Wednesday Brunch : Ways To Save Money

It’s never too late to begin saving money. It’s never too late to work on your credit, whether you need to build it or repair it, it’s something very important to maintain. As we go into the new year I’d like to share some tips on saving money and a few friends shared different ways they save money.

Invest. If you’re saving more than $3000 it would be a good time to learn about stocks, and trades and invest your money. This is one way to watch your money grow over time. Some jobs have investment programs that you can enroll in and learn about. You can open an IRA or Certificate of Deposit account which you can select the term of the account minimum of 6 months the more you put in the larger the end result. You can invest in your favorite brand or an up and coming app like most people did with Twitter, and Facebook when they were just starting out. Understand it takes money to make money so your first time around you may lose some money investing.

Savings Account. This tends to be a traditional, sufficient way to save money. Open up a savings account and set it up for no withdrawal capability. You can set up the savings to have automatic transfers scheduled weekly, bi-weekly, or monthly from your checking. For example I have $25.00 going into my savings bi-weekly. It may not seem like much but overtime it adds up if I don’t touch it.

My grandfather taught me the “pay yourself” method. When I was in high school and I was able to work I would get my paycheck of around $1k and I would put $200 into my savings. By the time I was 18 years old I had $5k saved up. What helped me not touch the money was seeing it grow and wanting to maintain the funds.

Credit Cards. Secured credit cards are a way to establish credit. It’s hard to get credit when you have no credit. In other words no proof that you pay your bills on time. You can get secured credit cards with a minimum of $250 security deposit. What you do is make the deposit and that’s your credit limit. Every time you make your payments on time and pay off the balance its reported to the credit bureau. You’ve establish credit and your credit score will increase overtime. Unsecured credit cards, pay the full balance off each month that way you’re not paying interest. Don’t utilize more than 30-40% of the credit limit this way it’s not hard to pay off and you’re less likely to max out.

Every month I pay my bills using my credit card and then when I get paid I pay off the credit cards with my paycheck. Whatever is left over from my check I put into mine and my children’s savings account.

Credit Union. You can have a checking or savings at a credit union. Most people like credit unions because they have nice low interest rates when it comes to auto, personal and home loans. Some credit unions you have to apart of a government agency, a specific workplace, or even have a relative affiliated with the credit union to be open an account.

I put money into a savings at my credit union. The only way I am able to withdraw funds is if I physically go into the office. I don’t have a card to access the account.

Old Fashion. Some people hide money from themselves. By way of a shoebox, under their mattress, in a safe, a sock drawer, in their car, etc.

I give the money to someone I trust. Someone I know whom won’t give me the funds unless it is an emergency.

Apps on your smart phone. We all know there is app for almost anything you can think of. There is an app called DIGIT. You sign up for the app, create an account and you link your checking account to it and it will automatically save funds for it and you won’t even notice it. It can transfer a % of your balance. It monitors your spending. You can have it transfer as often or infrequently as you like. Whenever you want to cash out you can transfer the funds into your checking.

What I do is. I write down all of my bills. I make about the same amount every two weeks. One check I will pay my rent and what I have left I put into my savings. The next check I pay my utilities and my everyday expenses and whatever I have left goes into my savings. On top of the automatic transfer every two weeks of $50 and I am currently doing the money challenge as well. Here’s an example:

PayCheck : $1500. Rent : $650 . Weekly Bus Pass $50;$800 goes into savings. The following two weeks: Paycheck: $1500. Utilities: $100 . Oil Change $40 , Gas $40, groceries $100, Car Insurance $150 leisure $300; $730 into savings.

Saving money can be difficult if you have more bills than most and more bills than income. Saving money can be hard with no help and if you’re not making as much. Saving money can be beneficial and it takes discipline. It’s never too late to start working on your financial well-being.

Key: live within your means.

Thanks for reading!

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