This Simple Money Saving Trick Can Save You Thousands Of Dollars Per Year!
Last Updated on 08/20/2022 by Nicky
Quick Money Saving Trick
In today’s post, I’m going to share a quick money-saving tip that anyone can follow to start building wealth and moving towards financial freedom.
Is anybody else as slow as I am?
Come on raise your hands…
See I couldn’t figure out something.
Why am I not saving money like I used to?
I just didn’t feel like I was really cracking the whip on my money.
I want to be the boss of my money like a good Financial Peace University graduate should be.
So in this Quick Tip blog post (and by quick I mean one that doesn’t require my usual 2,000 words), I’m going to show you what I’m going to start doing to save more money.
But First A Short Back Story To Why I’m Doing This Money Saving Trick
I added up all of my purchases and expenses for January while I was at work (I was on my break so don’t judge).
Then I added up all of my income for the month of January.
The disparity in my spending and my income was more than a little slight. I spent about $600 more than I actually made last month.
Can I get a Yikes!
Not good. The devastation was real when I discovered this. I thought I was living within my means but naw… I wasn’t.
So now this is what I’ve done and what I will do. I hope these tips will help you.
This post contains affiliate links to products that will help you on your life journey. I get a commission if you buy from these links but I only recommend products that I have confidence in or use.
Easy 2-Step Money Saving Tips
1) I got a paycheck today. Before my paycheck was deposited I had $115 in my main checking account.
I have now transferred that $115 to another bank account that is a lot harder to access.
Money that is harder to access is a lot less likely to get spent. So now this account that I haven’t made a deposit to in months is now $115 richer.
If I had that much leftover every time I got paid (I get paid twice a month) that’s $2,300 a year.
That’s thousands of dollars saved per yer!
Action Step: Look at how much money you have left in your account before you get your next paycheck.
Transfer that money to another bank account that is harder to withdraw money from than your main checking account.
f you don’t have more than one checking account I would highly recommend you get one, specifically a high yield account or money market account.
2) I’m also going to automatically save $50 or more from each paycheck.
Having money automatically debited from your main account to another account that you don’t touch is one of the fastest ways to really build wealth.
It’s possible that your standard bank account can be set up to automatically transfer your money at a certain time every month.
I personally like using apps like Qapital and Betterment.
With Qapital you can create different financial goals or rules as they call it.
Related: 7 Cringe-Worthy Habits That Keep Christians In Debt
4 Different Goals/Rules You Can Set To Save Money With Qapital
1. There’s the set & forget rule where you determine a certain amount to be taken from a bank account every day, week or month and deposited into the Qapital account.
2. The Payday rule, which is one I use, is where you can have a certain percentage of your paycheck deposited into your Qapital account automatically.
3. For all of us entrepreneurs and this is a cool rule that they might be interested in: The Freelancer rule automatically sets aside 30% every time you get paid so you can pay your taxes.
4. Then you can also customize your own rules that fit your life specifically.
When you save money like this, before you know it, you could have hundreds or thousands of dollars in your account, just hanging out.
That’s what happened to me. You don’t even feel it coming out.
Conclusion- Do You Have A Hard Time Saving Money? Then Save Automatically With Qapital
If saving money is one of your weak spots, then you definitely want to give automatic savings a try. Like I mentioned above Qapital is one the most effective ways to save money…and did I mention it was free?
You just create a rule and your saving money without even realizing it. Just think of how you’ll feel when you see $500, $1000 or even more sitting in your Qapital account.
It’ll be there waiting for you whenever an emergency comes up. Or you can choose to save up for a specific item or event like vacations. Qapital is truly flexible and one of my favorite apps for saving money.
Please check out Qapital here!
Okay, guys, that’s all for now.
Be sure to check back often for more posts on getting healthy financially, physically, mentally/emotionally, and spiritually.
Don’t Forget To Download Your Free Financial Freedom Printables
P.S.
P.S. If you’re looking to do more than just save some money then you need to take a look at the Master Your Money Bundle.
I talk about it more in this post: How To Stay Out Of Debt.
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