When it comes to saving, some people are downright clever! Check out these five tricks for socking money away for yourself or someone you love:
- After you pay off that car loan, student debt, mortgage or credit card put the money into a savings account instead. And by savings account, we mean investment savings. Build that nest egg without having to change your lifestyle.
- Take your coupon savings and loyalty discounts and sock that money into savings. Your receipts should itemize those savings and if they don’t automatically get directed to your account, be sure to pull the cash from your wallet or checking account and deposit it right away. On the day she was born, one client’s aunt began saving coupon money. On her first day of college, the aunt turned over the reins of the account to help pay college expenses. Those coupon savings can add up over 18 years!
- Even non-college goers can do some reminiscing and save money as well. Take one week a month and don’t purchase anything on credit. Don’t buy anything you couldn’t afford back in the day. Seek out free entertainment, eat ramen and pb & j. Ride a bike instead of driving. Trick is Bogarting all the money you’ve saved!
- Hoard those Lincoln’s. Each time you get a five dollar bill in your change, stash it away. If you use cash for most purchases, the fives will add up. You may be surprised how many you have at the end of a year? We recommend saving half of your stash – but then the other half can be spent on whatever brings you joy!
- Speaking of five’s. Try saving a nickel on the first day of your plan. Increase the amount you set aside by a nickel each day. For instance on day one, set aside five cents. On day two, ten cents, day three fifteen cents and so on. At the end of a year you’ll have $3,339.75. Wow.