Everyone knows that they need to be saving money and setting it aside for future emergencies. If you have savings built up, unexpected expenses won’t stress you out. However, the act of actually setting aside money each month can be difficult. It always seems like you need every last dollar you earn.
The trick here is to set up a system where you’re saving money without even realizing that you’re doing it. There are so many tools, apps, and systems to help you do this that you’ll begin saving money each month and it’ll simply feel like extra money that’s coming from nowhere.
1. Use the Digit app .
This is an app/texting service that was designed to help you save money without consciously doing it. You simply sign up, connect your bank account, and the app tracks your spending and pulls money into your Digit savings account when it feels like you won’t miss it. You can keep this money accruing in your Digit savings account or you can withdraw it at the end of each month to place into your own savings account at your bank. Either way, each time you withdraw feels like you’re simply transferring free money into your bank account.
2. Enroll in a Keep the Change program with your bank.
Not every bank offers this type of program, but if yours does, then this is definitely a savings tool that you should implement. With Keep the Change, if you spend $6.19 on your lunch, your bank will automatically round that purchase up to the nearest dollar amount and transfer the difference ($0.81) into your savings account. Every time that you make a purchase, a small chunk of change is transferred into your savings.
3. Set up an automatic transfer.
This is a slightly more conscious effort because you have to decide how much money you can/want to afford to transfer to savings each week/month. However, once you set up your transfer (even if it’s only $5/week or $20/month), you can just sit back and watch your savings account grow.
4. Set aside extra coins and small dollar bills.
If you’re someone who uses cash for your purchases, this is a great way to start setting aside money. Set aside a large jar or container and put all of your extra change in there. Once you fill the jar, then you can run to a CoinStar machine to cash it all in. Also, set aside your ones and fives. Every time that you them back in change, put them into an envelope and don’t spend them. Every month or so, deposit them into your savings account.
Saving money doesn’t have to be a chore and it isn’t impossible. Start using these ideas to begin building your savings without even realizing that you’re doing it. And be sure not to pull any money out of savings to spend, unless it is for real emergencies, or you’ll never be able to build a substantial savings account.
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