Posted on: Dec. 19, 2017 in Money

If you need to make any kind of down payment on something, chances are you’ll need to save up. Even if you don’t have a big purchase planned, it’s smart to create an emergency fund now so you’ll be ready when the time comes. While it may seem like you haven’t a penny to spare and you can’t possibly save, there are things you can do to make stashing some cash a little less painful.


Lower Expenses

This is obvious, but if you have fewer expenses or the things you must pay for cost less, you’ll save money. But that doesn’t automatically mean you’ll be saving for something. Instead of letting that money sit in your checking account where you can accidentally spend it, move it to savings. For example, let’s say you pay your cable bill every month on the 15th. If you cancel cable, keep the line item in your budget, but pay yourself instead. Rather than sending a check to the cable company, set up an auto-transfer from checking to savings for that same amount. You’ll feel no change to your budget, but your savings will grow.

Round Up

There are a variety of apps available that allow you to connect a credit or debit card and will round up purchases, transferring the difference to a special savings account. Here’s how they work: If your purchases were $4.88 and the program you’re working with rounds to the next dollar, it would pay the merchant that exact amount. Then, it would round up the purchase to $5.00 and transfer the $.12 difference to a savings account. The assumption is that you won’t miss $.12 here and $.40 there, but those little bits can add up. It’s like tossing your change into a virtual coin jar.


Another easy way to save is to make an automatic deposit into your savings account each time you’re paid. Sending the money straight to savings rather than having to remember to transfer it can simplify things. Check with your employer to see if you can split the direct deposit of your paycheck between two accounts. If so, designate a small portion of each check to savings before you have a chance to spend it. If that won’t work, try setting up an auto-transfer into savings each payday.

Saving takes time, but if you keep putting it off, your funds won’t build. By making small changes, you can accelerate the process so you have the money you need, when you need it!

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