Saving money is hard…but it doesn’t have to be!
Sure, setting aside a percentage of your paycheck is “easy,” but it can also feel like you’re adding insult to injury when taxes are factored in. Instead, how about doing something small every single day and watching it seriously add up over weeks, months, and years?
Redditor DasPike decided to try out one such trick a while back, and he recently posted about his astounding success.
“Last month I cashed in on an experiment I started 5 years ago. I read about this idea to save a $5 dollar bill every time you had one on yourself. So I decided to give it a shot and start in August 2012. I never created change with a fiver on purpose nor went out of my way to exchange bills. I just set aside a bill when I came home from work or a night out, slowly adding to the pile and never withdrew.”
“Considering I seldom use cash I was curious to see how much would be saved over this period of time. It ended being a bit more than I expected with the final amount of $2285. Not too shabby, might have to start this again sometime […] It’s a neat little experiment to save money you don’t miss.”
But DasPike’s way of saving isn’t the only tiny thing you can do to put away cash for later.
Don’t underestimate the power of saving all your spare change. Those pennies, nickels, and dimes add up!
Similar to what DasPike did, every time you come home, if you have single dollar bills in your wallet, throw them in a jar and never take any out. It’s not as drastic as the $5 challenge but can be incredibly effective.
If you’re looking to save on more of a schedule, try the Calendar Challenge. Put away $52 in the first week of January, $51 the next week, $50 the following, and so on. You’ll end up with $1,378 by the end of the year.
But if you’re not looking to save for retirement or an emergency, and instead are hoping to put your funds toward a very specific event, try making a jar or a separate bank account for it. Want to travel or throw a big wedding? Save what you can and you’ll reach your goal faster than you think.
Additionally, certain banks have programs that take the thinking out of saving for you. Arrange for direct deposit from your checking into a savings account or, if you have Bank of America, activate their Keep the Change savings program. It will round up every purchase and deposit the leftover change into your savings. Spent $10.15 on movie tickets? Eighty-five cents go into your savings!
There you have it — six foolproof ways to save money without giving it a second thought.
Share to spread some thrifty knowledge with your friends!