We could all use some extra money for a vacation, furniture, clothing, retirement.
Here are some simple tips to help you save more:
- Set aside every $5 you receive as change in an envelope for a rainy day.
- After paying off a car loan, credit card debt or student loan, don’t stop. Continue making those monthly payments and put the money into a savings account.
- Bank of America’s Keep the Change program will round up a customer’s debit-card purchases to the nearest dollar and transfer this extra change into savings. So, a $3.50 cup of coffee is rounded up to $4, and the extra 50 cents is directed into savings.
- Acorns is an app that works the same way. It connects with your debit and credit cards and rounds up the price to the nearest dollar. It invests the money in a portfolio of stocks and bonds for $1 a month.
- Pick one child as your “retirement baby” and set aside their tuition for your retirement.
- Deposit your Food Program check (or half of it) directly into a retirement account.
- Set aside registration fees, late pick up fees, field trips fees, and any other fees from parents into a savings account.
- Create a contest with your family members on who can save the most money in coins over a period of time. Use the money for a family outing.
What do you do to save more money?
Portions of this article appeared in the AARP Bulletin, June 2017.
Tom Copeland – www.tomcopelandblog.com
Image credit: https://pixabay.com/en/save-piggy-bank-money-economical-1720971/
For more information see my book Family Child Care Money Management & Retirement Guide.