Saving your money is an essential in life. The earlier you start, the better. It can be hard to know where to look or an easy way to get started. There are lots of non-committal ways to start saving money without it feeling like a huge effort or dent on your income. Give some of these tips a try and you’ll surprise yourself at how much you can save without even thinking about it.
Squirrel it Away
There are lots of auto money saving apps like Acorns that make saving a breeze. Download and link your bank account and that’s about it. When you spend money, Acorns automatically rounds it up to the next dollar, but takes that left over change and deposits it into your savings account. You won’t even miss the fifty cents here and there and you’ll be in astonishment at how much you can save just by letting an app do the heavy lifting for you. It’s a no-brainer way to save.
By using cash, you are setting a finite limit of what you can spend and when it’s gone, it’s gone. When you use a credit card or debit card, it’s easy to think of what you are spending as not real money. This is how a lot of credit card debt piles up. When using cash, you are pledging to only spend a certain amount and seeing where that money goes on a daily basis. Try it out for a week or two and see if your spending habits change. You can also take the left-over change and save it away. Little amounts will add up over time.
There is nothing wrong with a good old fashioned piggy bank. Get something fun and start making it sing. Trips to Starbucks at the office will fill up your piggy bank fast with leftover change. Anything you can put in there is money you are saving away. Fill it up and take it to the bank to deposit. It’s a nostalgic way of saving money and having something unexpected in the end.
Be sure to take advantage of retirement savings options at work. Even if you can only put away a small amount to start, anything is worth investing. The great thing about this is the money is not taxed and its money you never actually had in your pocket. Your 401K gets taken out before you receive your paycheck, so it’s like money you never had, saved away for a later time. This will add up quickly and you can always reassess how much you want to contribute at a later date.
Look in Your Closets
The amount of money hiding your closets is insane. Go through clothes and find out what you aren’t wearing or using. With sites like Poshmark and Ebay, you can sell anything and find an interested buyer. Take that money and put it into your savings – whether it’s hanging in your closet, unused, or in a bank, you won’t miss it, but will love having the money later.
Find little ways to save that money that will add up over time. You’ll be taking care of future you without even breaking a sweat.