Most people express a desire to increase their personal savings, however, the desire of their eyes is often stronger and cripples their plans. Buying is a part of our culture and everyone needs foods, clothing and shelter. But for some people, buying involves more than satisfying their needs — it also involves satisfying their “wants.” This can result in tiny savings accounts and little disposable cash. However, a few creative maneuvers can help just about anyone save money.
1. Start Small
Getting into a routine of saving takes time and it’s okay to start slow. Some people begin with saving 10 percent of their paychecks each month. They might think of this amount as another bill and deposit the funds into their personal savings account before paying other bills. After awhile, saving 10 percent becomes second nature and some people increase the amount that they’re willing to save. Of course, some people have very little disposable income, which hinders “paying themselves first.” However, eliminating or limiting expenses, such as needless shopping, recreation and dining out can usually free up extra cash and open the door to saving money.
2. Work With the Bank
Several banks have programs to help accountholders save money. Programs include a feature where banks roundup purchases to the nearest dollar and then deposit the surplus into the accountholder’s savings account.
For each debit card purchase, some banks will deduct a dollar from an accountholder’s checking out and deposit this amount into his personal savings account. For example, if the accountholder uses his debit card 15 times during a month, he will accumulate an additional $15 in savings by the end of that month. This creates a simple and effortless way to save money.
3. Money Jar
Some people collect spare change and then use this money to buy sodas or perhaps a quick lunch from the $1 menu. But instead of wasting this money on unhealthy foods, many people keep and toss their change into a money jar or a piggy bank. Any old container or glass jar can be used to collect extra dimes, nickels, quarters and pennies. Once the jar or container fills, some people roll the coins or take them to a coin machine located at a nearby grocery store. They simply pour the change into the machine, wait for the machine to count the coins and then retrieve dollar bills from the machine.
4. Deposit Check into Savings Account
Depositing money into a checking account increases the temptation to spend because the money is readily available. Besides, a quick swipe of a debit card instantly deducts money from the account. Anyone interested in saving money might consider depositing their paychecks into their savings account, and then transferring only what’s needed to pay bills into their checking account.
5. Extra Money
A work bonus or tax return gives many people an excuse to shop or spend money. However, keeping this money can quickly added hundreds, even thousands of dollars to personal savings accounts.