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By Alliant Credit Union
There are hundreds of great savings tips across the web, but who has the time to read dozens of websites in the hopes of finding that elusive financial tip you’ve been missing? To help you get the most out of your money without having to spend hours scouring the web, we’ve rounded up a few choice savings tips from The Simple Dollar:
1. Make your savings automatic. That way, you don’t even have to think about it. Schedule automatic transfers to your savings account, have your 401(k) contributions automatically deducted from each paycheck, and use an app (check out Acorns) that automatically rounds up all your purchases to the nearest dollar and puts that amount in your savings.
2. Maximize your extra money. When you find yourself with some extra cash lying around, move it to savings vs. checking because you’ll be less likely to touch it. Do this with things like returned merchandise refunds and safe driving rebates you receive from your auto insurance.
3. Pay yourself first. Set up a recurring transfer from your checking account that takes 10% of your paycheck and moves it to a savings account every month. Once you’re comfortable with that amount, increase it and watch your savings grow even faster. With this strategy, you can make significant gains towards your savings goals without having to think about it.
4. Avoid grocery gotchas. When shopping for groceries, don’t compare by price—compare by cost per unit. That’s the cost per pound, per ounce, etc. Comparing this way will prevent you from falling for pricing gimmicks and help you get more bang for your buck.
5. Track every expenditure. It’s easier to keep track of your spending when all of your transaction history is in one place. Download one of the many available budgeting apps, such as Every Dollar or Mint, which will do the tracking for you. Tracking where your money is actually going makes it easier to tweak your spending habits.
6. Get a rewards card. You have fixed expenses you’ll need to pay every month—so why not get rewarded for paying them? Many banks and credit unions, including Alliant, allow you to earn cash back with a rewards card. As long as you pay your bill in full and on time, you can earn more money every month with little to no effort.
Remember, there is no one best way to save. Implement the tips that work for you, aiming to automate your savings so you can supercharge your savings with minimal extra effort.
Learn how you can reach your savings goals faster with Alliant High-Rate Savings.