The Money Saving Hack
Pillar Financial • June 9, 2018
Everyone I know sets themselves the goal of saving more, after all it was one of my goals too!
I know I am capable of saving more than I currently do, so in April I tested out a couple of ideas to save a couple of extra bucks without an impact to my lifestyle.
Idea 1: Give up coffee
For any coffee lovers out there I bet you know how that ended…Let’s just say 5 days into it no one wanted to talk to me. So that didn’t work and frankly I’m just not willing to sacrifice my lifestyle to save $4.20 a day.
Idea 2: ING Every Day Round Up
I have to admit I am a big fan of ING. No account fee’s, good interest rates on saving accounts & no ATM fees. An everyday round up account works by let’s say you buy a sandwich that costs $5.20; you decide if you want to round up to the nearest dollar or $5.00’s then the money that is rounded up gets deposited from your everyday account into your savings account. Pretty simple hey?
Nearest dollar: Spend $5.20 and the round up will deposit $0.80 to your savings account.
Nearest $5.00: Spend $5.20and the round up will deposit $4.80 into your savings account.
I decided to round up to the nearest $5.00
In 30 days I have saved a total of $186.10
What I liked about this was firstly I didn’t have to give up coffee (thank goodness!) and secondly it was in such small amounts that I honestly didn’t notice any difference from my every day account.
It’s practically the online version of the money box we all put our loose change into.
$186.10… Sure that doesn’t seem like much right? It isn’t but let’s say my spending habits are pretty much the same every month over the next 12 months I could save a total of $2,233.20?
Now, for no effort, no impact to my lifestyle I’m certainly not complaining about an extra $2,233.20 sitting in my savings account every year compounding or better yet, paying it off the mortgage.
Do you have any little money saving hacks?
Tried and Tested by,
Disclaimer: We have no affiliation or connection to ING. This article is not advice. We strongly suggest you seek your own financial advice before making any decisions related to your financial position.