3 Tips to Help You Save More

Posted by CapWay in SavingsNovember 22, 2019(Last Updated December 30, 2022)2 min read
Key Takeaways
  • Saving doesn’t come naturally to everyone, but that doesn’t mean that anyone can’t learn how to save.
  • Becoming a saver requires you to get real with what works for you and what doesn’t.
  • If you have always been the kind of person who can’t seem to hold onto money, we have three tips to help you start saving
Are you ready to make some real money moves?

There are two kinds of savers:


1. the people who, as children, had doubled their birthday money a few months later

 

rich dave chappelle GIF

Giphy


2. the people who had no money left a month after their birthday

 

broke marwin evans GIF by Martellus Bennett's Text Back Pack

Giphy
 

Saving doesn’t come naturally to everyone, but that doesn’t mean that anyone can’t learn how to save. Becoming a saver requires you to get real with what works for you and what doesn’t. If you have always been the kind of person who can’t seem to hold onto money, we have three tips to help you start saving:
 

Set it and forget it

 

The biggest rule of saving is to avoid having to do much work each month. The easiest way to save is to make your deposits automatic. Once you set your savings goal, have it sent to your savings account using direct deposit from your paycheck. If you have to physically move the money each month, then you may be less likely to send the funds to savings.

 

Growing research has shown that automatic enrollment into retirement savings plans help people save more money towards the future. You can use the same trick on yourself with your savings account.

 

Hide the money


 

undercover sunglasses GIF by Soul Train
 

If you are struggling to save, then you may be hurting yourself by keeping your checking and savings account at the same bank. Consider opening a savings account at another bank to discourage yourself from transferring savings to your checking account.

 

Turn old payments to savings

 

When you get rid of a debt, consider paying yourself by converting the old debt payment to a monthly savings deposit. You were already living without the money; now you can use it to help you build your savings. If you cannot send the entire amount of the old debt payment, then you can send a portion of it to your savings goal.

 

You can also send money from canceled bills and services to savings. If you downsize your $100/mo gym membership to a $10/mo payment, then you could potentially send an extra $90 to savings each month.

 

There is no one size fits all when it comes to stacking up. The goal of savings is to figure out what method works best for your lifestyle.


What tricks have helped you to save? Leave a comment below or chat with us on social, Twitter, Instagram, Facebook, and YouTube.
 

Was this content helpful?
Comments (0)

Sign In to leave a comment.

Download the CapWay App

Access more features to your Money Account

  • Money Goals
  • Request Money
  • Categorize Spending
  • Money Talk

The CapWay, Inc Debit Visa Card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Visa U.S.A. Inc. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.

1. For Money Account holders with a negative balance, the CapWay debit card will go into freeze until funds are deposited to bring account back to current. See terms and conditions

2. Sending or receiving money from other CapWay account holders will be instant. Transfers from other accounts could take up to 48 hours, depending on the financial institution.

3. Early access to funds requires direct deposit. Early payment is not guaranteed and is dependent on the timing of payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.

4. Money Goals allows account holders to save money towards financial goals created within the CapWay platform. Funds can be transferred from your Money Account or saved through the rounding up of your transactions from purchases.

5. CapWay offers financial content through Learn Money free of charge, but may include advertisements through affiliates. Phunds, CapWay's literacy program and session, is paid content or co-branded content.

© 2019-2023 CapWay Inc. All Rights Reserved.