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Let’s face it. Saving money is not fun. Spending money is!
But knowing how to save money can help you find your way to financial freedom.
And having a safety net in life is important. You never know when you might need an urgent car repair, or lose your job.
A recent survey found that more than 7 in 10 Americans would be unable to cover an unexpected $1,000 expense without borrowing the funds or going in debt.
Whether its a car repair, a medical bill or a job loss, having an emergency fund is a must-have. Not to mention there are actually some fun reasons to save money, like for a vacation!
If you find yourself out of money before you run out of month, you are not the only one! You may need to try some money saving hacks like the ones below to help.
Clearly saving money is a challenge for everyone! And in this current time of inflation, saving is even harder.
Try these simple money saving strategies and quickly boost yours savings account.
1. Leverage Your Employer’s 401K
If your employer offers a 401K this is one of the best money hacks. Your 401K contribution will directly out of your paycheck. So saving is automated.
Plus, the money that goes into your 401K, will grow with compounding and funds that grow over time. Many employers also offer a match to your contribution which is extra money for you.
When it comes to personal finance in general, contribution to a 401K is a no brainer. And, if you can, contribute to a Roth IRA.
More Reading: How to Repair Your Credit Record After Bankruptcy
2. Earn More Money
One of my favorite tips for saving money is simply to earn more money. It is the fastest way to amp up your savings and meet your money goals.
There are so many ways now to make extra income. You can start a side hustle, take a second part time job or even start a small business.
Here are a few ideas on earning more money:
- Drive for Uber or Lyft
- Do odd jobs around your neighborhood
- Take an extra part time job
- Drive for DoorDash or deliver groceries
- Start pet sitting
- Babysit for your friends and neighbors
- Sell crafts or products online
Learn about driving for DoorDash.
3. Automate Your Savings
One of the smartest money saving techniques is simply to automate it. It basically takes you out of the equation so you can’t mess up!
You can set up a portion of your paycheck to direct deposit into your an extra account you have designated for just savings.
Or, you can use an app like Acorns that will automate your savings while also investing the money for you to grow it.
It works by linking to your debit card and when you spend money, it rounds your everyday purchases up to the nearest dollar. It then moves that extra money into your Acorns account. So, every time you spend money, you are contributing money to savings.
It is one of my favorite money hacks because it then invests that money, giving it the opportunity to make more for you! Hello free money!
Sign up for Acorns with my link and get an automatic $5 in your account immediately!