11 ways to start saving money right now

You just realized you went another month without putting any money into savings. You know you need to save, but you’re either unsure where to start or you don’t think you have extra money to save.

Everyone is on their own financial journey, which means each person needs their own strategy for saving money. Of course, most experts will tell you to start early. Kyle McCann, owner and financial advisor with Vantage Wealth Planning in Reno, Nevada, says the earlier you start saving, the less you’ll have to save for retirement.

Lined Circle
Lined Circle

Understand Your Finances

Sit down and list all of your monthly expenses. Don’t forget to include small spends like coffee, grabbing drinks with a friend or buying pet food.

Find Ways to Save

They’re not going to make you rich, but making small changes like brewing your own coffee, adjusting your heating and cooling when you’re not home, and bargain shopping can add up over time.

Opt for Higher Deductibles

Whether it be car insurance, health insurance or home insurance, they all include a deductible. Higher deductibles mean lower premiums.

Bundle, Bundle, Bundle

You can save between 5 and 25% on your insurance premiums by bundling your home, auto and life insurance policies.

Pick Insurance Companies With Discounts

Many car insurance companies will offer safe driving, good student, policy bundling, low mileage and loyalty discounts.

Switch to a High-Yield Savings Account

Moving your savings account to an online bank can make you hundreds of dollars a year. Plus, you can still have a checking account that will also pay interest.

Consolidate Credit Card Debt

You should try to avoid consumer debt, but if you’re drowning in credit card bills, look into consolidating your debt into one card.

Use Finance Apps to Track, Save and Earn Money

The internet is a powerful tool and there are a variety of apps designed to help non-savers start saving without having to do much.

Divide Your Paychecks

Ask your employer to split your paycheck between your savings and checking accounts. You can select any amount of money to go into each, and you’ll receive automatic savings each time you get paid without having to think about it.

Invest Wisely

“With a Roth IRA, you’re putting after-tax money into a retirement account so when you withdraw it after age 59-and-half, your earnings on your Roth are completely tax-free. With that said, a huge benefit to a Roth IRA is that you can withdraw your contributions at any time.

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