• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Cult Of Money

Cult Of Money

Personal finance for the crypto-curious.

  • About
  • Podcast
  • Contact
  • Cryptocurrency
      • How To Start

      • What Is Cryptocurrency And How To Invest?
      • What Is Bitcoin And How Does It Work?
      • What Is Ethereum And How Does It Work?
      • Most Common Crypto And NFT Scams (And How To Avoid Them)
      • Proof Of Work vs. Proof Of Stake vs. Proof Of History
      • How To Invest In Crypto In Your IRA Or 401k
      • Tools + Resources

      • Best Cryptocurrency Exchanges
      • Best Cryptocurrency Wallets
      • Best Crypto Savings Accounts
      • Best Tax Software For Crypto And NFT Traders
      • Reviews

      • Coinbase Review
      • Gemini Review
      • BlockFi Review
      • Binance Review
      • Hodlnaut Review
      • Ledger Wallet Review
  • DeFi
      • How To Start

      • What Is DeFi?
      • What Is Staking Your Crypto?
      • Centralized vs. Decentralized Exchange
      • Tools + Resources

      • What Is Uniswap And How Do Decentralized Exchanges Work?
      • Reviews

  • NFT
      • How To Start

      • What Is An NFT?
      • Tools + Resources

      • Most Popular Play-To-Earn Crypto Games
      • Popular Projects

      • What Are VeeFriends And Are They Worth It?
      • Bored Ape Yacht Club NFTs Are Popular (And Expensive)
      • What Is The Sandbox And How Can You Play?
      • Why Visa Bought A CryptoPunk
  • Investing
      • How To Start

      • Tools + Accounts

      • Reviews

  • Personal Finance
      • Banking

      • Best Bitcoin Rewards Checking Accounts
      • Tools + Resources

      • Tax

      • Income Tax Prep Guide
      • Bookkeeping And Accounting For Crypto And NFTs
Saving Money

7 Savings Hacks: The Lowdown on Increasing Your Savings Fast

By Alexa Mason • March 10, 2023

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. CultOfMoney.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The Cult of Money does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. CultOfMoney.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Savings Hacks

Self-employment has always been a big dream of mine. However, this dream comes with its own set of pros and cons.

While the freedom of working for yourself and getting paid what you are worth is one of the most appealing aspects, there are some downsides as well. The biggest con of being self-employed is that your income is not guaranteed and can be unreliable.

This is why having a year or more worth of expenses saved is so important - your emergency fund.

However, saving money isn’t just important for the self-employed – it’s important for everyone. You never know when the unexpected will happen and you’ll need to have cash on hand. In addition if you ever dream of retiring, saving and investing should be one of your top priorities. The sooner you save and the more you sock away the earlier you can retire.

It’s apparent that all of us need to be saving and for many similar reasons. So, let’s speed things up with these seven money savings hacks.


Table of Contents
# 1 – Save a Set Percentage of Your Income
# 2 – Automate Your Savings
# 3 – Pick Up Side Jobs
# 4 – Create Multiple Income Streams

# 5 – Sales, Coupons, and Less Shopping
# 6 – Sell Your Stuff
# 7 – Don’t Eat Out
Stick With the Plan

# 1 – Save a Set Percentage of Your Income

I always admire those who are able to save a high percentage of their income. Imagine how well off you’d be if you could save 50-75% of your paycheck every week! Financial security and early retirement would definitely be in the picture.

Figure out what percentage of your income you can save and stash it away each month. Increase the percentage whenever you see fit to do so.

A great way to do this is to have the "pay yourself first" mindset. This means, before you pay your bills or expenses, you save your set percentage of your income. Then, you figure out how to live on what's left. 

This can be really challenging at first, but once you start for a few months, it gets easier (and you'll be saving a lot more money)!

# 2 – Automate Your Savings

Sometimes I can be a bit forgetful. I have every intention of saving that $50 a week but I forget and before I know it my money is gone.

I can simplify my savings by making it automatic and so can you. Select a specific amount to be transferred directly in your savings account each pay period. 

A great savings hack to automate your savings is to setup direct deposit on your paycheck. Most payroll companies allow you to add multiple accounts to each paycheck. So, you could setup 90% to go into your checking account, and 10% to automatically deposit into your savings account.

Related: Best High-Yield Savings Accounts

# 3 – Pick Up Side Jobs

The money from my day job barely covers my monthly expenses. In order for me to save money I have to work on creating extra income.

As it has been going lately this income is well on its way of surpassing that from my day job. Luckily, this gives me a good portion to save.

I would suggest picking up a side job that you enjoy. There’s no sense in working yourself to the bones if you don’t like what you are doing.

And there are so many side hustle opportunities to choose from today. You can drive people, deliver food or groceries, side hustle online, and so much more!

# 4 – Create Multiple Income Streams

In order to save more money you may need to make more money. In addition to picking up a side job you can also work on creating several income streams.

Some possibilities are investing in dividend stocks, writing an eBook, blogging, or anything else you see fit. Creating passive income is a dream for most people but can be hard to do. I prefer trying to create semi passive income to diversify. 

If you don't know where to start, keep it simple. Savings accounts (these are passive), and retirement accounts (such as a 401k or IRA). 

