We all need to save more money. The question is how do people save money when it feels like there is never enough money to be saved? Here is a super easy money saving challenge that you can complete in three easy steps.
If you follow these tips and complete these steps, you’ll be seeing extra cash very soon!
3-Step Money Saving Challenge
Step 1: Open a High-Yield Savings Account
The very first thing that you need to do for this money saving challenge is to open a high-yield savings account. Savings accounts don’t pay interest like they used to, but if you look around, you can still find some decent returns.
This is important to do because the easiest way to make money is to let your money do all the work!
To find these accounts, you’ll want to start looking at online banks. Online banks usually always pay more than brick and mortar banks.
Simply search “high-yield savings account” in your browser to find options available to you. Once you have an account set up, start moving your current and future savings into it!
Step 2: Work through “The Essential Money Saving Checklist”
The Essential Money Saving Checklist is a huge list of ways to cut expenses and save money. You can download it for FREE from our financial independence resource library. It’s one of our most popular downloads because it helps so many people.
This checklist provides ways to save money on food, medical bills, gas, household expenses and more.
First, download the list and cross off anything that doesn’t apply to you and your family. Second, work through the list to start reducing and saving money.
This is the meat and potatoes of this money saving challenge. You will save the most money with this step – so take it seriously! Fill out the following form to gain access to The Essential Money Saving Checklist, or visit the library directly HERE.
Step 3: Study credit card rewards
Last year alone we earned and saved over $5,000 just through credit card perks and signup bonuses. One of the easiest ways to save money is simply by using a card with benefits.
What rewards does your credit card offer you? Most people do not know the answer to this question.
If that sounds like you, start taking a deeper look at your card benefits. Afterwards, compare new cards that would be of greater benefit to you.
For example, right now the Chase Freedom card is giving new cardholders $200 cash back after they charge $500 in 3 months to their card.
Additionally, the Chase Freedom offers a large percentage of cashback on revolving categories. The Freedom is currently giving card holders 5% cashback on grocery purchases (not including Target or Walmart) up to $12,000 in the first year. All other purchases get 1.5% cashback.
I don’t know about you, but I could easily spend $500 a month in just groceries alone.
When you get your bonus offer, you can use it to reduce your bill or pay the bill in full and transfer the extra savings to your high-yield savings account.
Just make sure you ALWAYS pay off your credit card in full! Otherwise, you will be paying high-interest rates and are defeating the purpose.
While this money saving challenge is just three steps, it’s still going to take some work. With each step, you’ll have to do individual research to make the best choice for yourself and your family.
First, you’ll have to compare high-yield savings accounts and set one up. Second, you’ll have to print out (or digitally save) the Ultimate Money Saving Checklist and work to reduce your expenses. Third, you’ll need to study how credit card benefits work and decide which one would be most financially beneficial to your wallet.
P.S. To really get motivated, join The Financial Independence Community on Facebook.