A Penny Saved, Monthly Saving Tips for More Spending Cash

Saving money for the future is one of the most challenging things. The temptation to forgo saving even a penny is a powerful one, because doing so can allow you to buy that extra treat every month.

Let’s explore some strategies designed to help you save money without spending too much of it. Everything from different ways of saving to strategies to keep your money in the bank will be examined.

1. Save First, Budget Second

When most people receive their wages, they immediately pay their bills and purchase the necessities. They then look at how much money they have left before deciding what they should save.

The problem is that seldom do people save. You have so little money after creating your budget that saving feels like parting with one of your limbs. Any significant savings will be a large chunk of what you have left to freely spend.

The trick here is to save 10% to 20% of your wages as soon as you get them. You’ll likely not miss that money, and you won’t have to worry about depositing it later.

The best part is that your money will add up substantially as time passes.

2. Invest in Bonds

Most banks offer several different ways to save your money. There may even be multiple types of savings accounts, but what you really want to inquire about are bonds. 

A bond is a form of debt where you act as the party loaning money to someone else. As with most types of debts, you’ll earn back a certain amount on your bond over a period of time.

The longer you keep your bond, the larger your return will be. This is why they make for a great way of saving your money. You have a reason to leave money you invest in bonds alone because you’ll gain significantly more than if you cashed them in early.

3. Balance Your Accounts

Relying on electronic means to balance your accounts is one of the riskiest things you can do. Merchants will often put holds that can make the active balance of your debit or savings accounts greater than they actually are.

This can encourage overspending, which in turn can result in bounced charges. This can come with fees, which can negatively impact the amount of money you have for saving.

The best way to avoid this is to balance your accounts the old-fashioned way. Utilize checks to keep track of your debits and credits manually to have a more accurate idea of how much you actually have.

The best part is that checks aren’t just for your parents or grandparents. You can get designer checks that actually make balancing your checkbook a rewarding activity.

4. Use a Different Type of Savings Account

As stated before, banks typically offer multiple types of savings accounts. They will usually offer more than the traditional low-interest account that has around 0.1% APR.

Certain banks offer savings accounts that invest your money into a mutual savings fund. This results in a significantly higher interest rate, which in turn allows your savings to grow faster with every month that passes.

Couple this with an automatic transfer of $10 every week from your checking account to your savings, and you’ll soon have a considerable amount of interest building each month.

Saving One Penny at a Time to Create a Small Fortune

The one thing you have to remember about saving money is that you’re not going to save an incredible amount in just a few paychecks. You need to be consistent about saving a few pennies at a time.

When you’ve saved enough of those pennies for a number of years, you’ll wake up one day to find that you have a small fortune waiting for you in your savings account. You can then take this money and invest it in an even better way to see it grow even more.