While we have been given a collection of tips to save money and even some ways to lead a more frugal lifestyle, here are seven ways to save even more money and do so creatively. If you follow these tips, your cash can grow without realizing it.
And yes, we are taking into consideration the fact that you may not have any money to save. The first piece of advice, in this case, is that you will need to make more money.
1. Save All Loose Coins Each Night
If you make a habit of emptying loose change in a jar each night, you will be surprised how much money you could accumulate at the end of the year. Be careful not to dip into the jar of loose coins; if you do, the notion of saving will be useless.
If you think this isn’t aggressive enough, and you dare to challenge my previously proposed idea to systematically save five dollars, using this tip could save more than $20,000 in 10 years if you take it seriously.
2. Pay Off Debts and Then Keep Paying
Generally, if you are making a $250 car payment, you tend to pay it every month. Some months may be very financially tight, but you pay it. When you pay off that car or any other debt, at first, you feel more financially comfortable. However, in the end, you end up spending the money you are no longer obligated to pay when you could continue to set it aside and save it.
3. Save At Least 70% of Any Unexpected Money You Receive
If you receive any extra pay, a bonus, a tax return, or an unexpected amount of money, do not celebrate it in a big way or think about how to spend it. Rather, think of saving at least 70% of that money. Try to make this a habit. Make an emergency fund if you do not already have it or invest it in your savings or investment account directly.
4. Automate Savings
Automating savings is not a creative way to save, but it is proven to be useful since it prevents us from using willpower. You should go to the bank and open a savings account, or you could allocate a small amount of money each month to invest in a low-cost index fund.
5. Make Saving A Game
While a game can be fun and educational to teach a child how to save, the truth is that it can also be fun, tempting, and profitable for an adult.
For example, put 1 cent (yes, that little coin that looks like a button on your shirt) in a jar today. Tomorrow put 5 cents in the jar. On the third day, put in 10 cents, then twenty cents the next day, and so on. If you continue doing this throughout the year, you should save more than $20 in a single day at the end of the year, and you will have saved more than $3,000 that year with little effort.
6. If You Like to Play, Save While Playing
Although we recommend not wasting time playing video games, if you like to play, there are applications like Long Game where you can earn real rewards. The money you earn is real, but your money is never in danger. In short, it works like other applications, but it allows you to play online games for cash with credits that you accumulate according to the money you have deposited. The higher your balance, the more credits you will receive.
ALL in ALL
As the proverb goes, save your money for a rainy day.
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