Saving can seem like an impossibility, especially for someone living the paycheck-to-paycheck lifestyle. The truth is that even people on a tiny budget can find ways to save. Use this quick guide to learn some unique ways to grow money without making a huge investment.
Start a Savings Account
Having both a personal checking and a savings account at the same bank can very useful. While there may be a minimum balance requirement, there usually isn’t a fee to transfer money from checking into savings. Every pay period, automatically send an affordable amount to the new savings account. Treat it like it is a bill, so there won’t be any temptation to skip a week of savings. The account will grow at a very steady pace.
Have a Coin Jar
People waste money all the time by ignoring change. The truth is that when it comes to saving money, every little bit helps. Finding change at the bottom of a bag, in the couch or on the floor is a blessing. Instead of ignoring it or spending it right away, put in a dedicated jar. The larger the jar, the better. Then, once the jar is completely full, take it to the bank and cash it out. Use some toward something fun and add the rest to a savings account!
Comparison Shop and Put the Savings in the Bank
One way to save money is to budget a certain amount for an item. Once the funds are available, comparison shop and see if a cheaper website version is available. Then, buy the cheaper option and send the difference straight to savings. The funds won’t be missed and the savings account will grow a little faster.
Cut Costs Around the Home
The biggest way to start saving money is to find ways to cut costs. Even on a tight budget there are some tricks that can help. For example, using a clothes line can cut utility costs. Make large meals using a slow cooker. These little things can make a big difference over time.
Understand Financial Options
Not every investment requires thousands of dollars. There are several bank services in Leominster that are aimed at helping average workers save money. Talk to a wealth manager or bank representative about services that can help make a savings account grow.
When working with a tiny budget, it is important to allot money for savings. Even people who can’t put a lot into a savings account can grow their money. They just need to do it a little bit at a time.