Did you know there are simple ways to save money every day without even thinking about it?
By setting up automatic saving strategies, you can build wealth passively over time through your everyday spending and banking habits.
If you’re tired of struggling to save money every month, here are five effective ways to put saving on autopilot that just might save the day.
1. Grow your savings with every purchase
Want to invest but don’t have a lot of cash to spare? Sit back and let a micro-investing app called Acorns help you save and invest your spare change automatically.
As you go about your day, Acorns rounds up your purchases to the nearest dollar and invests the difference automatically. So, let’s say you spend $10.25 at the supermarket — the app will take the 75 cents from rounding that purchase price up to $11 and transfer it to your Acorns account. Then, Acorns will get to work and invest your 75 cents in savings into a diversified portfolio of stocks.
With just your phone and a few bucks a month, you can earn more and save for more retirement. Plus, there’s no minimum investment to get started, and the app will do the heavy lifting for you.
Join more than 9 million people who have saved and invested with Acorns.
2. Make money while you sleep
Have you ever wanted to buy real estate but weren’t sure how to get involved? Let us introduce you to Fundrise, an online real estate company that lets ordinary people build a portfolio. Its “crowdfunding” model allows both novice and experienced investors to access real estate deals like eFunds or eREITS.
It’s free to open an account. There are no hidden fees or gotchas. As of 2022, Fundrise has paid investors quarterly dividends of over $224 million.
It has an A+ rating from the Better Business Bureau and tears down the barrier to entry with a minimum investment of $10. Choose from five investment plans based on your approach. All you have to do is sign up and let your assets work for you.
So, what are you waiting for? Get your piece of the real estate pie and let the passive income roll in while you sleep.
Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.
3. Automate your coupons
Let’s face it, shopping online is more convenient than going to a store. Plus, you’re more likely to find a deal, promotion, or coupon code and quickly cross-reference prices at several different retailers to save money.
Want to make that process even easier? Try Capital One Shopping. This handy dandy tool alerts you when a deal on an item you’re buying is available. Talk about effortlessness. All you have to do is add it as a browser extension, and it’ll search the internet for coupon codes to apply during checkout.
That’s not all. It also compares prices across the internet and will notify you when the item you’re purchasing is cheaper elsewhere. It’s free, and you don’t need to be a CapitalOne customer to use it. It’s just a friendly tool trying to save you money online.
4. Stack 5% cash-back on top of coupons
Savvy shoppers get money back with every purchase simply by selecting the right cash-back credit card. Some cash-back cards offer up to 5% cash back on specific purchases.
Fail to max your cash back and you could be losing $1,000 every year on every $20,000 you spend. Pick up that cash. Use it for a weekend getaway: you deserve it.
The problem? Finding the right one. There’s a bunch out there. So here’s where you go: to this cash-back card marketplace. You’ll see the best cards available and be able to apply in seconds. Easy peasy.
Bottom line? Whenever you’re spending, always make sure you’re earning.
5. Earn 10 times more on your savings
What’s the difference between a half-percent and 4% interest?
If you’re like a lot of savers, you’ll say, “Who cares? Neither one amounts to much.” But that’s a mistake, and the longer you make it, the more it will cost you.
Example: Put aside $500 a month for 30 years at 0.5% interest, and you’ll end up with $195,000. Nice!
But if you can raise that rate to 4%, you’ll end up with more like $350,000. Nicer!
Doesn’t it make sense to earn an extra $155,000 with no additional effort and with no additional risk? That’s exactly why it pays to shop your savings and find the highest-paying FDIC-insured savings account.
Especially when it’s so simple. There are tons of free online comparison sites, like Fiona, that can help you find top rates on insured savings in seconds. So take a few seconds and check it out.
Bonus: Join 1+ million Americans banking $1,000 extra every year
What if we told you there’s a way to earn an extra $1,000 every year without having to work for it?
There is: It’s called the Money Talks Newsletter, and it’s free. Our more than one million subscribers report saving an average of $991.20 annually thanks to our news and advice, including lots of articles and information to spend less, save more and invest like a pro.
The Money Talks Newsletter takes less than five minutes of your day and is designed specifically to make you smarter and wealthier, and without boring you to tears in the process.
Sign up for the FREE Money Talks Newsletter. It takes 10 seconds to subscribe, and if you don’t like it, 10 seconds to unsubscribe. And we never, ever sell your info. Because that’s just not nice.