10 Useful Saving Tips

Everyone today is watching their finances closely in these hard times, but savings still need to be in place. These are some ways that you can beef up your savings account by compiling your extra change or by making smart financial habits.



1. Keep your loose change in one place. This could be a piggy bank, an automated coin counter, or a soft drink bottle. Just make sure to deposit it each time you have change. Keep rolls handy in order to eventually put the money into your bank account.


2. Set a regular amount that you will add to your savings account monthly. Write this in your budget. Make sure that this is a sum you can afford to save regularly. Check the total each month so you can see progress and get motivated. If you get a raise, increase it accordingly.


3. Get a savings account that gives you rewards. Most banks have an interest in which you can earn some cents depending on how much you deposit into your account. Research banks and their savings accounts before choosing the one with the highest interest. I recommend Bank of America, but only because they provide an easy way to save. Their 'Keep the Change' program is driven by their debit card. Every time I use it, the total is rounded up and the 'extra change' is automatically deposited from my main account into my savings account.


4. Get rid of your credit cards and debit cards. Writing a check or paying in cash makes you more aware of what you are spending and makes it easier to save money. When writing a number down to fill out a check, you realize the exact amount you are spending on each purchase. In addition, making purchases with paper money makes you realize the precise amount of money that you have in your hand; you will be less willing to say goodbye to your hard earned cash. If this seems harsh, try it for a month and find out if it is easier to save money in this way.


5. Have a goal or a few goals in mind. Have a set figure that you want to reach. Then put a picture in your wallet of what you want to buy after you've saved enough money. You can also put it anywhere else that will remind you to save, such as near your piggy bank or where you will frequently see it like on the refrigerator door.


6. Do not withdraw money from your savings account unless there is a real emergency. Everyone has unexpected events that cause them to go over budget. Usually, just because you have car problems, it doesn't mean you need to drain your savings. Try to pay for expenses from your regular bank account if at all possible. If not, draw out only what is needed from your savings and move on. Sometimes things are out of your control. Don't be disappointed; just start saving again.


7. Keep and scan all of your receipts onto your computer. This can help with tracking spending. Analyze your data. Did you eat out ten times this month? Plan on dining at home more often so you can save more money. Did you go to Starbucks 20 times? Buy inexpensive coffee and brew it yourself. By looking at your financial data, you can find ways to save money. Change your habits and then put the amount you were spending into your savings account.


8. Many companies or other employers allow you to direct deposit some of your paycheck to your savings account. Then you will never actually see how much you are missing. Make sure it is the right amount after factoring in bills and spending money.


9. Using coupons from newspapers of magazines can help you save on items you need. You can also obtain them on the Internet and on some smart phones. Beware of those that may be a good deal, but are for those products that are not needed. Calculate how much you would have spent if you paid full price and put it in your savings account.


10. Using a change counter, such as Coinstar, can help you calculate your change quickly. Just throw your coins into the machine and then your total amount (minus the cost of usage) will be given to you by the store that houses it. This is good if you want to get cash quickly so you can then deposit it into your savings account, but keep in mind that you are losing some cents. If you want to maintain all of the change, roll the coins yourself.


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Comments 33 comments

Fiddleman profile image

Fiddleman 5 years ago from Zirconia, North Carolina

Great hub. We have some little banks my wife's grandmother gave to her. they are clear glass and elephant shaped and maybe once held honey or syrup. My grandsons enjoy filling them with the coins I give them and love going to the bank and shaking them out in the coin separator. The change adds u quickly, about $20 every 2 months and their accounts are growing.


Ebower profile image

Ebower 5 years ago from Georgia Author

That's wonderful idea; thanks for adding your experience!


texasgirlfw profile image

texasgirlfw 5 years ago

I have saving accounts, but have a big jar and put all of my change in it. I also try to put 10 or 20 dollars out of every paycheck into it. I use this for extras.


Ebower profile image

Ebower 5 years ago from Georgia Author

Good idea; thanks for your input, texasgirlfw!


alocsin profile image

alocsin 5 years ago from Orange County, CA

Excellent tips for saving money. Voting this Up and Useful.


Ebower profile image

Ebower 5 years ago from Georgia Author

alocsin, thanks for voting! I'm glad you liked it!


RTalloni profile image

RTalloni 5 years ago from the short journey

Good points to keep in mind.

Voted up and interesting.


