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Trying to save money for an upcoming vacation? Saving for a rainy day? Whatever the case may be saving money is important. I have been saving this year and I want to tell you how easily it can be done. Some ways are easier than others but you have to decide which way works best for you.
Millennials are saving a bigger chunk of their paychecks than any other age group, according to a survey performed by Bankrate.com. Millennials have a greater desire for saving, for not only emergencies, but also retirement. These saving habits are greater than any other generation. This is great but, 1 in 5 people aren’t saving at all.
or trying to save for other financial goals they may have. Here are some ways that you can save money now, for a rainy day, your child’s tuition, or for any financial goal that you may have.
The Old-Fashioned Piggy Bank
I know you are thinking “duh”, but really my husband and I keep a piggy bank and we put all of our left over change from when we break bills into the piggy bank. So far there is almost $100 in the bank since we started at the beginning of the year. Don’t knock, it until you try it! All of those pennies add up, trust me!!
The DIGIT App
This is a new app that I learned about at the end of last year. I have raved about this app so much I was asked to be on my local news channel to talk about it!! Digit connects to your checking account which allows it to analyze your income and spending habits. Digit finds small amounts of money it can safely set aside for you and saves it in your Digit account. Digit uses 128-bit bank-level security, and never stores your bank login. Every 2 to 3 days, Digit transfers money (ranging from $5-50) from your checking account to your Digit savings account. Digit will never transfer more than you can afford, and will never over draft your account. When you are ready to access your savings you can transfer your money at any time with no fees. Want to give it a try? Start saving with Digit now!!
52 Week Saving Challenge
I’ve seen this challenge on Pinterest. You put away a pre-selected amount each week for an entire year. If you are disciplined this can really work for you. You don’t have to start this challenge at the beginning of the year, you can start at anytime.
Get A Side Hustle
Yep, a side hustle can help you save. Make cookies, tutor a kid for math, babysit, or write a book. Anything that can create extra income for you do it! Once you develop your side hustle, don’t spend the extra money, SAVE IT!
I hope these money-saving tips help you save some extra cash! Have you started to save? Let me know how you are saving money.