While trying to save money and reduce expenses is very important, in many cases, it can seem like such a chore. It’s much easier to save money if it’s either done by doing something that’s fun to do or requires little thinking. Here are some ways to make sure you are not mindlessly spending and instead are saving towards your future.
Round It Up
One of the fastest-growing types of bank accounts is the round-up variety. These accounts round-up to the nearest whole dollar whenever you make a debit card purchase. The round-up amount is then automatically transferred from the checking account to the savings account. This is an easy and effective way to save money without even thinking about it.
Difficulty Makes It Easy
If you make it difficult to withdraw your money, you will make it easy to save your money. Set up your automatic deposits to a bank that is not within easy walking distance or that is out of the way of your normal route. If it does not offer online banking, it’s an even better option. Don’t accept a debit or ATM card. In fact, try to have the money deposited into accounts that charge heavy fees to withdraw it, such as brokerage accounts or IRA plans. This way you’ll be even less inclined to take it out and spend it.
Stop Paying So Much in Interest
If you are like most adults, you have student loan debt that you’ll be paying on for quite a while. This often means payments to several different lenders with fluctuating interest rates that may be the most favorable terms. If this sounds like you, then it’s time to get a personal loan for student loan consolidation. If you have kept up on your payments, then you should qualify for a low-interest loan that will consolidate all of your student loan payments into one private loan payment. This makes it easy to repay your obligation while saving a bit of money while you’re at it. In fact, if you figure the difference in payments, you can take that difference and put it into your savings account to build on a monthly basis. Since you were already used to paying that amount to begin with, there won’t be a change in lifestyle.
Look at Recurring Payments
Even the best savers have recurring payments that they may have forgotten about. Look at your monthly bank statement and try to identify any subscription-based transactions that could be done away with. Things like magazines, streaming entertainment, or gym memberships that are never used are excellent things to can cancel, especially if they are rarely used. You can get magazines and DVDs from your public library for free, and there are plenty of ways to exercise without spending a dime. After you do this, call your phone, internet, and insurance providers and go over the bill with them, trimming away the fat where you can. In most cases, you won’t notice a difference and you’ll be able to stop spending money on things you either rarely or never used in the first place.