3 Powerful Ways
To Save Money
by: Linda Holmes
Saving money can either mean putting extra funds into a savings account (or piggy bank for that matter) or spending less on purchases and putting that savings into an account.
The most powerful ways to save money are the ones that are least noticeable. In other words, if you don’t notice the money leaving and you don’t have to give up something to come up with it, it’s easier than if you actually have to choose between buying an item or putting the money in savings.
One way to do this is, if you have the option of having your pay direct deposited, have some of it deposited into a savings account and the rest into your checking account. But you say you don’t have any extra to put into savings? Start small, with $20.00 a week or even $10.00 a week - just start. Once you have part of your pay going into savings, you haven’t had to decide whether to buy coffee on the way to work or put that $ into savings. It was automatically put in savings for you. Decision made!
Another way to save money is to pay your savings account every time you do a certain thing. For instance every time you fill your vehicle with gasoline, give your savings account a dollar (or more), or every time you get a personal call at work, pay your savings account, or every time you work during personal hours, add $ to your savings account. Just think of something you do repeatedly and make that your savings account booster - so to speak.
A third way to add to your savings account, without really noticing, is to put all of your loose change into a jar and cash it in once a month. If that doesn’t fill up fast enough, put all your $1.00 bills into a box and cash that in once a month.
These may not sound like fast money saving ideas, but they add up over time. At $10.00 a week, you will have $520.00 at the end of a year. If you put that money into even a 3% interest rate savings account, it will begin to add up.
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