How to Make Saving Money Easy – The easiest way to save more money than you even thought you could. And all you need to do is start! Perfect for beginners and new budgeters who want to learn how to save money.
After talking with tons of people and trying to figure out exactly what it is that comes between people and saving money, I’ve finally got the answer! The hardest part of saving money is… actually saving money.
Sounds silly right? But just think about it. We all use cards to pay for things now. The whole “save the spare change” mentality is long gone. You can’t just go around digging between couch cushions for money.
Now, you have to be intentional with your savings. And, to be honest, that is NOT easy.
Growing up, saving money came easily to me. I found a penny on the sidewalk and I got excited to put it into a piggy bank. When my birthday rolled around, I put all of my checks and money from cards and gifts into my bank. In fact, I opened my very first bank account at 7.
But in the modern era of cards and online banking, finding cash lying around is less and less likely, but even more… it seems like it’s harder and harder to save.
Gone are the days of piggy banks and glass jars to save for vacations (think of the movie Up and their glass jar to go to Paradise Falls). Less and less people are thinking of saving because money is no longer right there in front of you. Money is now just a number that you see on the app of your phone.
For those of us (yes, myself included!) who are so disconnected with our money, saving money is always an afterthought; maybe not even a thought at all. More often than not, we don’t think about money in savings until we’re in trouble and need extra money. And by then, it’s too late to just find extra money lying around.
Being between a rock and a hard place with saving money is a tough spot. But it doesn’t have to be that way. Saving money doesn’t have to be tough or even constantly intentional.
No matter how you save, know that you need to try to make saving money a priority. Even better yet are the times when you don’t even have to try to save. That’s what I’m going to talk to you about today.
But there is a way that I learned to make saving money easy! And it’s so simple that you have no excuse not to start today.
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Let’s talk about how to make saving money easy.
If you’ve never been able to save a penny in your life, you’re in luck! We’re going to change that today.
If you’ve just never made saving money a priority, but never really had trouble if you actually tried, we’re going to make it super easy here.
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What are you going to need for this?
- A bank with a killer banking app that allows you to set up transfers easily.
- A phone/ computer/ tablet… some way to easily access your banking app.
- Direct deposit for your checks.
And that’s it!
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How much do I need to save?
Ideally, in order to get your finances secured, the goal is to have a $1,000 emergency fund (for emergencies that you would normally just put on a credit card if you didn’t have the savings) as well as a 3-6 month of your expenses saved up in case of job loss or anything else.
BUT we’re not there yet! We’re starting with a $0 balance. Don’t worry. You’ll get there!
There’s an old proverb: how do you eat an elephant? One bite at a time.
This applies directly to you and building your savings. You will get there one step at a time, one penny at a time, one dollar at a time.
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How to make saving money easy.
Here’s where the fun starts. Each time a paycheck comes into your account, take a small portion of it and automatically transfer money into another, separate savings account.
You can easily do this on your banking app for yourself. But if you’d feel more comfortable, go ahead and go into your branch or call to set up the transfer. They will do this for you very easily and for free.
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Don’t go right for taking $500 out of each paycheck. That’s a whole lot of money in my book!
Start with $10 or $25 each week (or if you get paid bi-weekly, every time you get paid). Once the money is out of your checking account, it gives you the idea that you just don’t have enough money to make a purchase. When, in reality, you’ve already started working your way toward building a savings account.
You don’t need to work hard to pinch pennies in order to get to the end of the week to put the last few cents in your account into savings. By setting up this automatic transfer, you’re making saving money a priority instead of an afterthought.
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Then there’s my all-time favorite app that I personally use for saving money automatically (without needing to set up an automatic transfer with your bank).
It’s called Digit.
Digit accesses your bank account and determines how much money that they can move to a savings account for you. This can be as little as $.05 every other day or as much as $20 depending on your checking account balance.
They move the money saved into a special account for you so that you can withdraw it if you need to. I’ve been using Digit now for 6 months and have saved more than $1,000 already! I use this for my vacation money, but you could also use it for Christmas or a new car or a down payment for a house. The money is yours to do whatever you want to with it.
It’s free for the first 100 days and then after that, it costs less than $3/month. But if you aren’t saving at least $75/month, I’d steer away from using the paid version. There’s no reason for that if it’s not saving you a lot of money.
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Saving money doesn’t have to be hard.
If you’re reading this and thinking “yeah! That doesn’t sound too tough! I can TOTALLY do that!” I want you to get up and get your savings account set up. It will take you 5-10 minutes max, depending on how you choose to go about getting it set up.
If you’re still thinking that it’s just too tough, I want you to go out and give it a try. You’re going to be shocked at how easy it actually is, and you’re going to be kicking yourself for not starting sooner.
No matter what, remember that the hardest thing about anything new, whether it’s a new job or a new routine or a new financial situation, the hardest thing is to start. You’ve got this!
More financial resources:
- The 6 Bank Accounts that Your Family NEEDS
- What Do You Do When You Get Behind on Bills
- What Do You Do When There’s No Money For the Bills
- Take Imperfect Action When Budgeting
- I Hide Money From My Husband (And That Isn’t Going to Change)
- How to be a Financially Successful Woman
- Should you take a vacation when you are struggling with money?
- The Best Budget System When You Can’t Budget
- Budgeting Books You NEED to Read
- 10 Reasons Why You Need An Emergency Fund
- 20 Things Frugal People Don’t Do
- How to Save Money When You’re Broke
- How to Live on One Low Income
- Money-Saving Hacks from an Extreme Cheapskate
- 30+ Real Ways to Earn Money From Home
- How We Lived Well on $17,000 as a Family of Four
Have you started a savings account yet? What’s holding you back?
Meghan Buchman says
I’ve been a member of Digit for a few years…love it!