Related: Track Your Accounts With These Tools

# 5 – Sales, Coupons, and Less Shopping

A dollar saved is a dollar earned, right? I am committed to reaching my savings goals and hopefully you are too.

In order to reach my goals I have to stick with my budget. Shopping as little as possible is what I shoot for. But of course there are some unavoidable expenses. For these I look for sales and coupons to lower the cost. I also search for coupon codes every time I purchase something online.

There are apps that can help you with this, such as Honey. You can also use cashback rewards sites like Rakuten. 

# 6 – Sell Your Stuff

Do double duty for yourself: de-clutter and earn some cash. Thoroughly clean out your house and sell all the unwanted or unused junk. I recently did this and ended up with several items to sell.

I plan on having a yard sale here in a couple of weeks but that isn’t the only route you can go. If you aren’t into yard sales sell your unwanted items on Craigslist, Facebook Marketplace, or eBay. Put the money you make straight into your savings account.  

You can even setup an iPad credit card reader so that you can take mobile payments at your house or at a garage sale, and then you can quickly and easily take payment and put the money into savings.

# 7 – Don’t Eat Out

I used to eat out for lunch every single day at work. I struggled to brown bag it for many months. Finally, a light bulb came on and I realized the price I was paying for food was just way too high.

I have been a successful brown bagger for a few months now and haven’t had any major relapses. I still do occasionally eat take out on the weekends or for dinner but I have vowed to stop doing this until I hit my savings goal.

It’s shocking to see how fast money spent on take-out food adds up. 

Stick With the Plan

I am always up for a challenge and for me creating a savings goal is fun. It can be fun for you, too. Once you have decided on your savings amount set yourself a deadline and race to beat it.

Come up with your own savings hacks and dedicate yourself to the plan. All of the sacrifices that you make will feel so rewarding in the end.

Do you have any other savings hacks that you'd want to add?

Alexa Mason
Alexa Mason

Alexa Mason is a freelance writer and wanna be internet entrepreneur. She is also a newly single mom to two beautiful little girls. She chronicles her journey as a single mom trying to make it big at www.singlemomsincome.com.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

Subscribe
Login
Notify of

3 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Syed
9 years ago

Great tips. These are foundational ideas that unfortunately many people don’t follow or even think about. Automating transactions into my investment accounts has really helped me build them up. Before that, I would wait until I paid my expenses and then hope I would have enough. It’s amazing how flipping the script can produce great results.

0
Reply
Joshua Rodriguez
9 years ago

Hey Alexa, yet another great article here! I love the create multiple income streams statement. The truth is, most people get stuck in the rut of fixed income from one job. Creating multiple streams of income is often easier than most think. Anyway, I’ve been missing your comments over at CNA, I’d love to see you come back and be part of the conversation again. Talk to ya soon!

0
Reply
lyle @ the Joy of Simple
9 years ago

Nicely done Alexa. I do a number of your suggestions but really have to work on the eating out thing! I mostly do lunch and dinner at home, but my “habit” is to go out for breakfast every morning at almost 10 bucks a shot. I know it’s a tad ridiculous but I do enjoy my morning downtime. Yet, I’m beginning to consider more about saving these days so something has got to give!

Thanks again for an insightful article. Take care and all the best.

Lyle

0
Reply

Primary Sidebar

  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter
  • YouTube

Editor’s Picks

  • 8 best cryptocurrency exchanges ranked

    8 Best Cryptocurrency Exchanges Ranked For 2023

  • crypto savings accounts

    6 Best Crypto Savings Accounts For 2023

  • Cryptocurrency Bonus Offers

    10 Best Crypto Promotional And Bonus Offers

  • best crypto wallets

    Best Crypto Wallets For 2023 (Software And Hardware Options)

  • Best Portfolio Trackers For Cryptocurrency And Stocks

    6 Best Portfolio Trackers For Cryptocurrency And Stocks

  • best tax software for crypto and NFT traders

    Best Tax Software For Crypto And NFT Traders In 2023

Popular Posts

  • proof of work vs. proof of stake vs. proof of history

    Proof Of Work vs. Proof Of Stake vs. Proof Of History

  • Why I Bought An NFT

    Why I Bought An NFT [And 5 Reasons You Should Too]

  • My Dogecoin Experiment: What I Learned From Investing $2,000 In DOGE

  • common crypto and nft scams

    Most Common Crypto And NFT Scams (And How To Avoid Them)

  • Bookkeeping and Accounting for Crypto and NFTs

    Bookkeeping And Accounting For Crypto And NFTs

  • what is a 51% attack

    What Is A 51% Attack? (And How Is That Game Over For Crypto?)

  • what is staking crypto

    What Is Staking And How Can You Make Money With Your Crypto?

  • what are veefriends

    What Are VeeFriends And Are They Worth It?

  • how to file a complaint against crypto exchanges

    How To File A Complaint Against A Crypto Exchange [Crypto Regulators]

Footer

Pages

  • Best Cryptocurrency Wallets
  • Best Cryptocurrency Exchanges

Categories

  • Cryptocurrency
  • DeFi
  • NFT
  • Personal Finance

About

  • About The Cult Of Money
  • Contact
  • How We Make Money
  • Advertise With Us
  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter

Copyright © 2023 | Cult of Money | Privacy Policy | Terms of Service

wpDiscuz