Money Saving Tricks

From managing your bank account to putting away spare change, here are some helpful tips on how to save some money!

When you finally get your paycheck, it may seem hard to put some money away for savings. Those extra few dollars in your checking account may seem important at the time, but rationing out portions of your income can be extremely beneficial in the long haul. Here is some money saving tricks that can help you save, without feeling the impact on your checking account

1. Use Your Bank Wisely

Many banks have different money saving programs that you’re not even aware about. Bank of America, along with many other banks, have services that transfer a small amount of money (usually a dollar or less) from your checking into your savings account every time you swipe your card. This is a small amount that you won’t notice at the time, but after all the purchases made in a week, it will add up.

Aside from putting money into an account every time you swipe, make sure you’re signed up for a bank that has free checking account plans. There are lots of banks out there that offer free services, so make sure that you’re not taken advantage of when setting up your account.

2. Track Your Account Daily

Mobile banking is an easy way to track your daily activities. When trying to save money, it’s important to know how much is in your account, monitor fraud and ensure you’re not over spending. Not only do most banks offer these services online, but they also have easy mobile applications and text message services that notify you daily on your account balance and potentially fraudulent charges.

3. Shop Smart

There’s no reason to not take advantage of sales. Coupons, rebates and specials on grocery items go a long way when saving money.

Quick tip: Publix releases their BOGO sales ahead of time. Make a grocery list, cut coupons and shop smart. Saving a few dollars here and there goes a long way!

3. Stop Eating Out 

Eating out is one of the most expensive habits people have. From food upcharges, to drinks and tips, you can spend the same amount on one night of eating as a whole weeks worth of groceries. Not only does staying in save you money, but it also is substantially healthier for you. Bring your lunch to work once or twice a week and you’ll be amazed with how much money you save. 

4. Make coffee at home

From first hand experience, I can vouch for the fact that coffee is most definitely a necessity to make it through the day. Going out to buy coffee is an expensive and unnecessary task that is easily avoidable. According to a study done by Time Magazine, the average American spends over $1,000 annually on coffee. Just by brewing your own coffee at home, you could save about 20 dollars a week.

5. Get organized to avoid paying late fees

One helpful and easy trick when saving money is to stay organized. Keep a calendar to track your bills to ensure you’re paying on time, and not wasting money with late fees.

6. Set a goal and track your progress

The last helpful tip when saving money is to set an achievable money goal with a realistic deadline. Maybe you’re saving up enough money to go on vacation, treat yourself to something nice or even just to catch up on bills. Tracking your progress makes saving money rewarding and much more motivational!

There really is no reason why you shouldn't be saving money daily. Take advantage of coupons and shop smart!