The idea of setting aside a chunk of your paycheck every month may seem impossible, especially after you fill your gas tank, buy groceries and pay your landlord. But there are some simple ways you can start saving small amounts of money that will add up big over time.
Save Automatically
Check with your bank about starting an automatic savings plan. This means the money will automatically be put into a separate account for you. Try Bank of America’s Keep the Change program. Every time you make a purchase with your debit card, the sale amount is rounded up to the nearest whole dollar amount. That extra change is put into your savings account. For the first three months, Bank of America will match your savings amount. If it’s done automatically, chances are you won’t miss the money.
Stop Small Spending
Just like saving small amounts can add up, spending small amounts can, too. Avoid visiting places where the temptation to spend money is powerful. Maybe that’s the nail salon, the coffee shop or the convenience store. Review your spending and pinpoint small spending that you can avoid. Try it for a couple of months and see how much it makes a difference.
Pack Your Lunch
This may seem like a hassle, but it’s worth the time. Brown bagging your lunch can save you hundreds of dollars over the course of a year in food costs. Just ask yourself, is that Big Mac really worth that hefty annual price tag?
Bring Your Own Drink
Are you in the habit of buying beverages? Even a daily trip to the vending machine down the hall could be adding up. Consider this, a 50-cent Coke from the machine could be costing you $125 a year. Buying 12-packs and bringing your own drink could cut that cost in half.
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