6 ways to turbocharge your savings

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Morning!

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Here are some of the things I did/that really affected our finances over the years…

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Check them out and see if any of them are worth testing!

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Rounding out the loan payment! – Whatever your monthly payment, just round up to the nearest $10 and end up with a little extra debt without notice! This works great for your credit card, car loan, or even mortgage. Or if you really want to step up your game – round up to the nearest $100! We’ve probably put at least a year or two of pay off doing this, and budgeting becomes a little easier if you prefer to use exact versus absolute numbers.

Rounding up investments – Similar to the above, if you are in the habit of rounding up your monthly investments, they will compound just as fast. And if you really want to speed things up, use an app like Acorns that will *automatically* round all your transactions to the nearest $1.00 and drop the difference in investment for you. So every time you swipe your card for coffee or groceries or even your 100th Amazon purchase of the week (ha), you’ll feel a little less guilty knowing that you’re at least Investing at the same time 😉 I banked $600.22 when I first tried Acorns without even looking at it – it was great.

Really saving you money! — You know that when people say they “save” by using coupons or getting 10% off or buying one and getting another free? Well, you may not have paid full price for the item, but you’re still *spending* money versus *saving* because nothing actually went into your savings account!

You’re really doing just that with this spending/savings hack (called “sparrings”): the money you “saved” from discounting into savings. So that 10% discount drops an extra $4.00 into your account, and the coupon for buying one becomes an extra $10.50 for a free one that you don’t have to spend. You literally save every time you spend! And let me tell you – it adds up. When I used it 10 months ago in 2018 I deposited $4,040.50 – almost enough to fully fund a Roth IRA! *Try it for a month and see how it goes!

Asking to wave fees – probably the easiest of all tricks. Next time you get a charge or fine or something like this, just pick up the phone or email, and ask (politely) can it be erased! I’d say over 50% of it works, especially if you’re a loyal customer and this is the first time you’ve been hit. And often if you ask for a supervisor after being rejected you will win many of those battles as well.

I stupidly got it on our water bill last month with a late fee of $19.31, and it was forgiven within minutes! 3 minutes and 4 seconds to be exact I timed it 😉 (shout out to ZJ for reminding me to do this!!)

Doing a “No Spending” Month – This was one of the first challenges I faced as I started my financial journey at age 20, and every month since I have less and less than I am in more control “Saved” $200 per month.

The idea is to spend *only* on the necessities of life for a month (food, shelter, etc.), and then resist spending the money on “wants” (Starbucks, new clothes, new books, etc.). Not only do you save a hefty sum for the month, but more importantly, it forces you to stop and face your underlying behavior for years! Where you quickly learn what triggers your desire to spend and how to stop it because you’re not allowed for the month. And if you’re really smart about it, you’ll put in some roadblocks during this time so that when the month is over you don’t go back to your freewheeling ways and wipe out all progress! Just make sure to *tell* everyone that you are on this mission so that all your friends/family don’t hate you every time you say “no” 😉

Waking up an hour earlier – Not particularly a finance move, but slowing down your life and spending more quality time on yourself will certainly affect your money and mood (and confidence!) for the better. And of course there is no way for your wealth to grow if you use this hour solely to improve your finances every morning! Imagine spending an entire hour every day on this?! For me these days though, I choose to use it for my *mental* health and guard this time very deeply. All other hours are devoted to my kids or family or life/projects/yaad yada but these 1-2 hours every morning is totally for me where I drink my coffee, feed my mind (ie read) , eat my oatmeal, and basically just reflect on life as the sun creeps in and brings a new day. One of the best habits I’ve ever established for myself, and I totally owe it to Benjamin Franklin!

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I’ll have to dig through my brain for more, but these are just some of the little things we’ve done over time to really help grow our wealth… that may not sound impressive in themselves, But the joint can really pack a punch! Try one or two a week and see how you do!

Any tricks you do yourself that work well too?

*I also added other “free” money to this account, like birthday checks or money found on the ground, or any savings from cutting bills over time, etc… That’s the real game changer – lump sum work for monthly Do Idle Savings!

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Killer Resources and Apps:

Best Budget Templates & Spreadsheets (Free) – The Best Free Budget Templates from Around the Community! Including the one I use 🙂 Personal Capital* (Free) — A great app for tracking your investments and net worth. You can see an in-depth review of a millionaire who checks it daily here You Need to Budget (YNAB)* (Free Trial, then $14.99/month or $98.99/year) — one of the best budgeting methods in the space, new users Saving $600 on average for your first two months, and over $6,000 in your first year! Check out my friend Vic’s review of YNAB here, which completely changed his finances Points (free 6 month trial, then $5/month) – it’s one of my favorite apps for saving money automatically, And I even came on board. As a consultant I had a lot of confidence in him! You can check out my full review on Digit here. Acorns* ($3-$5/month) – Similar to Digit, this app helps you invest money automatically by rounding up all your transactions to the nearest dollar and then investing it for you instantly. My full review of Acorns can be found here. Honey (free) – My favorite coupon service by far! Click the honey button whenever you’re about to buy something online, and BOOM – any discount it offers will automatically be applied at checkout. You can see my writing on them here. Credit Karma* (free) — an easy way to check and monitor your credit score and report! Check out my full review of these guys here. My Favorite Blogs + Books *Affiliate Links That Help Keep the Lights On Here



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