There are many things you can do to save moeny. There are the traditional routes like a savings account in a bank, savings bonds, investments, etc. But did you ever stop and think about the pennies you pass by that you could be saving also?
Next time your checkout receipt from the grocery store says “you saved $8.00 this trip” take that $8.00 and put it into a savings account. Do this a few times and watch how quickly your “savings” adds up!
Every payday, pay yourself 10% of your paycheck, by putting it into a savings account. If transferred automatically, you’ll never miss it. You can easily save hundreds of dollars!
Never pay with exact change. Empty your change from your purse or wallet each night into a glass jar. Once the jar is filled, roll the coins and deposit them into your savings. Again, you won’t miss it, and it will add up very quickly!
When balancing your checkbook, pay youself $1.00 for each check written, debit card transaction or ATM withdrawal. Simply transfer $1.00 for each transaction into a savings account. There are banks out there now that will do this for you, but if you’re not already with one – you can do it yourself.
With all of these steps, it’s good to find an interest bearing savings account that is either at another bank or online – so it’s harder for you to withdraw from it! I personally prefer an online bank like ING Direct because the interest rates are generally higher and it take a few days to withdraw you money to a linked checking account – making it easier to avoid splurging!