Savings

New ways to save

Without knowing the ways you might currently be saving, it's hard to know what would be a new way to save. Still, I'll toss out a few ideas:

• taking savings directly out of every pay check
• automatically taking savings from a checking account on a regular basis
• rounding purchases up to the nearest dollar and saving the difference
• saving all five dollar bills
• setting savings goals and establishing a savings account for each goal
• having small dollar amounts each month and checking off each one that you save

I love to pay my utilities 2 months ahead. Since savings account interest is so low- it is prudent to be ahead on the utilities. The lowest late fee for my electric company is $5.00. That is alot of money. How long does it take you to earn $5 interest?

Agree, Roger B. Avoiding paying those small fees can be significant savings. When I worked as a bank teller, I'd see plenty of instances where a person would make three or more $20 withdrawals from the ATM over the course of a day and pay the $2 ATM fee with each transaction. Avoid paying late fees and avoid paying avoidable bank fees.

Might I also add using an app like Acorns. It will round up your purchases to the nearest dollar and invest the change in a well diversified portfolio.