Revealed: 5 Lazy Ways To Save Money

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If you’re someone that finds it hard to commit when saving money, don’t worry because you’re not alone. What if there were some ways to save cash without doing much, if anything, in the process?

Take a look at these ‘lazy’ yet genius ways to save money that you’ve probably never thought of doing in the past, and save your way to financial stability:

1. Fixed transfers to a savings account

Perhaps the most common and easiest way to save money is through fixed, recurring payments from your checking account to your savings account. It’s something you can set up quickly and easily with any bank and should be the first thing you consider.

You can instruct your bank to make an electronic transfer on a specific date each month, such as the day after getting paid from your employer. You don’t even have to think about transferring anything yourself, as it’ll all get done automatically.

Most people have access to Internet banking or can do their online banking through a smartphone or tablet app. Be sure to check with your bank if you’ve got access to such facilities.

2. Percentage transfers to a savings account

What happens if you earn a variable wage each month? As you can imagine, it’s something that applies to almost all self-employed entrepreneurs. There will be some months where your income is significantly higher than the others.

If you want to transfer a percentage of your monthly income, you’ll need to calculate the amount and manually make your transfer. Still, the effort involved isn’t that hard if you use a percentage calculator online and quickly enter the amounts.

Another interesting savings strategy that involves percentages is an increasing percentage transfer. You can use a percentage increase calculator online to work out the amounts, but the concept is as follows:

  • Month 1: you transfer 1% of your pay to your savings account;
  • Month 2: you increase the amount to 2% of your pay;
  • Month 3: the amount raises to 3% of your pay.

You could even get creative and compound your percentage increases if you’ve got a lot of disposable income that sits in your checking account doing nothing:

  • Month 1: 2% of your pay;
  • Month 2: 4%;
  • Month 3: 8%;
  • Month 4: 2%;
  • Month 5: 4%;
  • Month 6: 8%.

You’re in total control of your savings percentages, so you can decide which strategy is right for you.

3. Snowballing

From a financial perspective, the term ‘snowballing’ refers to a type of rollover savings strategy. The way it works is as follows:

  • You set a debt repayment goal for a loan or credit card and pay a fixed amount towards the balance each month;
  • Simultaneously, you automatically transfer a fixed amount to your savings account – again, every month;
  • When the debt gets paid off, you allocate the monthly debt repayment amount towards your savings, increasing what you save each month.

The snowballing strategy works well if you have one or several debts you pay fixed installments to each month. In essence, the more debts you pay off, the more money you can allocate to your monthly savings account.

You can automate the debt repayments and increase the automatic savings transfers for a mostly hands-off approach to savings.

Image Credit: sallyjermain (Pixabay)

4. Side gig savings

If you’ve got a full or part-time job and you have little disposable income left after you’ve paid your bills, how can you automatically save money without going broke? A straightforward answer is to consider a side hustle, such as freelancing in your spare time.

You can simply transfer the income generated from your side gig directly to your savings account. That way, you don’t have to worry about saving money from your primary income, and you can work as little or as much as you want from your secondary job.

Many people choose to do online freelancing work as it means they can work from home and fit their work around their existing home and ‘day job’ commitments. Alternatively, there’s the traditional option of getting a part-time job, such as on weekends.

5. The coin jar

One of the simplest ways of saving money every week or month is putting your spare change into a jar at the end of each day. It’s a useful exercise for people who regularly pay for items with cash and only use debit cards for significant purchases.

Each month, you can get your change counted with a counting machine at your local bank or a coin counter that dispenses notes or tokens to exchange for notes. You can then save that cash at home or deposit it into your checking account at the bank each month.

Of course, if you’ve got a lot of time on your hands, you could always count up your loose change with a personal coin counting machine. You can then organize your change by amounts and coin type into different coin bags.

Final thoughts

There are many ways to save money these days. The thing is, some methods require a lot of time investment, and that’s often a commodity people seldom have in their busy lives. The above lazy ways to save money require little thought and effort and are easy to do regularly.

As you’ve already seen, it’s possible to automate savings, so you don’t have to do anything to put money aside for your savings goals. Whichever method you choose, be sure to save amounts that you can comfortably afford to put aside.

After all: the last thing you want to do is find you have no spare cash for any emergencies or impulse buys each month! Good luck, and thanks for checking out this article. Hopefully, it has been of use to you.

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