They say you can’t take money with you when you’re gone, but spending it haphazardly will undoubtedly make living more challenging. You work hard to earn every penny, yet ineffective decision-making often causes you to spend it quickly and unnecessarily. Wasteful spending leads to strained finances, increased debt, and zero preparation for your future. When you learn how to save money, you free up cash which you can use to sustain a better lifestyle.
As valuable as saving money can be to your finances and life, it’s a practice that many people struggle to accomplish. Fortunately, there are technological tools and services available to help individuals save more.
Putting your money into an interest-bearing account is the simplest of all the ways to save more money. Your money earns interest without you having to do anything. The more money you set aside, the more you benefit from the accrued interest.
Believe it or not, most banks only offer their customers an average of 0.06% APY unless they’re willing to deposit thousands of dollars to receive better interest rates. Luckily, online banks like ONE offer high-yield checking and savings options for consumers allowing them to earn 1.00% APY.
After paying your bills, the next step should include putting money into savings. However, most people overlook this step and begin spending money on other things. The good news is that you can automate your savings. Some banks allow customers to set up automatic transfers from their primary account to their savings.
Whether you deposit $20 every pay cycle or $100, the automatic debit helps you learn to live without spending the extra money. You can increase the amount you deposit each cycle to reach your savings goals faster over time.
Sometimes, the best way to save money is to avoid spending it on things you don’t need. While it may come as a surprise, sometimes people have no idea what those unnecessary expenses look like. They might be spending too much on streaming services, takeout, clothing, groceries, and other costs without realizing how it’s affecting their finances.
Expense tracker apps are instrumental in helping consumers to evaluate their spending habits. They analyze transactions through your linked bank accounts and help you put each purchase into categories. Advanced trackers will even generate reports and charts so you can see how much of your money is going to waste. Then, you can change your spending habits and see an increase in your financial reserve.
Discount Shopping Apps
Another way to conserve money is to be a savvy shopper. When you compare prices, look for promotional offers, and apply coupons and discounts, you can stretch your money further. Of course, trying to find the best prices and money-savings opportunities isn’t easy with so many different places to shop.
The good news is you can download discount shopping applications to your mobile phone or computer to keep up with the latest ways to save. When you shop using these applications, they’ll search the internet for the vendors with the best prices and even find coupons and discount codes you can use to save more money on the things you need and want.
You can take your finances even further by taking the money you saved and putting it into your interest-bearing account for later use. Whether it’s 50 cents off a 12-pack of toilet paper or $50 on some new shoes, putting that money aside will help you reach your savings goals.
Your income can only take you so far, especially when the cost of living continues to rise. While earning additional income is one solution, another is finding more ways to save money whenever you can. Thanks to modern technology, saving money is easier than ever. Try some of the digital financial tools and resources listed above to see how they can make a difference in your bank account balance and your life.