Saving on a "Non-believers" Budget

Ashley
Feb 8, 2017
4 min read

You're probably tired of seeing these posts but I do this to benefit the both of us. If you're like me and you live paycheck to paycheck then you'll understand how establishing a savings seems unrealistic and impossible. Well, that my friend is why you have me. I found myself wide awake, yet again at 2:30 this morning; I hate reading... Hate it! So, I figured what better way to tire myself out than reading. That didn't go as planned as I stumbled upon some rather useful and helpful articles, by 5:30 I was researching high yield savings and comparing interest rates... you're welcome!

Let's get to the point shall we; broken down to ensure we both understand, here is How to save while on a tight budget for all us non-believers.

1. First things first, open a savings account. I highly recommend an online account due to the fact you'll be less likely to touch what's in there. There are several banks that offer simple savings but you really have to do your homework if you want this to work. The average APY is between 0.01%-0.06% which won't get you far if you're wanting to benefit from this goal, especially if the account requires a deposit or minimum balance. Good thing you have a friend who likes researching these things... Right? In my search I was able to find a few companies that offered a higher interest rate and didn't require any deposit nor a minimum balance:

Capital One 360 - 0.75% - 1.00% APY with $0 - $1 minimum deposit ( $25.00 Bonus available through referral link)
Synchrony Bank - 1.04% - 1.05% APY
Ally - 1.00% APY
Barclays - 1.00% APY

Once you've established an account begin making regular deposits, even if it is just $1 - $10 it is all about establishing the habit and training yourself mentally. Once you are in a position to increase this amount then you can do something more like a 52 week savings challenge. Right now we are simply focusing on laying our foundation.

2. Get paid to take surveys, check email & watch videos. Sign up and earn money by taking surveys in your spare time, this will add to the amount you are contributing to your savings account. There are sites like InboxDollars that will give you $5 just for signing up. If you'd like to expand your opportunities try enrolling with multiple sites similar to this one like Swagbucks, MyPoints, and MySurvey. InboxDollars posts offers to which they will pay you to join these other sites, just another great opportunity for extra cash. Be sure to check these sites at least once a week to ensure your account doesn't get deactivated and lose any earnings you may have received.

3. Get paid to download Apps. Some of these apps I wish I would have found sooner because they provide a great opportunity to earn extra cash on top of additional savings. Here are a few of my favorite ones:

Free to sign up & get a $10 sign up bonus! This site acts like a shopping portal and offers access to thousands of coupons, rebates and cash back from over 2,000 online retailers. Always check this site before shopping online for both business and personal purchases to catch an opportunity for cash back on your order. (Cash back also available for travel accommodations) Click HERE to sign up now.

Free to sign up! A shopping app that rewards consumers for visiting some of their favorite stores. Earn real rewards and free gift cards by shopping, browsing and scanning products on your phone. Additional reward points available for confirming a purchase of a bonus item. Get more information, Click HERE to sign up.

Free to sign up & download! Better than a coupon. Unlock rewards and get cash back and rebates on in store and online purchases at over 500,000 locations. Both iBotta and Checkout 51 are apps I use every time I visit the store and are available to download in the google market. Click HERE to sign up.

Fees apply, $5 sign up bonus. Acorns is an elective if you're serious about savings. Acorns is a financial service that invests your money for you by rounding your purchases to an amount set by you in to stocks, bonds and other investment accounts. Long term or short this app is beneficial and is a dedicated option. Get more info HERE.

There you have it, this should be motivation enough to get started. Being that it is only February you have the rest of the year to not only establish a savings but to utilize these sources and capitalize on the opportunities. The worst regret you will ever have is not trying when you had the chance. As always I welcome any and all feedback so if there is something you'd like to share then let us have it. Hope you find this useful!