We all want to have more money right? An easy way to have more money is to simply save more money. Unfortunately, most people save whatever is left over at the end of the month. With so many people in credit card debt, aka living beyond their means, there is nothing left at the end of the month to save!
So, you want to save, but you spend everything you make and you save nothing. Each month, this cycle just repeats itself over and over.
See the problem here?
Luckily, I am here to help.
Below I list 5 ways to save more money throughout the month so you can actually have more money to do the things you want.
5 Ways To Save More Money Everyday
#1. Give Yourself A Raise
This one is easy. Do you get a large refund from the IRS each year? If the answer is yes, reach out to your human resources department (an email will suffice) and tell them you want to change your W4. This is the form you use that determines how much money is withheld from your paycheck.
The more allowances you check, the less tax is taken out of your paycheck. The fewer allowances you check, the more tax is taken out.
So if you get a large refund, you are paying too much in taxes from your paycheck. Simply change the number of allowances to a higher number (there is a worksheet with the W4 form) and your paycheck will increase in size!
Now you just have to be disciplined and save that money instead of spending it.
#2. Round Up Purchases
This trick is used by a lot of people. Even some banks use it too. The idea is basic. When you buy something for $4.76 on your debit card, simple enter $5.00 into your check register. Come the end of the month, you will have an extra $0.24 in your checking account.
Don’t let that small amount stop you either. Remember to do this for every purchase you make including credit cards and you will see a nice amount still in your checking account at the end of the month.
As with the tip above, the key is to then save that money. Your best option is to simply transfer it over to a savings account so you will be less tempted to spend it.
But what if you fear you won’t actually make the transfer? Worry not as Qapital is here!
Qapital is a free app that you download and link your bank account and credit cards to. When you buy something, Qapital will round up the purchase for you and make the transfer.
In other words, you take 5 minutes to set it up and Qapital will do everything else! Learn more here.
#3. Switch Banks
Switching banks can save you money in two ways. First, there are many banks that are now offering new customer deals. I like to browse the Fat Wallet forums to get updated on any new offers. In many cases you can earn a few hundred bucks in a short amount of time just by switching.
The other way to save more money by switching bank accounts is to find a bank that offers free checking. I use Capital One 360 and love it. They charge me zero fees and I earn interest on my checking account. I also have my savings account with them and earn a decent interest rate there as well.
If you are tired of getting screwed over by your bank, I encourage you to check them out. And if you use this link, you’ll get $25 when you open up your new account!
#4. Save Your Savings
I personally use this tip and save hundreds every year (and sometimes thousands). It does take a little discipline, but once you get in the habit, it becomes really easy to follow along.
When I shop for groceries, my receipt lists how much I saved at the end. If I saved $10, when I get home, I transfer $10 from my checking account to my savings account. I do this every time I save money on something.
It is very much like tip #2 above, just on steroids. The good news is that using these “steroids” won’t give you back acne or act out fits of rage.
By far the easiest thing to do is to automate your savings. Take 10 minutes of your time and simply set up an automatic transfer from your checking to savings account or even from your checking account to an investment account. This tip is so easy and it works. Automating is what the rich do, so why not mirror them?
By automating, you guarantee that you save money every single month. The best part is that you don’t have to put any work or effort into it after the first 10 minutes. How awesome is that? Now if we could only get exercise to work the same way!
These 5 tips for how to save more money are probably the easiest ones out there for you to start using. They take very little effort and will show you immediate results.
If you want to live a life of financial freedom, saving money is the key. Use these tips to jump-start your savings, watch your savings quickly grow, and take control of your finances once and for all.
Hi, my name is Jon and I run Penny Thots. I’ve been interested in personal finance since high school and love writing and talking about it. You can learn more about me in the Authors section of this site.