Want to save $1,500 per year! Yes you can do it!
Save those pennies and the dollars will add up! No wiser words have been spoken.
Who remembers their grandparents having a savings jar or container? I do!
Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving also involves reducing expenditures, such as recurring costs.
Why Does Savings Matter?
It is dangerous not to save money. Not only is it financially risky, but it also creates unnecessary stress. Money is a big stress factor in people’s lives but knowing you have a savings can bring comfort to you. Let’s say you need new tires instead of using a credit card you can use your savings to pay for it and not go into debt. The more money you have saved, the more you control your own destiny and it’s that a great feeling!
Understanding Savings
Savings comprise the amount of money left over after spending. People may save for various life goals or aspirations such as retirement, a child’s college education, the down payment for a home or car, a vacation, or several other examples.
Types of Savings Accounts
There are different types of savings accounts offered by banks that come with different features or limitations. Note that all bank savings vehicles come with Federal Deposit Insurance Corporation (FDIC) of up to $250,000 per depositor per institution. Find out more about the FDIC: About the Federal Deposit Insurance Corporation (FDIC)
It’s true that all deposits up to $250,000 are insured by the Federal Deposit Insurance Corporation (FDIC), but do you really want to put your money in a bank that’s not healthy? Before you choose a bank based only on a convenient location or interest rates. Check your Bank to ensure viability: FDIC | Failed Bank List
Savings Accounts
A savings account pays interest on cash not needed for daily expenses but available for an emergency. Deposits and withdrawals are made online, by phone, mail, or at a physical bank branch or ATM. Interest rates on savings accounts tend to be low but are often higher than on checking accounts. The best savings accounts can usually be found online because they’ll pay a higher interest rate.
The best way to increase savings is to cut down on costs. Keeping a budget and not spending loosely can help. If you spend $6 on a fancy coffee every morning before work, for example, you can buy a cheaper $1 cup of Joe instead.
From TIKTOK creator @bunchwithbabs she is all about saving! Look what it did for her family.
How to get to $1,500
If you Save $31 per week that is $125 per month and $1,500 per year! So how can I save this per week?
- Use left over grocery money that you budgeted
- Buy one less coffee, tea, etc
- Eat out one less meal
- Use savings apps like Rakuten, Fetch Rewards, Check Out 51
- Look for money on the ground
- Sell something around your house
- Start a side hustle or business
REMEMBER- Personal finance journey is Personal! Make a small step everyday!
8 responses to “How to Save $1,500 per year”
Thanks for posting. I really enjoyed reading it, especially because it addressed my problem. It helped me a lot and I hope it will help others too.
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Please tell me more about this. May I ask you a question?
Sure you can ask a question. Would you like me to send you an email
Thanks for posting. I really enjoyed reading it, especially because it addressed my problem. It helped me a lot and I hope it will help others too.
Glad is has helped you. Continue on your journey one small step at a time!