Our 10 Favorite Savings Hacks

Published on: 9/26/2018. Revised on: 3/14/2019.

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.

Pain and gain

“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.

Use an old-fashioned coin jar

“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.

Put money into a savings account every paycheck

“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.

Turn credit card points into cash

“I cash out my points every month and put it in savings.” – Gabryell H.

Separate paychecks by purpose

“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.

Delay buying

“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.

Create separate savings accounts for specific purposes

“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.

Set a daily spending limit

“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.

Spend some, save some

“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.

Set yourself up for fun

“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:

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