Are you building up your emergency fund? Want to have extra cash to buy holiday gifts? Saving for a down payment on a house? Paying off debt?
Boosting your savings will get you to your goals faster.
This weekend I’m challenging you to find a new method to save more money. Think you can’t possibly save any more? Think again, dear readers!
I’m sharing 13 different methods you can use to start saving more today. Saving small amounts is relatively painless, but can add up to big savings over time.
Go ahead, choose one way (or two, or three) and get saving!
Make Saving Automatic
If you’re anything like me, you have all good intentions of putting what’s left over at the end of the month into savings. Then the end of the month rolls around and there’s nothing left! Where did it go? Well, it did pay the bills, but the rest just nickeled and dimed itself right out of my checking account! Automation has been my solution to this problem and it works like a dream!
I signed up for Digit 3 months ago and now have $600+ saved in my Digit savings account. When I signed up, I wasn’t sure how Digit would work; I truly thought I was already saving all I could save. Oh, how Digit proved me wrong! I’m saving more and don’t even notice a difference in cash flow.
How does it work? Digit links to your checking account and uses algorithms to predict your spending, bills, and income (based on past transactions). Digit then withdraws small amounts from your checking account into a savings account. (Want to know more? Read my review here.)
Acorns is similar to Digit, but instead of depositing the money into a savings account, the money is invested. Just link your checking account and Acorns rounds each transaction up to the next whole dollar amount and deposits that amount into an investment account. Acorns takes about five minutes to set up and you get to choose your level of risk.
Automatic transfers to a designated savings account
Automatic, recurring transfers from checking to a savings account can help you save more. I set up an automatic transfer to my savings account at the beginning of each month when the paycheck hits. This savings is treated like another bill that needs to be paid. The beauty of it is I don’t have to actually make the transfer or think about it since it happens automatically. And the money doesn’t get spent. Win-win.
Take a Savings Challenge
Taking on a savings challenge may be just what you need to save more. Find a group of friends or family, join an online group or just challenge yourself to gamify your savings. Here are some challenges to check out:
The $20 Savings Challenge from Making Sense of Cents (with free printable!)
Hacking the 52 Week Money Challenge from The Simple Dollar
The Power of $3 A Day from Passionate Penny Pincher
The 26 Bi-Weekly Money Challenge from SavingAdvice.com
12-Week Money Saving Challenge from HowDoesShe
Save Spare Dollars and Change
Save all your $5 bills. Every. Single. One.
This can add up to super savings! Check out this post on Len Penzo dot com about how Marie saved $36,000 by doing this one simple thing! Don’t want to sacrifice those $5s? Try $1 bills and see how much you can save.
Start a coin jar.
I rarely, if ever, spend my change and I don’t think I’m really that unusual (or maybe I am?!). I put all my coins into a quart mason jar, but there are fancier vessels available (for a price!). Every year we cash in our coins and typically have $75-$100 saved up. Every little bit helps!
More ways to save money
Bank your savings on purchases and bills
That money you saved by lowering your cable bill this month? Put the difference into savings every month. And what about the $50 discount you received on those new tires? Yes, bank that too! You are basically “pretending” to pay full price for your bills and purchases. Most of the time we end up spending what we save, but just think about the savings possibilities!
Increase your 401k, IRA or HSA contribution
If you don’t already automatically contribute to these accounts, start with just 1% of your paycheck (you won’t even know the difference, especially if it’s automatically taken out of your paycheck). If you have these accounts already set up, just bump up your contribution a percent or two!
Share which method you are going to use to save more. Have additional savings ideas? Please share your thoughts, comments and suggestions.
Here are some tools that I use myself that you may find helpful:
Want to painlessly save more each month (without even lifting a finger!)? Try out Digit. I really thought I was saving all I possibly could. Digit proved me wrong. See my review and updates on how much I’ve saved here.
Personal Capital tracks your expenses for you for free! Have all your accounts in one place and utilize their free expense tracking tool! I use their free net worth and expense tracking tools. Sign up for a FREE Personal Capital account.
This post contains affiliate links, which means that if you click on one of the product links, at no additional cost to you, I’ll receive a commission if you buy products through these links. See the full disclosure here.
Are you ready to take action on your monthly expenses? Take the challenge!