Saving money can be tough. Between all of the bills, the unexpected expenses, and trying to keep up with the latest gadgets, it’s no wonder why so many of us struggle to set money aside. But as we all know, building up a healthy savings account is essential, especially with the ongoing financial situation in 2023.
Even establishments that are renowned for wanting to take your money are helping you save in the modern world. Casinos, both land-based and online, have had a bad reputation for years and were formerly known for exploiting their users. However, websites such as Bovada, which provides the best roulette, blackjack, and baccarat games are helping you save with their self-imposed deposit and loss limits.
Luckily, there are easy habits you can change that will help you shift from a spender to a saver. And as a tech buff, you’re in the perfect position to take advantage of the latest money-saving apps and tools.
Track Your Spending
One of the easiest habits you can change is to start tracking your spending. This means keeping a record of every dollar you spend, whether it’s on groceries, transportation, entertainment, or anything else. By keeping account of everything – no matter how small – you’ll start to see where your money is going, and you can identify areas where you may be able to cut back.
Fortunately, there are plenty of apps and tools available that can make tracking your spending an easy, painless process. Apps like Mint, PocketGuard, and You Need a Budget can all help you see where your money is going, set budgets, and keep track of your bills. Don’t worry if you have an almighty shock when you see how much you’re spending on your beloved Starbucks, we’ve all been there, and tightening your belt isn’t as daunting as it first appears.
Cut Back on Small Expenses
Once you start tracking your spending, you’ll likely notice that you’re spending more money than you thought on small expenses like the aforementioned coffee runs, snack foods, and other little treats. While these expenses may not seem significant, they can add up over time and eat away at your savings potential. Once you are aware of where you are spending your money, you will begin to start thinking twice about that matcha latte and put those bucks toward your savings rather than into the coffers of someone else.
Cutting back on these small expenses is another easy habit you can change. Instead of grabbing a coffee or snack every day, try making your own at home. You could also try packing your lunch instead of eating out or biking or walking to work instead of driving. These small changes can add up to big savings over time, allowing you to save your hard-earned bucks or, spend them on something a little more meaningful.
Automate Your Savings
Another easy habit you can change is to automate your savings. This means setting up automatic transfers from your checking account to your savings account on a regular basis, such as once a week or once a month. By doing this, you’ll ensure that you’re setting money aside regularly, without having to think about it too much.
Many banks and financial apps offer this service, so check with your bank or search for an app that offers automatic savings transfers. And while fixed savings accounts do offer better interest rates, a rainy day may just be around the corner, so proceed with caution and think of the future when you are deciding how much to automatically save every month.
Set Specific Savings Goals
Setting specific savings goals can help you stay motivated and focused on building up your savings account. Think about what you’re saving for, whether it’s a down payment on a house, a vacation, an emergency fund, or long-term retirement savings. Then, set specific monthly or yearly savings goals to help you get there.
Apps like Qapital, Acorns, and Stash can all help you set and track savings goals, and offer features like round-up savings, where your purchases are rounded up to the nearest dollar and the difference is automatically transferred to your savings account.
Should You Invest or Continue With Your Savings Account?
So you’ve heeded our advice and now you are saving money left, right, and center. Now, should you turn your attention to bitcoin and the stock market, or continue with the paltry interest rate that your savings account provides you?
Investing your money can potentially bring in more return than a savings account. Plus, with the right research and strategy, you can find options that fit your goals and risk tolerance. On the other hand, savings accounts provide stability and security, as your money is FDIC insured and you can easily access it whenever you need it.
So, think about what you want to achieve with your money and consider both options before making a decision. Remember, there’s no one-size-fits-all answer when it comes to personal finance, but there are opportunities to be found everywhere, especially in the modern climate.
