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Ramp Up Your Savings in 2013 With These Simple Techniques
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However, there are some simple strategies that are very popular right now that can help you save money painlessly.
1. Save a dollar a week.
That is right. Just one dollar. Then, each additional week, you add a dollar to the amount you are saving. Week one, you save $1. Week two, you save $2. Week three, you save $3. By the last week of 2013, you are saving $52.
2. Save your $5 bills.
This is my favorite savings technique because the savings add up quickly. This strategy is best for someone who pays cash for most of their purchases. Every time you get $5 back, save it and add it to your bank account.
3. Save your age.
If you are bit more comfortable financially and up for a bigger savings challenge, AARP recommends saving your age. To follow this method, simply take your age and add two zeros. That is how much you should save per year for your retirement. So, if you are 33, you should save $3,300 this year. Next year when you are 34, you should save $3,400. Of course, the earlier you start with this savings method, the better.
Share your experiences by commenting below!
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About the Author Jacob A Irwin
Hi folks! My name is Jacob. I am the owner and operator of My Personal Finance Journey. I started this blog in January of 2010 and have enjoyed the journey ever since. Since finishing up graduate school in Virginia in 2014, I have been working in biopharmaceutical development in Colorado. You can read more about me and this site here. Please contact me if you have any questions!
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That’s an excellent list. As I am new to saving. I have found that it’s just best for me to spend wisely and save money for the future. Thanks for the tips, very helpful!
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I like the dollar a week idea! Small amounts add up so fast, and you can keep adding until your budget feels tight. It really all starts with the first dollar, momentum does the rest.
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Exactly. As you become more disciplined to set money aside, the easier it becomes.
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I really like save your age. I haven't heard that one before.
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Haha, me too! I think I've heard it before but more in conjunction with getting kids to save their allowance.
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Great ways to get people saving more. The last one sounds really interesting. What I like about these techniques is you can have different stages of each and challenge yourself over time. For example, saving your age level 1 can be saving 100 times your age. Level 2 can be 200 times, all the way to level 10 which is saving 1000 times your age. Making a game out of something always makes it more fun.
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Great ideas. The better you are at saving already, the more you can challenge yourself.
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John–We do the coin jar too. A quart canning jar can hold $70 worth of change or more! That is a great way to painlessly save.
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These are all great tips Melissa. I had never heard of #1, but it looks like a handy little way to get a nice start on something like an E-Fund. We do the usual direct deposit into savings twice a month. We also use a coin jar that we put towards vacation spending. That usually nets us several hundred a year alone.
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these are some pretty awesome tricks. At this point we can't do the age one but I think the dollar a week is pretty awesome. We get paid every two weeks so it will be done a bit differently it will amount to half the usual but I think in the end it's about the habit than the amount (though the dollar at the end is pretty awesome as well.
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