If you are looking for a fast way to save money, make sure you read this article. Saving and investing can be difficult but having a goal makes it easier. Of course, everyone wants to meet their goal as quickly as possible. Once you reach your first goal, make sure you set another one or you will break your good saving habit.
These 10 tips will help you save money fast without breaking a sweat. If you’ve been wondering about a fast way to save money, read for suggestions that will help your savings quickly.
Automate Your Savings With An App
Trying to set money aside every month can turn into a chore. There are times you may forget or times when you may start procrastinating. All of which won’t do your savings goal much good.
A savings app like Qapital, Digit or Yotta Savings would do the work for you. These digital apps are automated apps that move money from your linked account on your behalf towards building a savings habit without you even thinking about it.
Yotta Savings is not as complex as the other two and there are no fees or monthly costs with the Yotta Savings, like there on the other two I mentioned. I’m more of a hands on guy and I like to control my money myself. With Yotta I can set up a direct monthly or weekly deposit from my bank or I can just deposit it myself. I can also win some nice monetary prizes as daily numbers are drawn for my tickets. Check Yotta Savings out here
You may choose a daily or monthly savings automation. Because these apps don’t give you the highest annual percentage yield on your deposits, it’s best to transfer your money to a high-yield savings account once you’ve saved up a bundle.
Automate Bill Payments If You Make A Steady Salary
It’s easy to forget to pay our bills on time, especially if you’ve got a busy schedule. Unfortunately, companies charge late fees for overdue balances. You may waive that aside as not substantial because it’s just $5 or $10 here and there. But, when you add them up, you’d find that these late fees are more expensive.
To save money, pay your bills when they are due by setting up automatic monthly payments if you have a steady balance in your checking account. I actually save $15 every month because I pay our cell phone bill automatically eacj month. That’s $180 every year. It will all add up if you work at it. Check out our 30-day rule for savings and you will be surprised what you can save by working the 30-day rule plan.
Sell Off Unused Items
This is the fastest way to make quick money, especially if you’re saving towards a goal. Do an audit of all your unused possessions and get to know their value before auditioning for sale. You could use an online marketplace like FB, eBay or your local thrift store to sell. It’s a great way to declutter and earn a good amount of money.
A yard sale, garage sale or even a community flea market, is an even better way to sell numerous items at once.
Pause Savings In Other Areas
If you’re saving towards a specific goal, like maybe making an expensive purchase, pause savings in other areas and focus all your energies towards your goal.
Pause your retirement contributions, college fund, or home payments. Also, limit how much you save for Christmas, birthdays, and other occasions, and you’d be surprised how fast you save money. Just remember, when you reach your specific goal, to start up the rest of your savings.
Cancel Unnecessary Subscriptions And Memberships
To save effectively, audit all the apps and services you’re subscribed to. You may sign up for a new streaming platform for a free trial period but end up forgetting to cancel it. Or maybe a gym membership you barely use. Cancel these services and save the money that would go towards these memberships in your savings account.
I realized that we were payin $4.99 for a TV streaming service that we hadn’t used for the last year. Of course, I cancelled the service and now put $5 each month into my Yotta Savings Account. That’s $60 each year! Not a ton, but here at inflationcents.com we purpose to change our “cents into dollars”.
Eliminate One Spending Habit Today
If you evaluate your spending habits, you may discover that there’s one treat or convenience you pay for that you can indulge less in or do without. You could cut this habit by skipping it in your purchases and thank your savings later. That $5 to $8 fancy coffee every day could save you a bunch. You get the idea, curb your fancy appetite and save more money.
Put A Spending Limit On Your Credit/Debit Card
Another tip for saving money fast is to set a limit on how much you can spend on your credit or debit card. This limits your spending habits and causes you to spend judiciously in advance. Most banks offer this service to their customers.
Also, carry some cash with you for all those small things you might buy. My daughter had a habit of buying little things on her debit card because she didn’t want to carry cash with her. She bought a pack of gum one day and the next day she was overdrawn by just a few cents and it cost her $30. Of course, she learned a valuable lesson.
Get Rid Of Debts
For faster saving and to reach your target quickly, it’s best to pay off any outstanding balances on your debts. The longer you delay in paying off debts, the higher the interest. This interest that increases over time can wipe out any money you save. By the way, it is always better to pay off your credit cards every month and save all that interested.
To get rid of debts, consider the 50/30/20 budgeting method created by US senator Elizabeth Warren. It advises that 50% of your income should address your needs( fixed costs like rent and utility bills), 30% for wants, and 20% for savings. This 20% of your monthly income is what you save towards clearing off your debt. And in no time, you’d have cleared off debt totally.
Consolidate Your Debts
Debt consolidation is a good idea that will save you time and money on your debts. If you have different high-interest debts( such as credit card bills), consider combining them to have a lesser interest. The two major ways of doing this are as follows:
- Take out a new loan and use it to repay existing debts. This way, you also have one debt payment to focus on. Make sure the interest rate is in your favor.
- Look for 0% transfer credit deals. This eliminates interest on transferred debt over some time.
Warning, warning, warning!! If you consolidate your debts make sure you do not fill up your credit card again! Control your spending.
Buy Your Car At The End Of A Financial Quarter
The end of a financial year (end of March, June, September, and December) is a good time to get great deals on your new car. Automobile dealers offer buyers discounts anywhere from 5% – 20%. These discounts are because most car dealers use these periods to demarcate their sales milestones and so may want to meet their sales target so they can claim financial bonuses.
The end of a calendar year is an even better time to save more money on your car purchase because they also have annual sales targets to meet. Also, most are trying to sell off their existing inventory to make room for new cars, so the emphasis is on selling off older models.
Conclusion on Fast Way To Save Money:Top 10 Tips
Savings help you reach your financial goals, and getting there fast can make all the difference in your financial journey. Follow these tips on fast ways to save money. You will be able to reach your money goals in no time.
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