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Money Saving Tips
- 1. MONEY SAVING TIPS By: Sam Strieter CST 133
- 2. Why to save money now ◦ Emergencies happen ◦ Unstable economy ◦ Student loans after graduation ◦ More leisure spending later
- 3. Tip 1: Save loose change ◦ Save pocket change in an old jar ◦ Use something you can’t get a hand in if necessary ◦ “Putting aside fifty cents a day over the course of a year will allow you to save nearly 40% of a $500 emergency fund.” –AmericaSaves.org ◦ When the time comes… Roll money into change rolls Convert into bills for free at bank Avoid Coin Star machines (10.4% service charge!!!)
- 4. Tip 2: Thirty-day rule ◦ How it works: Write down expensive item instead of impulse buying After 30 days, do you still want it? oStep two: Compare price to your hourly wage Shoes- $60 Wage- $10/hour Are these shoes worth 6 hours of work??
- 5. Tip 3: Bank accounts ◦ Consider signing up at a family bank ◦ Start a savings account ◦ Online banking makes it simple to track spending
- 6. Tip 4: Divide paychecks ◦ Ask your company’s HR department to divide check into checking and savings accounts ◦ Set a percentage of check to go into savings each week ◦ Bonus: Interest rates are usually higher for savings accounts!
- 7. Tip 5: Budgeting ◦ Start small! (save $5 per week or $30 per month) ◦ Short-term goals are more likely to be achieved ◦ Make savings accounts for each expenditure Vacation Emergency Fund College Fund Leisure Spending New Car
- 8. How the tips worked for me ◦ Saved $400+ dollars in my jar of loose change over 1.5 years ◦ Save by tracking my spending through my bank’s mobile option ◦ I separate my accounts using my jar for emergencies and vacations only Broken cell phones Car repairs Concert money