We all like to save money. What we don’t realize is how much small, everyday savings add up. I’m going to tell you about a powerful savings technique, that has been fun, addictive and quite profitable (no pun intended!)
Here’s what you do.
- Open a high interest savings account. Let’s call this our ‘Frugal’ account!
- You should only put money in this account that you consciously saved. For example, I usually eat lunch outside but sometimes I come home. Everytime I come home, I save about $7. At the end of the day, I put $7 into this account
- Don’t put coupon savings into this account. With coupons, there is a danger of buying things that you really don’t need because you have a coupon! And it doesn’t matter if you are a moderate couponer or into extreme couponing!
- Put only actual savings in this account, not projected savings. For example, I decided to move to a different, cheaper cell phone plan and shaved about $20 every month on my cell phone bill. At the end of every month, I put $20 into my ‘Frugal’ account, not the entire savings for the year.
- Make it a habit. Watch your money grow!
I have to warn you, this becomes addictive after a while! I’m amazed by how much money I saved over the past few months and having a frugal account makes me come up with creative ideas to save money. I recently sold some of my stuff that I don’t use, on Amazon, I put that amount into the account.
For opening a high yielding savings account with minimum hassles and ease of use, I suggest INGDirect. It is easy to open or close this account without having to call a customer rep. No minimums or account maintenance fees. Plus you can have sub accounts within your main account. I haven’t seen this feature with any other bank.
Don’t stop saving; supercharge your savings!
Recommended Reading: SMART Goal Examples