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Forced Savings and Money Hacks

May 3, 2010

Some call them Money Hacks some call it forced savings and others just call it  how I get rid of my spare change. A money hack to me is a way to save money. Now in my life I save a set amount when I get my check and money goes to 401k, Roth IRA etc. but when I was younger I used different tricks to save money. Everything from just saving the change that we all have accumulating in our pockets. although now with debit cards and such we have a lot less of that so that jar on your dresser or your couch cushions fill up a lot slower. One trick also that I’ve used is saving all of my 1 dollar bills that i accumulate or 5’s or 10’s if you could afford it but back when I was doing this I couldn’t afford it. Someone recently told me a trick for the modern era. Every time he goes to the ATM at the bank and makes a withdrawal he automatically transfers 20 dollars from checking to savings. If he’s at a store and gets cash back he uses the banking app on his phone to make the transfer. I think this is a good way to accumulate forced savings.

Recently another friend told me about how she saves for her vacation. She saves one days salary per month and at the end of the year she has about 4800 dollars to enjoy a nice vacation with no regrets and no credit card bills or payments after words.

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From → money, people

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