Recently we asked LendingClub employees to share their favorite hacks for spending less and saving more. From smart and simple to creative and fun, here are a few tips from some of the savings-savvy folks in our office.
“For every day that I work out during the week, I deposit $5 into savings. It’s a good way to burn some calories and reward my bank account. It may not seem like much but it sure acts as a small motivator for physical and financial health.” – Eric L.
“My fiancé and I put all our spare change in a change jar, then go to the bank and put into our accounts. Before our trip last summer, we added an extra $400 to our ‘fun money’ account.” – Cait B.
“This is so old-school, but a simple savings account was huge for me. It was too easy to spend whatever I had sitting in my checking account, so I opened a savings account and transferred $100 each paycheck. Once that money was out of my checking account, I suddenly stopped thinking of it as disposable income.” – Gary D.
“I cash out my points every month and put it in savings.” – Gabryell H.
“I get two paychecks a month. I keep one for fixed expenses, like housing and day care. The second paycheck is for variable expenses, like credit cards.” – Sajeel M.
“If I see something I like, I’ll wait a couple of days and if I can’t get that cute dress or jacket out of my head, then I’ll go back to that site or store and buy. If I end up forgetting about purchasing the item, that’s money I saved.” – Carla H.
“I have various bank accounts set up for things like vacation savings, house savings, rainy-day savings, etc. Funds for each are earmarked and deposited directly from my paycheck before going into my checking account. Automatically saving this way is easy because I never see the money, so I don’t miss it and I don’t spend it.” – Andrea T.
“I try to spend only $X per day rather than $Y per month. If I stay below $X per day, I see it as a good day!” – Vijay R.
“Every time my friend treats herself to a lunch out, a fancy coffee, or a new pair of shoes, she matches the same amount she spent and puts it into her savings account.” – Cait B.
“I use two checking accounts: one for ‘adulting’ and another for ‘fun’. One is there for covering all my bills and recurring expenses, the other goes to guilt-free spending and entertainment.” – Rogelio M.
Interested in learning more about saving? Check out these articles:
No one knows exactly how long America’s coronavirus recession will last—or how much worse it could get. But we do know…Read More
As businesses continue to lay off or furlough employees amid further economic closures, many Americans—particularly frontline workers—face unstable work…Read More