Saving money is a smart and intelligent thing to do. It should be made a habit so that, in case any emergency arises, you don’t have to go around asking for financial aid. For many, the idea of saving money may sound miser but that’s what wise people do.
A lot of people have incorporated the practice of pulling out some part of their earnings into a separate account. The reason for doing so may not be the same for everyone. Some people might save money for their dream vacation, while some may save for buying their dream house, some may save to welcome their baby while some might just save as a prerequisite for any unanticipated situations.
Having a reasonable amount of cash in hand gives a sense of relief and stability that makes life a little less stressful. If you’re struggling with sticking to your plan to save money, you should be thankful for the fact that you’re living in the tech world where there is a solution to everything!
We have listed down some efficient techniques that make excellent use of technology to help you save money. Let’s have a look at them below.
Use Budgeting/Money Saving Apps
As bizarre as it sounds, using money-saving apps can actually help you save some dime. Some popular budgeting apps like Mint offers customers great insights on how to start setting aside funds for achieving their monthly saving goals. There are many other budgeting and money-saving apps available for smartphone users on both Android and iOS platforms. All you need to do is download them and start following the instructions.
A Mobile Saving Account
You can either register with any local bank which has an app for a savings account or registers with apps like Chime to get yourself a saving account. Chime offers its customers a personal account with which they make all the transactions while their savings accounts are set to clip 10% off any new cash deposit made into the personal account. Additionally, this app also helps in rounding off bills to the nearest dollar and then saving the change into the savings account.
Let’s say you bought coffer for $4.50, Chime will round it off too $5.00 and save the change $0.50 into your savings account. Though it doesn’t sound like a lot of amount for a single transaction but for every transaction you make like this, it will help you save quite a handful of dollars over a period of time.
Redirect Extra Cash to Your Long-Term Saving Plans
This technique basically requires you to redirect any extra cash you have on hand to a long-term saving plan if you have, such as a retirement plan, etc. However, if you do not have a long-term saving plan, either sign up for one or invest the money in some other savings account so that you do not end up spending the free cash.
Make Use of Discounts
As miserly as this technique sounds, you must avail of all the discounts and coupons which come your way whether in-stores or online. This helps you save a good amount of money on day to day necessary items like groceries and paying bills via mobile apps etc.
Traditional Money Saving Methods
Last but not the least, if none of the technology-related solutions seem to work for you, you can always switch to traditional saving methods for the sake of saving money. Setting aside money in envelopes or creating money pools, adopt whichever method suits you.
Saving money isn’t miser but wise. It keeps your financial grounds strong so that you don’t rip over when the need arises.