What’s the Best Way to Save Money? 3 Money Saving Methods Explained
They say, “If you want to exercise regularly, find a workout you love.” That’s also true for saving money. If you want to make saving a habit, and actually stick to your budget and achieve your financial goals, you need to find a system that works for you.
Here are different kinds of money-saving methods. They all work and have helped thousands of people take charge of their expenses and build a nest egg. Find one you like, or try them all! And if you're short on cash, try a payday loan.
Use the envelope system
Have you ever checked your ATM account in the middle of the month and said, “Where did the money go?” or “I thought I had more money left in there!” You are not alone, it happens to most of us.
It’s harder to keep track of your spending if you make small but frequent withdrawals or charges to your debit card.
Some people find that they save more money if they withdraw all their cash and allocate it into different envelopes earmarked for major expenses: groceries, gas or commute fare, food, etc.
Automatically drop a set amount into your piggy bank or cash envelope. This is for your monthly responsibilities. If you happen to spend less on groceries or other flexible expenses, you can put that money in an envelope marked savings or back in the bank.
Automate your savings
Set up another bank account just for your savings. Arrange for a specific amount to be automatically transferred when you get your paycheck.
How much you transfer depends on your savings goal. Financial experts recommend saving at least 5% to 10% of your monthly income. Or, if you have a lot of regular expenses, you can start with whatever you can afford and increase it when you can.
This is a very convenient and fool-proof way of saving money. You’re never tempted to overspend, and you’ll just be pleasantly surprised by how much you’ve set aside by the end of the year.
Join a savings challenge
If you’re competitive by nature, a savings challenge may be just what you need! These challenges make saving more fun—and you can even do it with friends and family!
- The Dollar Challenge. Week 1 = save 1 dollar, Week 2 = save 2 dollars. By the end of the year you’ll have about $1,378.
- No Spend Challenge. For one month, challenge yourself not to buy anything. You have to make use of whatever you have instead.
- Savings Bingo. Download a bingo card. Every week, pick a number – that’s what you need to save.
- $5 Dollar Challenge. Save every $5 bill you see in a piggy bank. You can find more savings challenges on the Internet. You can start with a small one you can complete in a month, or sign up for a one-year savings challenge that you can use for a big expense or deposit in the bank. It’s up to you!
Find a Safety Net
Savings are a financial safety net: if there’s an emergency or an unexpected event, you have extra money tucked aside.
But what do you do when you’re short of cash, and your savings aren’t enough? You can get a payday loan—which is almost as quick and easy as withdrawing your money from the bank.
What is a payday loan?
Think of payday loans as cash advances. You are taking out a loan which you will pay back with your next paycheck.
Kentucky payday loans range from $100 to $500. That can be used for car repairs, unexpected medical expenses, urgent travel, or any situation where you need emergency cash.
Benefits of payday loans
You don’t need a high credit score.
Even if you have a bad credit history (or even have no credit history at all!), you are still eligible for a loan. Here at FastPaydayLoansofKentuckyLLC.com, we can work with any kind of credit background or income—we can help!
It’s easy to apply.
Most bank loans require a lot of documents and waiting in line to speak to an officer. Even if you go through that, you’re not sure if your application will be rejected. But you can apply for payday loans online, and the only documents you need are a state-issued ID, pay stub, and a check from an account in your name.
Get your money, fast.
The application process takes just 30 minutes. Once the loan is approved, you can walk away with the cash.
How to get fast payday loans online
FastPaydayLoansofKentuckyLLC.com is a trusted lender with a reputation for convenient processing, excellent customer service, and confidentiality.
- Go to FastPaydayLoansofKentuckyLLC.com home page and complete the simple online form.
- Our customer care representative will call you right away. He will explain the process of applying for a payday loan, including what documents you need to bring. He can also answer any questions you may have.
- Schedule an appointment at our nearest Kentucky branch. Someone will evaluate the loan amount you qualify for. Once that’s done, you just need to leave the check for the payment and you walk away with the cash.
The entire process can be finished in just 30 minutes! For more information about fast payday loans, visit FastPaydayLoansofKentuckyLLC.com.
Finding the best way to save money, at a time when saving money seems impossible, is important. Unexpected expenses and emergencies tend to pop up when you are less than prepared, so why not get ahead of the game now.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.