With COVID-19 putting a financial strain on every section of society, it can be hard to even contemplate the idea of saving. So, today we are going to be taking you through a few handy tips that we think will help you save some extra cash without you even noticing.
The process of saving money can be daunting at any time but in this current climate even more so. But it can also be very rewarding when you finally meet your target, you just need to identify which method works best for you.
1. Get yourself a coin counting jar
Coin counting jars are a great way to start saving up some money.
They are available from the likes of Amazon and Walmart for a reasonable price and feature a digital display system that informs you how much is currently in the jar and allows you to keep your target in plain sight.
Coin counting jars are also fun options for kids so that they can save their pocket money and have the digital display as an incentive to save up for that new toy that they have been wanting.
When your jar is full you can then take it to the likes of Coinstar machines that you can usually find at the front of Walmart and cash in your coins in return for notes, these machines tend to take a small percentage out of your money, but it is well worth the cost to get rid of all of that loose change that has been rattling around your purse or house for years.
2. Save your change
Another brilliant way to save some extra money without even noticing it is to save your change.
Start by paying for things with cash, and every time you have some change left over simply keep hold of it or put it in the likes of a coin counting jar as spoken about above.
Odd little bits of change here and there will soon start to add up without you even noticing and you will be left with a healthy reward in no time.
3. Make it fun!
If you find money-saving a hard and tedious task why not think of ways you can make it fun like a game or challenge.
One way that we have heard a lot of praise about is the 52-week money saving challenge. Depending on how much you are wanting to save you, you deposit each week.
For example, if you are wanting to save $5000 you deposit the following amount each week:
- Week 1 – $25
- Week 2 – $45
- Week 3 – $65
- Week 4 – $75
- Week 5 – $95
- Week 6 – $110
- Week 7 – $125
- Week 8 – $130
- Week 9 – $145
- Week 10 – $155
After week 10 you simply restart again with $25 and repeat the saving process and by the end of 52 weeks you will be left with a lump sum of $5000, sounds easy right?
4. Set up direct deposit to separate account
Another clever way to save money without the hassle is to set up another bank account and direct debit.
We recommend setting up withdrawals for the day that you receive payment from the likes of your work so that the money leaves your bank automatically the same day as it comes it, this way you are not noticing the money leave
5. Switch back to cash
We all know how handy it is being able to pay with your card and use contactless, but often this removes the belief that you are actually spending money.
By switching back to cash, you can easily monitor your spending habits and limit yourself, for example, if you only have $30 to hand, that is all you are allowed to spend that day.
6. Plan ahead
We know it sounds obvious, but when it comes to saving money planning is key. Whether you’re looking to save up for a big family holiday or are just looking to save some extra money here and there for a rainy day, we recommend some simple planning.
There are so many ways you can plan, for example when it comes to the weekly food shop, write a list and stick to it, this way you will not be making any unnecessary additional purchases.
If you’re worried about your finances in the current climate, then check out some helpful guides over at Crediful.
We know how hard saving can be, but it is all about finding a way to do it that best suits you and your lifestyle. Discipline is key when it comes to saving money, so be a little strict with yourself, you will be sure to thank yourself in the future when you are left being able to afford that dream holiday or new car.
Let us know down below if you have found our tips helpful or if you have any that you think we have missed that other users may also be able to adopt!