The majority of the private finance books and sites discuss saving money by being an intelligent and frugal shopper by using coupons, buying one get one free, perusing sales circulars or checking in to the retailers phone programs; however I have yet to read some advice on what to really do with the quantity of money that you save.
If I only merely acknowledged that I stored half-off retail price on a pair of shoes which is all about a $40 savings then that is one thing, but that only keeps the balance in my checking account higher by $40.
Here is an example, I just saved near $23 in my final trip to the supermarket via coupons, shop sales and using the grocery shops club card. The sum which I stored is right in my receipt $22.84. I use my own rewards credit card to capitalize on getting a few travelers miles which I will pay off whenever possible when I get home. But while in the supermarket I use my phone to transport that $22.84 that I would have spent had I paid full retail and then that goes right in my checking account to my savings accounts.
I make it a habit to earmark these savings if I save $2.25 or $100+ as it comes to money and savings, little amounts however small you might think will finally add up to tangible outcomes. This strategy has allowed me to actually “beef up” my savings account and it is a painless way to spare also.
In order to achieve this, you will need
- A checking account along with a linked savings account rather from the same lender or credit union.
- Your bank or credit union should have online banking so that you could move money from your checking to your savings. Ideally, if your lender has a phone app which enables transfers then that is even better. You don’t wish to wait that much time to create your savings move; do it while the feeling of victory of saving money is still new.
Think about it as a score-card for showing just how much you save on buys.