Suddenly, you’ve found yourself in a situation where you need to save money–and your old strategies aren’t working anymore because, this time, it’s way more money than you’re used to. Whether you’ve suddenly found yourself in credit card debt that’s grown into an unmanageable amount, or your rent’s gone up now that the apartments in your building are going up in value, you need some new strategies for saving money. You know that there are attorneys out there like lawyer Aaron Kelly with a startup mindset and who can help businesses with their financial and legal decisions. But who’s going to help you?
The answer is: you are. With the right new strategies, you’ll be well on your way to saving money–and doing it in a way that will allow you to live life almost exactly the way you do now. Here’s how:
Before you start implementing any savings strategies, the first thing you need to do is figure out what you’re spending your money on already–and cutting down as much as you can, in a way that’s realistic. (The last thing you want is to psychologically splurge, and end up spending a ton one day because you haven’t treated yourself in a whole 30 days.) But by sitting down and analyzing how you’re spending your money, you can make lots of startling discoveries about how you’re overspending.
For example, did you know that Americans spend an average of $2.70 for every cup of coffee they buy? If you’re like the average American who drinks one cup of coffee a day, that means that by the end of the year you’ve lost almost $1,000. Can you imagine having that saved up in the bank instead? Those kinds of purchases, which are small and add up–the same goes for getting lunch at work instead of bringing it from home, or buying an appetizer with dinner when you’re out–can be the reason why you aren’t saving. So analyze your budget, and get started!
2 Use technology to your advantage
One of the best things about the fact that we’re spending over four hours a day on our phones these days is that there are lots of apps out there specifically designed to help us save money. For example, there’s Spendee, which tracks your spending every day, even putting it into categories and tracking what your habits over time. There’s also Acorns, which according to Investopedia works like this:
“Basically, every time you make a purchase with a card connected to the app, Acorns rounds it up to the next highest dollar and automatically invests the difference in a portfolio of low-cost exchange-traded funds (ETFs) that you select based on your risk preference. Acorns puts your pocket change to work in an utterly painless way – users say that they never even notice the difference. Wouldn’t you love to find an extra $300 or $500 or even $1,500 in your investment account each year? The service is free to college students and charges just $1 per month for pretty much everyone else.”
To learn more about the different money-saving apps you could be using, take a look at this list from Digital Trends.
3 Invest in cryptocurrency
Considering how much cryptocurrency has become a popular topic since Bitcoin’s rise in 2017, it’s no surprise that many people are thinking of using it as a way to invest some money. Even if you aren’t an expert, that doesn’t mean you can’t get educated and make it a way to invest–and save–money. Cryptocurrency is changing the world as we know it, especially since the blockchain technology behind it is changing everything from the US freight network to the way we approach global health epidemics, with health blockchain startups that could empower humanity to find new cures to disease.
The fact is, investing in cryptocurrency is much easier than it sounds. First, you’ll want to get educated on what the best cryptocurrency for you to invest in is–whether it’s the famous Bitcoin, or a game changer like Ethereum, which makes smart contracts possible. According to Fortune, when it comes to Bitcoin shopping, it’s all about following the right steps: (1) creating your wallet, (2) downloading the right app on your phone once you’ve chosen your wallet, (3) visiting the exchange, and (4) starting to shop, within your means. But these same steps work for any cryptocurrency–and considering that cryptocurrencies could end up being worth $1 trillion this year, it’s an investment worth making.
These are some great strategies for saving money, which can help you no matter what financial situation you’re in. What other money-saving strategies have worked for you?