Saving has been an issue for many Americans since the national financial crisis. Having savings is essential to financial security. Whether you put aside money for an emergency fund or retirement, saving is a smart financial move. Here are some simple tips to help you save more money, according to LCDV Money.
Give Yourself An Allowance
One way you can save more is to give yourself an allowance for spending each paycheck. Every payday, take an amount of money and put it into an envelope for spending. After that money is gone, you should make yourself wait until your next paycheck. This helps you save more of your paycheck by making you avoid dipping into your savings.
Put Money Into “Can’t Touch This” Funds
Another method that will help you save more is to put money into accounts that are not easy to withdraw from. One way of doing this is putting money into certificates of deposit. These come with penalties for early withdrawal. However, they also provide flexibility if you need to take money out in the case of an emergency.
Take Advantage Of Free Money Offers
Many banks will offer you money for simply opening up a checking account. This money can be deposited directly into a savings account. In some instances, banks will offer up to $200 for opening an account. Opening a credit card can also offer benefits. The source pointed out that opening up a business credit card rewarded the holder with 30,000 points after the first use. This translated into $300 cash. Free cash offers such as these are a good way to build up savings because you don’t have to do much except for sign some papers.
Put Savings On Auto-Pilot
Perhaps the best way to save more is to simply put it your savings on auto-pilot, according to the CFA Institute. Many companies offer their employees a 401(k) plan upon employment. If you have one of these plans, you can automatically deposit an amount of money from your paycheck. There are also options if you want to put your money into a simple savings account. You can simply set up a direct deposit from your checking to your savings account each month. This approach allows you to avoid having to make the decision each month to put money away.…