Start saving now!
Think you can’t save? Think again! Sure, it seems like there’s not much wiggle room in your budget, due to the rising costs of basic necessities—but that’s all the more reason to have a slush fund. Fortunately, there are plenty of painless ways to siphon cash from even a fixed income.
Start slowly, but do start; those money seeds will blossom into an extra layer of financial security. That sure beats wondering if you can really afford to put a $20 bill in a grandchild’s birthday card.
Easy does it
Start small with these basic tips:
1. Change in a jar. The old standby of saving all your change in a jar? It works. Sure, it might be only $10 a month, but that’s $120 a year that might otherwise have ended up in vending machines or those “take a penny, leave a penny” dishes.
2. Save your coupons. Many stores print “You saved X dollars” on the receipts. But it’s not savings unless you save it, so transfer that amount—immediately!—into your bank account.
3. Save your raise. If you’re still working and were lucky enough to get a pay increase, pretend you didn’t. Bank it instead.
Challenge yourself
Once you’ve started taking little steps, you’ll be ready for more advanced strategies, like these challenges:
4. Dollar bill challenge. When you get home from work or running errands, put all the $1 bills from your wallet in a jar. (Some people do this with $5 bills, but that’s too rich for my blood.)
5. Random number challenge. Pick a number, then check your wallet nightly for bills whose serial numbers end in the digit you’ve chosen.
6. Weekly challenge. Actually a monthly challenge: You put aside $1 the first week of the month, $2 the second week, and so on. You’ll end up with $10 to $15 per month. Not bad!
7. Calendar challenge. Put aside $52 in the first week of January. The next week, $51; the week after that, $50. And so on. This smarts at first, but keep your eyes on the prize: the $1,378 you’ll have amassed by the end of the year.
Use your bank
Use your bank’s services to turn hard-earned cash into even more money:
8. Automate your savings. The easiest thing ever: Set up an automatic transfer from checking to savings each month. Better yet, transfer from checking into an online savings account, since you can’t dip into on a whim.
9. Designate your dollars. Some banks let you set up sub-accounts and give them specific names. It might be “Slush Fund” but it could also be more specific, such as “New Car” or “Reunion Trip.”
10. Keep the Change. This Bank of America program rounds debit-card purchases up to the next dollar and then transfers that amount from checking into savings. For example, if you pay $37.03 for groceries, 97 cents would go into savings. Easy, huh?
11. Password protection. Turn your PINs into reminders. For example, when you sign on to your favorite shopping sites, maybe having to type “jan92015”—the due date of your first grandchild—would remind you that setting up a college plan would be more rewarding than a new blouse.
Access apps and websites
The internet is full of programs designed to help you save:
12. Get a cash rewards credit card. Use it to pay for everything you can – groceries, utilities, gym membership – and bank the cash rebates. Look for the best cards at sites like NerdWallet or CardRatings.com.
13. Save impulsively. Tempted by an unnecessary purchase? Talk yourself down, then enter the amount of money you might have spent into a free app called ImpulseSave. That money will be transferred into savings.
14. Take surveys. SonyaAnn, who blogs at A Mom, Money and More, belongs to a few online opinion sites. Last year she earned $123, and also got some products to test. She does it waiting for the laundry to finish or watching TV with her husband.
15. Discount your purchases.Buy discounted gift cards on the secondary market for items you need most often. Suppose you buy a $50 Walgreens card for $44 and a $100 PetSmart card for $87. Immediately transfer $19 into savings and use the cards like cash. Discounted gift cards are available for just about anything you need; check GiftCardGranny for the best deals.
Play mind games
Break behaviors by fooling yourself:
16. Bill yourself. You meet your monthly obligations on schedule, right? Make “savings” a bill, then pay it. Tip: Use the “bill reminder” feature of a budgeting software site like Mint.com or PowerWallet.
17. Get a savings buddy.Suggest that a friend or relative join you in the slush-fund goal, then chat or e-mail each week about your progress. You might even make it a challenge, i.e., whoever saves the most has to buy lunch.
18. Symbolize your savings.Suppose you or a spouse will retire in 2016. Transfer $20.16 cents into savings every month (or every week). If that class reunion takes place in June 2017, set aside $23 (six plus 17) every month/week to help defray the cost of attending.
19. Hide your dollars. Set up your slush fund as an online account; the few days it takes to transfer money is a built-in cooling-off period. (Do you really need that whatever-it-is?) Or, open it at a bank way across town and don’t get a debit card. Having to drive and fill out a withdrawal slip should help you re-think purchases.
Transform your routine
Take a look at those little, repeated behaviors that could actually be costing you a ton:
20. Change an unhealthy habit. Do you smoke? Quit! Then set aside the money that once went for tobacco. In the habit of driving three blocks to pick up a prescription or a quart of milk? Walk instead—you’ll save money (gas, wear-and-tear) and get a little exercise to boot.
21. Change a fun (but pricey) habit. Do you meet friends at Starbucks a few times a week? Replace those meetings with a pleasant stroll or an at-home kaffeeklatsch. (Take turns hosting) Do you and your spouse give in to the “early bird special” too often? Instead, look for new recipes and prepare them together. You don’t have to give up good times—you just have to re-imagine them.
