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The easiest way to save a lot of money is to make a lot of money first. Just as simple as that. But just because you may need to work harder than some (and most of us do), that doesn’t mean saving money has to be difficult.
If you make enough money each month to pay for all your necessities, then you have room to save and grow those savings. You may just need to rearrange some space.
Start saving by doing these five things before the weekend, and you’ll find it easier to start from there:
1. See where your money likes to go
You know where your money comes from. But do you want to know where it all went? If you do, you may use your budget.
A budget can help you stay on track financially and help you visualize where your money is going monthly, quarterly, and yearly. It can also help you spot inefficiencies and identify areas where you can cut back without too much, if any, impact on your quality of life.
Budgeting has never been easier these days. If you have a checking account, you probably have a budgeting tool integrated into your banking app or your online account.
The fact that tracking your money has never been easier means there are plenty of solutions available, many of which are completely free. So if you find your bank’s tools a little unintuitive or lacking in functionality, check out the free options available in your preferred app store.
2. Start investing in free stocks
Investing may be near the back end of your 10-year plan, but it shouldn’t be. A common misconception is that it takes a lot of experience and your full salary to get into investing, but that’s not the case.
Can you imagine when you first thought of this idea (probably a few years ago), where would your investment be if you put a few dollars in the stock market?
You really don’t need that much money to start investing. In some cases, you can even start your fund with free shares worth anywhere from $2.50 to $200.
Whether you have $5, $100 or $800, you can start investing Robin Hood.
Yes, you may have heard of Robinhood. Investing beginners and professionals alike love it because it charges no commissions and you can buy and sell stocks for free – no restrictions. Plus, it’s very easy to use.
What is the best?when you Download the app And fund your account (no more than a few minutes) and Robinhood will deposit a portion of the free stock into your account. It’s random, though, so the stock could be worth anywhere from $2.50 to $200 — a good boost to help build your investment.
Try swapping out a small amount of luxury for your first investment. Invest $30 instead of buying movie tickets, suspend a streaming service you haven’t even used this month, or let Home Cooking help you shift a few bucks from eating out to investing.
3. Save smarter, not harder
For many people, budgeting is a lot like dieting and exercising. You feel good when you do, but it’s always a good New Year’s resolution for a reason.
Instead of feeling bad about shopping, try to be happy with how much you spend while shopping.
Today, you can do that without combing through every sales flyer or getting it raining with a wad of coupons—though neither is wrong.
There are some web browser extensions that will alert you before checking to see if you can get the same product or service at a better price from another online retailer.
that’s exactly this Free service It does, which is why it saved people more than $160 million last year.
Just add it to your browser for free, and before you check out, it checks other sites, including Walmart, eBay, and more, to see if your item is available for cheaper. Plus, you can get coupon codes, set price drop alerts, and even view an item’s price history.
You can get started in just a few clicks See if you’ve overpaid online.
Capital One Shopping compensates us when you use the provided link to obtain an extension.
4. Protect your family from debt
We save money for emergencies. But what happens when it rains, it pours and then floods? Most people don’t want to spend a lot of time thinking about worst-case scenarios, even though they’re worst-case scenarios, and aren’t prepared.
You can plan and save for the unimaginable. It doesn’t take much time or money to help your family manage their mortgage, tuition, car payments or common household expenses without an income.
in a company called policy genius.
Not sure how much insurance you need? A general rule of thumb is to earn 7 to 10 times your average salary. Policygenius even has Life Insurance Calculator Help you find the best insurance for you.
5. Make retirement a reality for $5
If you don’t have a regular savings account, a retirement account might seem completely impractical right now. If that seems unrealistic, you might think this tip doesn’t apply to you when we tell you: You can fund retirement accounts with shares in Apple, Microsoft, and Google.
If you can save $5, this certainly applies to you.
Seriously – for just a few dollars, a Tibetan Gives you access to thousands of stocks and ETFs that can help you expand your portfolio and achieve your retirement goals.1
Some companies may even send you a quarterly check for your share of profits, called dividends. If these companies are profitable, so can you.
takes two minutes Sign up, and your investment is protected. With Stash, investments are held by its custodian, Apex Clearing Corporation, a member of the Securities Investor Protection Corporation (SIPC) — an industry saying, “Your money comes with protection.”2
Also, when you use the link above, Stash will give you a $5 bonus once you deposit $5 into your account.3
1For retirement, Stash offers access to a traditional or Roth IRA.
2It is important to note that SIPC coverage does not guarantee a potential loss of market value. Apex Clearing Corporation is an SEC-registered third-party broker-dealer and member of FINRA/SIPC.
Remember, not all stocks pay dividends. And there’s no guarantee that any stock will pay a dividend within a quarter or a year. Dividends may be subject to additional tax and are considered taxable income. See the IRS for more information.
Fractional shares minimum investment of $0.01 in personal portfolio
3Offer is subject to Terms and conditions. In order to be eligible to participate in this promotion and receive the bonus, you must complete the following steps: (i) successfully complete the designated registration process for opening a personal taxable brokerage account (“Personal Portfolio”), (ii) link a funding account (eg. external bank account) to your Personal Portfolio, and (iii) initiate and complete a minimum deposit of at least five U.S. dollars ($5.00) into your Personal Portfolio. If you only complete the specified registration process for financial advisory services (such as your Consulting Agreement) or have not completed the account opening process for an individual taxable brokerage account (“Personal Portfolio”), you will not be eligible for the bonus.
Penny Hoarder is a paid attorney for Stash.
This information is for educational purposes only. This material is not intended as investment advice, nor does it imply that any security is suitable for investment by any particular investor. Investment advice is provided to Stash clients only. All investments carry risk and may lose value. All product and company names are trademarks™ or registered ® trademarks of their respective owners. Their use does not imply any association with or endorsement by them.
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