Tips and Tricks for Busy People

6 Simple Ways to Save Money This Year

MoneyEveryone wants to have more money, but most people don’t know how to save or even where to start. Today, we’re going to take a look at six crazy simple ways to help you hold on to your money just a little bit longer!

  1.     Open a Savings Account – This is probably the best way to start saving money, and it’s a quick and easy step that only takes about 15 minutes of your time. Just go into your bank and ask them to open a savings account for you. Not only does it keep your money safer, many banks will pay you interest to keep your money in a savings account.  
  2.     Save a Portion of Your Paycheck – Every payday, deposit part of your paycheck into your savings account. This can be as much or as little as you want, but it’s important to get into the habit. If you use direct deposit, see if you can set up your direct deposit to automatically deposit a portion of your pay into your savings account.
  3.     Check Your Account Balances – This one is almost too easy; simply check your account balance and know how much money you have. This can help you prioritize your spending and helps you to save money long term. Odds are your financial institution has an online banking site or a mobile app you can use to watch your balances on the go, so be sure to take advantage of these services!
  4.     Shop on Sale – Always keep an eye out for holiday or clearance sales. You can save big on necessities and have money left over to treat yourself as well! When shopping for clothes, buy out of season. For example, buy your swimwear in the fall, when stores are looking to clear out their inventory. Also check for bargain racks at big department stores. Often times you can find top of the line items at an extremely discounted rate because they have either been discontinued, or are out of season.
  5.     Open a Cash-Rewards Credit Card – Credit cards can be intimidating, but if you pay them regularly and keep track of your spending, they can be a great tool to earn you a little extra money.
  6.     Use a Transaction Register -  Writing things down can be a helpful way to remember many things, including what you’ve been spending. In addition to helping you keep track of your spending habits, transaction registers can help you keep an accurate record of spending for fraud protection.