Putting money away is a necessary task that’s often easier said than done. It’s essential to save money, but finding money to put into your savings account when it seems like you don’t have anything extra may seem like an impossible feat.
It’s entirely possible to save money and put it into your bank account, though. The following money saving tips can help you do just that. Some of them are simple and easy, while others may take a little extra effort on your part.
Save Your Change
Tossing your change into a change jar at the end of every day is a great way to save money to add to your bank account. At the end of every month, you can take your change to the bank and deposit it into your account. Since most banks now have automatic coin counting machines, you most likely won’t have to worry about rolling it either.
If you don’t use cash enough to have a lot of change, consider using a debit card that sweeps your “change” into a savings account. These types of programs round your purchases to the nearest dollar and move the change into a separate savings account. For instance, if your debit total was $24.30, $.70 would be moved to your savings account. Bank of America’s Keep the Change program is one of the most well known programs, but other banks usually refer to these types of programs as “Round-Up Savings” programs.
Pay Yourself With Direct Deposit
This is one of the best tips for anyone looking to save money and add to their savings account. Have a small amount of your paycheck direct deposited into your savings account. Start with a small amount that you won’t notice at first. Even $5 a week or $10 every two weeks adds up over time. If you find that you have no problems with this small amount, try increasing this amount gradually over time.
Stash “Free Money”
If you get money that you didn’t expect or didn’t earn as part of your wages, don’t spend it. Put it directly into your savings account. This includes monetary gifts, tax refunds, rebates, and lottery winnings. If you save money you didn’t expect or earn, there’s a good chance you won’t miss it if it’s stashed away in a savings account.
Increase Your Income
If possible, try to increase your income, even just by a small amount. Take your earnings and place them directly into a savings account. Consider getting a part-time job to increase your income. You might also be able to find some online jobs to help you save money.
Pay Yourself For Free or Discount Entertainment
Instead of paying another business for entertainment, consider paying yourself instead. You can often find free entertainment in your community, such as concerts or plays. Instead of not paying anyone a dime for these sources of entertainment, transfer an “admission price” to your savings account. It doesn’t have to be a large admission price; even a few dollars would be sufficient, since it all adds up over time. You can also pay yourself when you download free ebooks or stream movies for free as well.
Keep Paying on a Loan
Once you pay off a loan, don’t stop making payments. Instead, keep making payments but to yourself. Write a check to yourself and put it in your savings account or transfer money into your savings for the same amount of your past loan payment. Chances are, you won’t notice this amount missing, since you’ve made the payments for so long.
Save Money You Save From Coupons
If you use coupons, consider stashing the money you save by using them. The amount of money you saved during each shopping trip is usually listed on the bottom of your receipt. These savings will add up quickly and help grow your savings account quickly.