Saving money is one of the most commonly discussed topics and you have probably been told a thousand ways to do it. Now that you have set up a savings account the question becomes “How much exactly should I be saving?”. This is where the lines get a bit blurred as answers range from “half of every paycheck” to “$100 a week”. To help you figure out how to properly save for your future we have set up a series of blog posts detailing how to save daily, weekly, monthly, yearly, and over your lifetime.
“A penny saved is a penny earned” is a very cliché saying, but there is a lot of truth to that statement. Saving small sums of money daily will lead to greater amounts in the future, so here are some ways you are able to start saving on your daily routines.
Digital Option: You may lead a very busy lifestyle and are not able to spend time calculating how much you need to save on every purchase or transfer into your savings account. Luckily there are apps which can help you with that exact thing. You could always try Mint, Acorns or other budgeting apps – or you can enjoy all the financial literacy and budgeting tips found on the MyAllegro app.
Piggy Bank: Straying away from the digital aspect, this method has you returning to your childhood ways of saving money. At the end of every day collect all your loose change and store it in a safe place for a while, and you may be surprised how much you collect. Personally, I did this over a 4-year period and ended up with five 7-pound bags of change worth $524. This means that by saving just $0.36 a day I had enough to buy an iPad!
Discounts/Savings: This method of saving is well known so I will keep it brief. When shopping, look for items on sale or cheaper, off-brand items. At Allegro we also offer everyday savings opportunities for members such as free ATM withdrawals, free check cashing, free money transfer, free online bill-pay, etc.
In terms of daily goals, we would suggest focusing on saving whenever you can, and the next article will provide more detail on how to allocate those savings.