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Home > Some of my favorite savings strategies

Some of my favorite savings strategies

December 5th, 2014 at 08:26 pm

I posted some of my favorite ways to save on The Women in Red Savers board today, and I thought I would share them on here as well. These strategies have always worked well for me to save! Smile

I am a HUGE believer in nickel and diming your savings. You do no need a $100 to save money, you don't need $10, you don't even need $1. All you need is 1 red cent to start. Through it in a jar. You started!

Here are my personal favorite ways to save:

Save all of your change, once a month take it to the bank and deposit it into savings. Do not use a Coin Star or anything else that charges you to turn in your change, nearly all banks have a coin machine and will process it for free if you have an account there.

When you get your monthly or quarterly interest in your savings accounts, add a deposit to get that amount to at least the next $5 amount, or even try for the next even $100 amount if it's not too far away. So if after your interest goes in your new balance is $379.18, deposit another $20.82 to get to that $400 mark. It might not seem like much, but I am sure I have saved at least another $1000 by doing this every month.

When you make a savings deposit, do the same thing as with the interest, round it up to the next $5, or even $100 mark (depending on what the amount is). So if I got a rebate for $12.00, I deposit $15 or $20 into saving.List item 4

Put all rebates, bonuses, tax returns, gift money (unless for a specific gift), found money (on the ground, in your car, in the washer, etc.), rummage sale or online selling, recycling money, and any and all other "extra/surprise/not standard" funds into savings. You survived without them before, you don't need them now!

This is an oldie, but a goodie. Set up an automatic savings plan. It doesn't have to be a lot. If you can only start with $5, then start with $5. Then next month try to move it to $10, whatever amount you start with, just try to keep moving it up, no matter how slowly or gradually. Try to set it up for every paycheck, that way you know the money will be in your account on payday, and it will already be transferred and gone before you even have a chance to miss it!

There will (of course) be times when you have to take money out of savings. Sometimes this will be for a planned purchase. Sometimes this will be for an emergency or an unexpected expense. That is ok! That is what your savings is for! Do not get discouraged. If you have to take $100 out of savings today for a car repair, but tomorrow you find $5 in an old Christmas card...you still put that $5 in savings. The old notion of "slow and steady wins the race" is completley true of savings. Just keep making those deposits no matter how big or small and they WILL add up!

10 Responses to “Some of my favorite savings strategies”

  1. Buendia Says:

    All great ideas - I feel the same way - those small amounts add up!

  2. LuckyRobin Says:

    I do most of that. It does pay off.

  3. scottish girl Says:

    I should do more of that. I only have an automatic savings transfer set up. I'm slowly trying to rebuild what I withdrew this year.

  4. creditcardfree Says:

    Great minds think alike. I don't do the rounding up, but the little amounts do add up!

  5. MonkeyMama Says:

    Sounds great! I am always mindful that little amounts add up. It does make all the difference.

  6. snafu Says:

    Great points. I sweep anything left over not including a not yet cleared item, out of chequing and into a linked savings as soon as I see income credited. I'm trying to give each dollar a job. I want to know where the money went!

  7. Homebody Says:

    I miss Women in Red boards. I really enjoyed them. I set up a $300 transfer to ING/CapitalOne acct in October.

  8. Petunia 100 Says:

    Homebody, when MSN shut down the message boards, a lot of the posters migrated to Proboards.

    Text is http://notmsnmoney.proboards.com/ and Link is

  9. LittleMissSplendid Says:

    I remember reading articles about the Women in Red and found them so interesting. Nice to know those ladies are still around and keeping their finances organized. I like all of these saving suggestions, but will have to decide which will blend in with my lifestyle best so that I don't get overwhelmed.

  10. run 3 Says:

    Your site has a lot of useful information for myself. I visit regularly. Hope to have more quality items.
    run 3

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