So you’re making money – good for you! But like a lot of other people, you might be finding that as soon as cash comes in, out it goes. And instead of your savings growing you have growing concerns that you’ll never be able to get ahead. But with just a few tips and tricks for saving money, you can add to your bottom line without the need for over-the-top scrimping.
These ideas fit the bill if you’re looking to increase your stash of cash.
Save Cash-Back Rewards
Give yourself some credit — and a pat on the back — for using a cash-back rewards credit card for your expenses. Be sure to pay the balance off monthly and then regularly transfer the rewards to an IRA, CD, or savings account.
Automate Your Banking
You don’t miss what you’ve never had, as the saying goes. The same thinking applies to where your money goes: Set up automatic banking transfers and there’s a good chance you won’t miss the money that effortlessly moves from your paycheck to a savings account, checking account, or even a retirement fund.
Use A Banking App
Subtract the aggravation of monitoring all of your transactions and before you know it the money in your checking or savings account can really add up. Digit, Acorns, and Bank of America’s Keep the Change are just a few of the banking apps that are easy to use when and where it counts. Look for apps that check account transactions and transfer money into a savings account, invest spare money, or round up debit card purchases to the nearest dollar and then transfer the change into a savings account.
Divert Newfound Money
Whenever you disconnect a service, pay off a debt, or cancel a subscription you’ve freed yourself from a bill — and you’re free to divert the money that you’ve routinely been setting aside for that debt into a savings account. Think of it as going from paying a bill to paving a future.
Keep It Out Of Sight
Sometimes your eyes may be bigger than your stomach; so, too, your desires may be bigger than your wallet. Keep extra money out of sight so you won’t be tempted to dip into the cash pool. Set up your savings and checking accounts at separate institutions and you won’t be greeted with your savings account balance every time you log into your account. It’s an easy way to make sure you won’t end up seeing red because you’ve dipped into too much of your green.