16 Effective Tips and Tricks To Help You Save Money in 2022
16 Effective Tips and Tricks To Help You Save Money in 2022
Saving can be a struggle without the right strategy.
By Rob Poindexter Feb 23, 2022
Saving money can be hard for a number of reasons. Often, there is not a large margin between what most people earn and what most people spend. Without some type of strategy, that little bit that’s left over every month can be spent all too easily.
Cutting back on your expenses is a great way to start saving money. However, if you’re searching for ways to tuck away a bit of extra savings, these 16 tricks might be the solutions to your saving problems.
Find The Bonuses
Of all the ways to save money, this might be the easiest: Let a company pay you for your business. If there’s a service or tool you’re already using, why not earn bonus money at the same time?
An option to consider if you receive direct deposits is Monifi with its Spend and Save Balances. You can currently earn an extra $250 after you set up payroll direct deposits. Just set up the payroll direct deposits and receive two payroll direct deposits of at least $1,000 each into your Spend Balance within 90 days of opening your Monifi Relationship.
Why This Works
The cash bonus can help you achieve your financial goals faster. Plus, the Monifi app comes with plenty of tools that can help you set and track your progress to keep you focused on reaching those goals.
Automate Your Savings
Perhaps the simplest way to save without even thinking about it is to set up an automated savings plan. Most financial institutions allow you to set up regular transfers from your checking account to a savings or investment account.
Why This Works
Automation is a great way to save because it can be hard for most people to remember to make a savings deposit, let alone finding the will to do it. Automated transfers take that job out of your hands. To save even more, consider transferring your funds to a high-interest savings account.
Increase Savings Incrementally
Once you’re on an automated savings plan, the way to really build your savings is to increase those savings by 1% every six to 12 months. For example, if you’re setting aside 10% of your paycheck, reset it to increase by 1% to 2% the following year, and every year thereafter.
Why This Works
In such small increments, it’s easy to adapt to the higher savings level. And, before you know it, you’ll save a large portion of your paycheck automatically.
Keep the Change
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