Direct Deposit from your Paycheck
Almost all employers these days offer direct deposit. Often, employers give employees the option of transferring their check into multiple accounts. I, personally, found this very helpful to help boost my savings habits.
My former employers always gave me the option of transferring either a percentage of my paycheck or a specific amount every payday. It was always a relief, when the primary account was running low, to know I had money in a second account for emergencies.
3. Use Apps to Help You Save
Daily Worth had a great post on the topic of apps that help you save money. This post covered some great apps that help you to keep track of your spending habits and create a budget so you can save more money.
Daily Budget Original
Available on iOS, this little app is a great way to balance your budget and help you begin saving money. It is great for younger adults that are new to banking and will help them to learn to save.
Daily Budget Original keeps track of your income, spending habits, and regular bills. It takes away the guesswork and makes it easy for you to set money aside.
Acorns is one of the ways that you can quickly save money. This handy app allows you transfer a set automatically into your Acorns account or can round up your withdrawals and transfer the change. This app will result in your savings building quickly and effortlessly.
Acorns is technically an investment account, meaning that your balance may increase or decrease daily depending on the performance of stock portfolios. It is best for people who are saving for the long-term and don’t need immediate access to funds.
Keep in mind that it does take several days to transfer the money into your checking account. It is a good idea to have a traditional savings account in addition to Acorns for fast emergency funds.
This website doesn’t require an app, but keeps you informed via text message and their website. It transfers money from your checking account every two or three days and only transfers what you can afford.
They offer a no-overdraft guarantee and can transfer funds back to your checking account the next day. All you have to do is send them a text message to initiate the transfer.
4. Use Cash and Save Change
This is an old-school trick that will help you save more money fast! Instead of using your debit card, withdraw cash from your account to pay for things and don’t spend the change.
When you get home, drop all of your change and any dollar bills into a jar. Deposit this money regularly into a savings account, where it will earn interest. In essence, this is a very hands-on and visual way of seeing your savings grow!
5. Roundup Your Purchases
Round up your purchases to the nearest dollar when you balance your checking account. After the money from purchases has been withdrawn, transfer the remaining amount into a savings account.
If you don’t balance your checking account and rely on online banking to keep track of your spending, don’t worry. Calculate the change amount for each purchase rounded up to the nearest dollar and transfer the difference into your savings account.
If you don’t trust yourself to do this regularly and want the process to be automatic, you’re in luck. Banks, such as Chase, have programs like Save The Change, which makes the process effortless.
Save More Money and Live Better
Following these 5 tips will make savings simple. It will result in a major boost in the amount of money you have saved for a rainy day. Once you build up your savings, you won’t have to worry about emergencies and unexpected expenses. This will lift a huge burden off your shoulders!
Let me know what you think! Do you have any tips not mentioned above? Leave your feedback in the comments!