Epic List of Money Saving Tips I Love - AmintaDemadura.com (2024)

FAQs

What is the number one way to save money? ›

Set Savings Goals

One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set saving targets along with a timeline to make it easier to save.

Try a no-spend month.

Keeping a needs-based, no-fluff budget for 30 days at a time can save hundreds if not thousands for some! Because that's what a no-spend month is—you commit to cutting out those nonessentials for one month. Just make sure you know your parameters from day one (what you will and won't buy).

The safest place to put money is in an interest-earning bank account at an FDIC-insured bank or an NCUA-insured credit union. There's no risk of losing your money. You'll find the best interest rates at online banks.

Automate your saving by setting up a direct deposit from your paycheck into a high-yield savings account or money market account. Pay off debt. Work on paying off your debt, starting with high-interest debt, to free up more money for savings and improve your financial situation. Earn more.

Though you probably have other savings goals too, such as saving for retirement, creating an emergency fund should be a top priority. It's the savings account that creates the financial stability you need to achieve your other goals.

Ensure that you save a minimum of 10% of your income every month. It can be that simple! But don't put it in a piggy bank. Idle money in a piggy bank doesn't grow.

Where to safely keep cash at home. Just like any other piece of paper, cash can get lost, wet or burned. Consider buying a fireproof and waterproof safe for your home. It's also useful for storing other valuables in your home such as jewelry and important personal documents.

Generally, the safest places to save money include a savings account, certificate of deposit (CD) or government securities like treasury bonds and bills. Understanding your savings and investment options can help you decide the best place to park your savings.

Bank or credit union account — If you have an account with a bank or credit union—generally considered one of the safest places to put your money—it might make sense to have a dedicated account where you can keep and maintain these funds.

Canceling unnecessary subscriptions and automating your savings are a couple of simple ways to save money quickly. Switching banks, opening a short-term CD, and signing up for rewards programs can also help you save money. Making a budget and eliminating a spending habit each day can help lead to long-term savings.

What is the 30 day rule? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.