Ebower profile image

Ebower 5 years ago from Georgia Author

Thanks, RTalloni! I had hoped this would be useful to others. I appreciate you reading and voting!


truthfornow profile image

truthfornow 5 years ago from New Orleans, LA

I always save my change. My bank even has a coin machine inside so you can deposit your change straight into your bank account. I haven't used that yet. I usually go to Coinstar and get the cash so I can use it to buy groceries or whatever I need.


Ebower profile image

Ebower 5 years ago from Georgia Author

Those are some useful tips, truthfornow! I really wish my bank had it's own coin machine. Coinstar is great, but it does cost a portion of your change, so it's good unless you have a lot of coins. Thanks again for sharing!


Ramu 5 years ago

Good Idea's

thanx To


Ebower profile image

Ebower 5 years ago from Georgia Author

Thanks Ramu! Have a great night. :)


saxrunner profile image

saxrunner 5 years ago

Excellent, well written hub. I really like the part about not using cards. Using cash does give a very precise look (a somewhat painful one) at how much you're spending. Voted up!


Ebower profile image

Ebower 5 years ago from Georgia Author

Thanks, saxrunner! It is painful, but it harder to let go of the cash flow when it's in the palm of our hand. Thanks for voting!


5 years ago

My wife is into coupons, coupons, coupons. You save a lot this way...


Ebower profile image

Ebower 5 years ago from Georgia Author

This is true. My mom and I actually used some coupons today. I don't have the patience in order to search for useful ones in order to save a whole lot of money. Although, we do what we can; we have to cut our spendings somewhere. My family has had it rough financially since the economy traveled south.


5 years ago

We are kind of looking out for coupons all the time, actually.

I bet, though, that some of the stuff that you might want to spend the coupons on will occasionally differ quite a bit from what your dear mom would want to spend them on. (Often moms aren't quite into fashion as much as their daughters, for example.)

Blessings.


Ebower profile image

Ebower 5 years ago from Georgia Author

We both are bargain shoppers, so it works out pretty well. I have been known to find a shirt at a thrift store for $3 dollar and be perfectly satisfied. I guess I was raised to look for the deals; haha.


5 years ago

Sounds like you are a great pair together, around the stores. :)

Blessings


Ebower profile image

Ebower 5 years ago from Georgia Author

Yes, we are. You should see when we get together with my grandmother as well. We literally shop 'til we drop! lol Also, we get some great deals. ;)


5 years ago

:) I'm sure you guys do!

I guess this is an advantage of staying in one's home area: the family input. In some ways, someone of your fashion knowledge and breadth of writing and research interests would probably want to live somewhere like New York City or LA, but of course there might not be the same family presence and support, (or even possibly congenial church fellowship, for that matter). Blessings.


Ebower profile image

Ebower 5 years ago from Georgia Author

Well, it's definitely cheaper to live here and not only because I don't have a job. It's extremely expensive to live in N.Y.C. or LA. I've visited New York before. It's a fine place to visit, but too busy for this small town country girl. I do enjoy being around my family, but I wish I had a job and my own place; oh well.


5 years ago

Well, if you keep praying, you never know what the Lord might have in store.

Seriously, you need to develop your talents, don't you. Hopeful this is compatible with being cost-effective.

Blessings.


Ebower profile image

Ebower 5 years ago from Georgia Author

Yes, I have to keep praying and trusting in Him. Tomorrow I am volunteering. I'm looking forward to this experience, but hope I get a job soon.


5 years ago

Interesting; hope it goes well; would it be in an area of volunteer work that especially appeals to you?

Blessings.


Ebower profile image

Ebower 5 years ago from Georgia Author

I will be helping a clothing drive at a local church. I like helping others and working with clothing, so it should be fun.


5 years ago

Sounds good; blessings.


shai77 profile image

shai77 5 years ago

Hi Ebower :-)

It is harder to save money these times than ever,

but you have some good tips i will try.Thanks

for the advice, i think many people need it :-)

Rated and voted.


Ebower profile image

Ebower 5 years ago from Georgia Author

I'm glad this proved useful, shai77. Thanks for voting!


Alayne Fenasci profile image

Alayne Fenasci 4 years ago from Louisiana

Great hub! Thanks for the tips. I wrote a hub on saving money the other day and it recommended I read yours. I'm glad it did. :)


Ebower profile image

Ebower 4 years ago from Georgia Author

Alayne Fenasci: Thank you! Well, I'm glad it did, too. :) I'll have to read yours.


diplorging profile image

diplorging 4 years ago from Serbia

I especially like the first tip, that's something that a lot of people forget to do...


Ebower profile image

Ebower 4 years ago from Georgia Author

diplorging: Yes, I think a lot of us forget that. Loose change really does add up! Thanks for commenting. :)

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