5 Clever Ways to Create Extra Money for Your Savings

There are some easy and painless ways to put money away even when things are tight. Check out these 5 Clever Ways to Create Extra Money for Your Savings.

Everyone knows the importance of having a savings. When you are living from paycheck to paycheck like many people are these days, you may be wondering how you will have ‘extra’ money to add to your savings. There are some sneaky ways you can add money to a savings that you won’t even feel. You won’t have to sell anything and you don’t have to do much to get the funds to put in there. Here are 5 Clever Ways to Create Extra Money for Your Savings.

5 Clever Ways to Create Extra Money for Your Savings

Save ½ of any extra money you get. Do you ever get bonuses at work or birthday cards with money? Save half of these amounts you get. Since they were extra money you were not counting on in your budget, saving half won’t be too hard to do. Every little bit counts. If you got an extra $10 you didn’t count on, save $5 of it. It all adds up!

Save all of your change. My family saves all of our change and every year we go on a weekend trip. I could very well just save this change as well. I don’t even notice the change I put in the jar in my day to day spending and I don’t miss it. Most banks or credit unions have free coin counting for members now, too. Some will even give you a bonus if you cash in your change and put it into savings right away.

Cash in unused gift cards. Like most people, I have many gift cards with a few bucks on them. If you have several, cash them in at retailers or through a gift card sales kiosk found in many stores now. In some stores, they will give you cash back! Walmart also now takes certain brands as well with their CardCash program!

Use phone apps. I use apps like ibotta to save money on my groceries and household items and I let it add up in my account. Then, I cash it in and use the money generated there as savings funds. It adds up fast, especially with their extra bonuses. I have made over $100 in the last couple of months and I only casually use it when I remember to. Some of the bonuses can be as simple as getting an extra $10 just for using 10 rebates.

Get your bank on board. If you use direct deposit, many banks will work with you to auto-save a certain amount from each check before you even see it. Some will also round up and take money out of your debit purchases and place it into savings.

Let’s say you made a purchase for $12.22. If you set up rounding up on debit card purchases, your bank would round that purchase up to $13 and take the 78 cents and place it into your savings account. If you make a lot of debit purchases, this could really add up over time.

Are you looking for ways to save money? Check out these 52 small changes that will help you save more money this year. Don’t forget to Join the Facebook group to keep yourself accountable and discover more ideas for saving money.