Believe it or not, most people can start saving money with just one penny. The intuition is similar to Couch to 5K: Start with an insanely small amount and work your way up. Instead of nine weeks, this entire activity will take you a year to complete. If you follow the goals that I set for you, you will have saved over $1,700! The secret is simple: Literally start saving with just a penny. (more…)
If you’re a reader of mine, you most likely have a bank account. If this is the first article of mine you’ve read, it’s still very likely that you have a bank account. There’s this other side of banking that people usually don’t notice unless they’ve explored their bank’s website. They see all of these other types of accounts and services, but they’re too confused to go exploring it. Let’s clear up that confusion. You might actually find that some of these accounts are much better to have than a regular savings account.
Whether you’ve saved it up, inherited it, or received it as a gift from family, if you have some money saved up and you don’t know what to do with it, the best thing to do is to invest it. No, I’m not saying to buy land, gold, or foreign currencies. I’m not even saying you have to trade stocks. What I’m saying is that you should learn about how to invest your money so that it grows while you age.
We’ve all been there. You get mistreated by your bank (Wells Fargo, for example) and you say, “Ugh! I want out of this horrible bank!” But then you realize that you’re with that big bank because you like having branches and ATMs without fees wherever you go. If you bank with Wells Fargo, you think to yourself, “I’ve got access to more than 12,500 ATMs and approximately 6,200 retail locations. I can’t give that up!” You think that there isn’t a better way.
I’ve got news for you: There is a better way. You don’t have to stay with Wells Fargo or whichever big bank you’re currently at. Plus, you can find much better interest rates. What’s my secret? It’s really not a secret at all. It’s the power of credit unions.
Recently, I wrote an article about saving money. While the tips I gave in that article were mainly good for those who have just graduated from college, I decided that I should write about savings techniques for many of us. That is, those who are still in college. We scrimp. We save. No matter what we do, it always seems like we can’t save any money for anything we want or need. This may seem true, but I assure you that at least one of these tips will be helpful.
Pictures like the one above try to get people to save money. This is great, but some people tend to think that it’s as simple as setting money aside. While it’s noble to help people save money, there are some smarter ways to go about it. I’m not saying that this 52 week money challenge isn’t a good way to get started. It’s just hard to remember something that is weekly like this. Here are some ideas that can be done monthly or even annually.