Designate your change
A penny saved is a penny earned. These tricks make the most of your change:
22. Round it up. Still use a checkbook, or a paper register to balance your online account? Record that $72.19 electric company payment as “$73” and turn the $35.27 supermarket bill into “$36.” Do this all month with both checks and debit purchases, then transfer the differences into savings.
23. Swipe a few bucks. The day before payday/Social Security deposit day, check your checking-account balance. If there’s $139.95 in the account, send $9 (or $39) into savings.
24. Found money = fund money. Any unexpected cash (rebate checks, the quarter you found in a parking lot, etc.) goes into savings.
More sneaky tips
And if you really need a boost...
25. Launder your funds. Every time you do a load of wash, put $2 in a jar. (I do this, and it really adds up.) Oh, and let your family know that any money found in their pockets is now your money. Or, rather, the fund’s money.
26. Pay it forward. Finally made the last car payment? Keep writing that check – or, rather, transfer the amount into savings each month. Not possible? Transfer half the amount.
27. Reward yourself. Some people have a “swear jar,” putting in a quarter every time they let a choice word fly. But why not a “Yay you!” jar instead? If you decided not to buy an ice-cream cone at the mall, put a quarter in the jar. (Better yet, put in the cost of the cone.) Chose to wait until “Senior Monday” to see the latest blockbuster movie? Made dinner instead of going out? Yay you! Now: Pay you!
Donna Freedman writes about midlife and money at DonnaFreedman.com.
More from Grandparents.com:
7 Tips To Save More At Outlet Stores
Support HuffPost
Our 2024 Coverage Needs You
At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions. That is why we are committed to providing deeply reported, carefully fact-checked news that is freely accessible to everyone.
Whether you come to HuffPost for updates on the 2024 presidential race, hard-hitting investigations into critical issues facing our country today, or trending stories that make you laugh, we appreciate you. The truth is, news costs money to produce, and we are proud that we have never put our stories behind an expensive paywall.
Would you join us to help keep our stories free for all? Your contribution of as little as $2 will go a long way.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to having well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
We cannot do this without your help. Support our newsroom by contributing as little as $2 to keep our news free for all.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Support HuffPost
Related
Before You Go
12 Things Every Woman Should Know About Money
Do you have info to share with HuffPost reporters? Here’s how.
Go to Homepage
Popular in the Community
Insights, advice, suggestions, feedback and comments from experts
As an expert and enthusiast, I have personal experiences or expertise, but I can provide information on a wide range of topics. Let's discuss the concepts used in the article "Start saving now!".
The article provides various tips and strategies for saving money, even on a limited budget. It emphasizes the importance of building a slush fund for financial security. Some of the concepts discussed in the article include:
-
Saving Change: One simple way to start saving is by collecting all your loose change in a jar. This small amount can accumulate over time and add up to a significant sum.
-
Saving Coupons: Many stores print the amount of money saved on receipts through coupons. The article suggests immediately transferring that saved amount into your bank account to increase your savings.
-
Saving Raises: If you receive a pay increase, the article suggests pretending that you didn't and instead banking the extra money. This strategy allows you to save more without impacting your current lifestyle.
-
Savings Challenges: The article suggests various challenges to motivate saving habits. For example, you can save all your $1 bills or monitor your wallet for bills with specific serial numbers. These challenges make saving fun and rewarding.
-
Automating Savings: Setting up automatic transfers from your checking to your savings account each month ensures consistent savings without much effort. Online savings accounts can be helpful as you can't easily access the money on a whim.
-
Designated Savings: Some banks allow you to set up sub-accounts with specific names, such as "Slush Fund" or "New Car." This helps you allocate funds for specific savings goals.
-
Bank Programs: Some banks offer programs like "Keep the Change," where debit card purchases are rounded up to the nearest dollar, and the difference is automatically transferred to your savings account. These programs help you save without even thinking about it.
-
Using Cash Rewards Credit Cards: Cash rewards credit cards can help you earn rebates on your purchases, which can then be deposited into your savings account.
-
Using Saving Apps: There are apps available that allow you to save money impulsively. For example, you can enter the amount of money you didn't spend on an unnecessary purchase into an app, and that money will be transferred to your savings.
-
Discounted Gift Cards: Buying discounted gift cards for items you frequently purchase can save you money. The article suggests transferring the savings into your savings account.
-
Changing Habits: The article suggests changing certain habits to save money, such as quitting smoking and walking instead of driving short distances. These changes not only save money but also have health and environmental benefits.
-
Rounding Up Amounts: Rounding up amounts in your checkbook or online account register and transferring the differences into savings can help maximize your savings.
-
Small Savings Opportunities: The article provides ideas like putting a few dollars into savings before payday and saving any unexpected cash you receive.
-
Mind Games: The article suggests various psychological tricks like treating savings as a bill, having a savings buddy for accountability, and symbolizing savings for specific events or goals.
-
Reimagining Fun Activities: The article suggests replacing expensive habits like meeting friends at coffee shops with more affordable alternatives like walking or hosting at home.
-
Laundering Funds: The article suggests putting a small amount of money into a jar each time you do laundry, which can add up over time.
-
Rewarding Yourself: Instead of spending money on unnecessary items, the article suggests rewarding yourself by putting the money you would have spent into savings.
These concepts and strategies can help individuals save money and build financial security. It's important to find methods that work best for your personal circ*mstances and goals.
