In this day and age of spend, spend, spend its hard to save a dime for the future. Everyone has at least one credit card and every single day a new credit card application or as most say, junk mail arrives at your home. To make saving even harder it seems that theres always an occasion to spend money, like Christmas, Easter, 4th Of July, Birthdays and on and on the spending cycle goes. So where does all that hard earned money of yours go? I bet it just seems to disappear month after month and all you have to show for it is a large credit card bill. But fear not, below are two great ways to get you started down the savings path.
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But first the important thing about saving money is that you sock it away as soon as possible. Out of sight, out of mind! Another important thing is that you should sock it away in a high interest savings account. Why not make your money work for you? I mean youve worked for it so now its time for your money to give you a little something back in return. One of the best ways to get a savings account with a high interest rate is to open a savings account online with a reputable bank. You can find online savings accounts that give you 4% to 5% interest rates on your money. Now thats a deal! Of course each high interest account comes with rules and stipulations and you must read the fine print, but all in all online savings accounts are the best place to stash your hard earned money for future use. Now I bet youre wondering how to round up and round down to save money? Its pretty simple actually so let me explain.
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This isnt one of those pay yourself first ideas, its actually a pay yourself all the time ideas. The main point here is that youre paying yourself a little here and a little there but as they say, little things mean a lot, especially when it comes to saving money.
The first thing you need to do is Round Down your paycheck. It doesnt matter if its weekly, bi-weekly or monthly you need to round it down. For example say your paycheck is for $783.00, youd keep the $700.00 in your checking account but youd have the other $83 electronically sent to your high interest savings account. You wont miss the money and before long youll have a nest egg thats growing out of control. But you mustnt miss a paycheck, its important to stay on schedule and always round down whether its $1.00 or $99.00.
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The second way to add more money to your high interest savings account is to Round Up every time you purchase something. Then you add the difference to your high interest account once more. For example say you must purchase a present for your friends birthday. The present sets you back $42.00. Now you round up to the nearest $10.00 level, so that would be $50.00. So you pretend you spent $50.00 and take that extra $8.00 and place it into your high yield savings account. You can round up by $5.00 or $10.00 increments, that keeps it pretty simple and you will end up saving a lot more money in your account. When rounding up you must keep track of how much you spend and at the end of the month transfer that amount from your checking to your high interest online banking account.
The key to rounding up and rounding down is that you do it religiously. If you forget to transfer money over you may end up spending it. If you get lazy and just stop doing it all together then youll be stuck in the same boat once more, a lot of bills getting paid yet not a dime being paid to yourself. One way you can look at Rounding Up is that youre paying a fee to yourself for spending money. Sort of like paying interest on credit card payments but youre getting the money, not the credit card company.
Hopefully youre motivated to start saving money today, so open a high interest online savings account and start rounding up and down. After seeing how much youve actually saved in just a couple months youll be very motivated to save more and realize that saving money really is easy and fun all at the same time.
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2 Great Ways to Save Money - by Rounding Up and by Rounding Down