Three easy ways to help you save up your cash.
Saving money may seem like a complicated task, but it’s actually a lot easier than most people think. A recent TD Ameritrade survey showed that 40% of people who made New Year's resolutions cite saving more money as a goal; however, the poll found that about half of those who resolve to stash their cash abandon the plan within the first month.
There are easier ways to see your cash build up. And while the results may not been seen within days, in a few months savvy savers will definitely see a difference in their account balances.
High Interest Internet Savings Accounts
Put aside some cash easily without having to think about it. By creating a high interest savings account at HSBC or ING Direct interest on your cash grows at a steadier pace. Plus, by setting up automatic transfers you could have $20 taken from your checking and moved into this savings account automatically at the end of every week. By moving the money from your checking to this savings account, you will earn interest and your savings will grow slowly but steadily.
Paying in Cash and Saving the Change
As silly as it sounds, at the end of each day take the change from your pockets and the bottom of your purse and place it in a jar. Pick up change from the couch cushions and clean out the junk drawer. The amount of money you collect is limitless and when the jar gets full just bring it to a local branch of Commerce Bank — no account required! (And you don’t have to roll the change!) They have machines similar to Coinstar, but they don’t take any percent of your savings. The machine issues you a receipt and all you have to do is take it to the teller for your cash. You’d never image how much change is lying around the house.
Set up a Reward Plan
Walter Updegrave of Money on CNNMoney recommends setting an annual savings target and promising yourself a nice reward if you reach it.
You may agree that if you tuck away $1,000, you'll purchase a reward, such as a shiny new digital camera. Bribing yourself with gifts may appear to be anti-savings. But face it, you probably would have bought the camera anyway, so you might as well get the goodies and stash some extra money away.
So next time you think that saving up some moola is going to be to hard, try one of these easy three steps and you’ll be saving up your cash before you know it.
