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A few tricks to save money everyday

Saving money can be a difficult habit to start and the one habit that is amazingly very easy to stop. Fortunately, there are a few easy tricks to saving that don’t require a budget overhaul. From paying in a manner that generates rewards for you to not spending a certain type of paper currency, all are ways you can save without really changing your habits either.
Is there really an easy way to start saving?
One of the simplest ways to trick yourself into savings is to use a cash rewards debit card or credit card for your purchases.  Instead of spending the cash rewards you earn, deposit them in a savings account.  For some people, that might be nearly $1,000 per year and it doesn’t require you to change your budget at all.  It is important that you pay your credit card off monthly and have a spending limit on the credit card so you don’t spend more than you normally would spend.
What are other simple ways to save?
There are two simple ways to save using cash.  One is that you pay with cash for most of your purchases but never use coins.  At the end of each day put all that change you have acquired into in a piggy bank.  Some people have saved over $500 in less than a year doing this. 
Another way is to pay with cash but never spend $1 bills or $5 bills that you accumulate during the day but rather always save them.  You will be surprised how quickly this will add up.  This method requires discipline though and can easily be broken so it is one you should only attempt if you can really save that much per week.
Are there any other everyday things that won’t impact our budget?
One interesting trick is to use loyalty cards from grocery stores or other places that offer them.  Each time you make a purchase, the cashier tells you how much you saved that day.  Go home and transfer that amount to your savings account. It is money you would have spent without your loyalty card so it is budget neutral.  You can really save a lot of money this way and you won’t miss it from your budget.
What if we want to be more aggressive with our savings goals?
One great method is after paying off student loans or a car loan, keep making the payments to yourself in the form of transfers to a savings account.  The payments are already in your budget so you don’t have to change your budget at all.  It is a great way to build significant savings quickly.  And, when you are ready to buy another car, you will have the payment already in your budget.
Another aggressive option is whenever you get a raise, save 50% of it with an automatic deposit to a savings account.  If you get raises every year, you will be surprised in four to five years how much you are saving each paycheck.  This is a really good habit that can be rewarding all through your working life.  It also helps you keep your spending from increasing too quickly.

Posted: 3/3/2014 with 12 comments

Categories: Money Matters, Saving

Saving your coins is a great idea! Another Forum member did this last year. I helped her bring the coins to the Forum coin exchange. She had $548. Yes!
4/9/2014 1:00:49 PM

Brian Barnes
I saved money to buy a 2 year old car for cash. I expect the car to last me 7, or 8 years. After I bought the car, I started putting $250.00 a month into an emergency fund. I now have $6500.00 I can use to pay for unexpected expenses, that I won't have to go into debt for.
4/9/2014 12:43:14 PM

Whittney Murphy
For me my problem had been that I'd save to ambitiously and I'd end up borrowing from my savings to pay bills. But this article has shown me the value in a piggy bank again. They're just not for kids. Little by little, coin by coin is really what I see working for me. Thank you. I really like the loose change idea and the dollar bills. Sounds simple enough, I'm trying it and I'll be sure to report back.
3/13/2014 10:16:46 PM

Jacquelyn Finney
Geeat tips. I participate in the $5 a week account. By putting
money in this account each week, it adds up quickly. Many people
waste at least $5 a week. Make coffee at home or BYO to the office.
That saves several dollars a week.
3/10/2014 9:58:15 PM

Michelle Hartman
As someone who lives pay check to pay check, I have learned to use technology to my advantage by using apps on my smart phone to save money... For example, Retail Me Not, Groupon, and Living Social. I also utilize store apps to reap the benefits of in store deals.
3/10/2014 9:39:41 PM

Whittney Murphy
I always go the aggressive route to my savings and then and up borrowing money from myself. I like the loose change idea. Thank you.
3/10/2014 6:03:50 PM

Whittney Murphy
Saving has always been important but figuring out how to start had always been the challenge. I love the loose change idea. Piggy banks aren't just for kids. Thank you.
3/10/2014 5:59:53 PM

Delbia Jones
My family loves to save now that Forum Credit Union has shared so many differwnt ways to save through many of their resources Forum offers to their members. We used the $1 and $5 method, we used the extra pay on your payroll method, we use the common cents account method, and we use the weekly 5 method. These four methods helped us pay-off a vehicle within 1 year of the purchase date. Most exciting part for my family was that we were able to go on our first family vacation with extra spending money because of the weekly 5 account. These two accomplishments helped us realize that Forum Credit Union cares about their members and their future. Everything is simple and makes you want to participate in their programs.
Thank you Forum for caring aboit your members.
3/10/2014 5:29:56 PM

Roxy S. Sease Coleman
Dave Ramsey provides awesome money tips to Forum customers.
3/10/2014 5:09:51 PM

Anna Bradley
I try to avoid ATM fees or debit fees. They may be small but they are up. I also use many member cards that give me discounts on things I buy anyway like gas. I use the BP member card that gets me $0.10 off a gallon and that normally makes it cheaper than anywhere around.
3/10/2014 4:30:07 PM

Frank Sebastian
Another great way of saving money is to open up a Weekly 5 account. You barely notice the money coming out of your account and it helps save for bigger ticket items!
3/10/2014 3:27:58 PM

Erin Macey
I really like the change idea. We have a jar in an obvious place on our counter to collect change and small bills toward a particular goal. SInce we walk by it regularly, it reminds us of what we are working toward and how much progress we have made.
3/10/2014 3:15:20 PM

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