First off let me apologize for falling off the wagon over the last week. It was the first week since this blog’s inception that I did not produce any new content. I have been ridiculously busy getting one of my rental units ready for rent. But anyway I wanted to share some different ways to boost savings. Saving is often discussed but how often do we talk about different ways to go about doing so? It can turn out to be quite fun depending on the strategy used. So enough of the filler, continue on to find out three ways you can boost your savings.
Make it Automatic: This is one of my favorites. If you invest in an employer sponsored retirement savings plan, than you are already utilizing this method. The effort here is minimal, your sole task is to make the money, your HR department and 401k provider do the rest. Reach out to your HR or payroll department to find out about additional ways to have funds automatically deducted from your paycheck and placed into the account of your choice.
Personal savings plan: What are some of the ways you can save additional money? Maybe you still partake in the #Brokechallenge and save all $1 bills you come across. Are you a piggy banker, who saves every coin? Or perhaps you set aside a crisp $20 each time you get paid. Pick what works for you, make it fun and attainable and watch your savings pile up.
Bank Programs: Banks such as Wells Fargo (my personal bank) and Bank Of America offer cool savings programs to all its customers. Wells Fargo offers “way 2 save”, which takes $1 and puts it into a special “way 2 save” savings account each time you swipe your debit card. Bank America has a similar program called “Keep the Change”. This programs rounds up to the next dollar on each purchase, while taking the difference of the purchase price and the rounded up dollar amount and placing that in a special account. The app Acorns does the same with spare change accept small portions of stock are bought with the difference of the rounded up change amount and purchase price of your item.
There you have it, how many of these strategies will you implement or may already be doing so? Saving is something I’m addicted to doing. I hope it becomes just as important to you as well.