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It shouldn’t be a surprise to hear us say saving money is fundamental to long-term financial success. Your savings help you make your dreams a reality. They protect you from unexpected bills and financial emergencies. They help you save for college or your first home. They provide safety and security during the good and the bad.

But with so many daily expenses demanding our attention, saving money is easier said than done. More than half of all Americans are living paycheck to paycheck, so how can you stash more money in your savings? 

With the right money-saving hacks up your sleeve, it might not be as hard as you think. Save an extra $10 here or $100 there with these tips!

1. Master Your Money Mindset

How do you feel about money? When it comes to slashing expenses, your mindset is the first thing to address. The right money mindset can help you stay motivated, build lasting money-smart habits, and stick to a long-term savings plan.

Your money mindset is influenced by all sorts of things. Redefining your core relationship with money sets the foundation for meaningful growth in your savings.

We have a whole blog about how to master your money mindset, so check that out after reading through the rest of these money-saving hacks. 

2. Become Financially Literate

Knowledge is power! As part of your money mindset, take some time to learn about general financial health and savvy best practices.

Most people think of “saving” as stashing money away in a savings account. And while that’s certainly better than nothing, there are other ways to make your money work harder for you. Financial literacy helps you understand your options to create a budget, save money, cut expenses, and watch your net worth grow over time.

For example, it might be better to put that money toward high-interest loans, which will save you a bunch of money in interest. As your monthly interest payments decrease, you’ll have more cash on hand to start putting toward your savings.

Another option is investing some of your savings in high-yield bonds. Bonds can offer much higher interest rates than what you’d get from a savings account, ensuring you outpace inflation and earn more in interest.

You can start learning more about financial literacy with some of these quick reads

3. Automate Your Money

Are you worried about spending money as soon as it hits your bank account? Try automatically putting a portion of your income into a high-yield savings account or Worthy bonds. Even as little as $10 to $20 a month can make a real difference.

By setting up automatic transfers, you won’t forget to do it. You’ll also be less likely to spend it since it won’t even be available in your checking account or wallet. 

It’s like they say – “out of sight, out of mind.” Next time you check on your savings (or your Worthy bond account!), you’ll be shocked to see how it’s grown!

4. Buy Second Hand

Do you really always need brand-new clothes, furniture, or house goods? Many of us could get away with buying almost all of our goods secondhand at thrift stores, charity and church auctions, and even garage sales.

Plus, it’s a fun way to get out of the house and enjoy shopping without the financial stress that accompanies a growing cart at the checkout line. It’s like a treasure hunt! These stores always have hidden gems or one-of-a-kind items that you just can’t find anywhere else.

5. Try Micro Investing

Like automating your savings, another hack is to sign up for micro-investing via Worthy bonds. Through features such as scheduling recurring investments, you can automate purchases in increments as low as $10, taking the money out of your account before you can spend it on something else. 

With a feature like roundups, you can even save over time without impacting your lifestyle. 

Imagine spending $4.50 on a latte at your favorite coffee shop. Worthy can round up your purchase to $5.00 and put that extra $0.50 toward the purchase of a new Worthy bond, earning interest and growing over time. You’ll never miss the change and it can make a big impact on savings. 

6. Build Habits to Avoid Impulse Spending

It’s not uncommon to feel that overwhelming desire to buy something the minute you spot it in the store. Even a quick trip to the grocery store can end up with a higher bill than expected as you add unplanned treats to your cart.

To combat impulse spending, one money-saving hack is to make a list before you go shopping. Stick to it no matter what catches your attention! 

For bigger purchase decisions, make a point to sleep on it and wait a week or even a month before you officially scoop it up!

Another money-saving hack to avoid impulse spending is to harness the denomination effect. Researchers found that people are more likely to hold onto bills in larger denominations. Even if you have $100 in your wallet, you’re more likely to hold on to two $50 bills compared to five $20 bills. Keep the money in your wallet in bigger denominations to resist spending. 

7. Cut Back on Subscriptions

In the modern age, we’re junkies for subscription services. Take some time to make a list of everything you’re currently subscribed to, like music services, video streaming, paid newsletters, video games, gift boxes, and so on.

Are there any subscriptions you aren’t using? It might be time to cancel or pause some of them. 

Some people hesitate to cancel because they argue that they might use it later. Take video streaming services as an example–maybe your favorite TV show is on hiatus, so you haven’t been using a particular subscription while waiting for new episodes. 

Remind yourself that you always have the option to resubscribe in the future. In the meantime, you can reap the rewards of saving on those subscription fees month over month. (They may even entice you back with a discounted deal!)

8. Save Raises and Bonuses

Let’s say you get a promotion at work or your annual review comes with a sizable bonus. Congrats!

A lot of people decide to splurge on an expensive dinner or shopping spree. Instead, try saving a portion of it–or even all of it! It’s a perfect strategy since you won’t notice the money in your account and it won’t impact your current lifestyle. 

Instead of spending it all on a one-time treat, you can invest in your long-term savings goals. Gift that money to your future self by investing in more Worthy bonds, which will only continue to grow over time.

9. Energy Saving Upgrades

While this money-saving hack involves an initial investment, you could spend less on your energy and utilities by upgrading to energy-saving items. For example, you might make the switch to a smart thermostat or a smart irrigation system, or upgrade all of your lights to LED bulbs. 

Some utility companies will even offer discounts or rebates for homes that implement energy-saving features. Check with your local utility company to see what’s available for you. 

10. Invest in Worthy Bonds

We’ve hinted at it a bit throughout this blog, and here it is again: Invest in bonds!

There are so many benefits to investing in bonds, like higher interest rates and a predictable income stream. It’s an attractive way to save money and earn interest on the money you set aside.

Not all bonds are created equal though, and some bond types are better than others for your money-saving goals. At Worthy Bonds, we feature a high 7.0% APY fixed rate interest on bonds, and you can get started for as little as $10. Everyone is worthy of investing, and we provide savings and investment opportunities that make it easy to get started

Post by Team Worthy
April 4, 2024