Struggling to save? You’re not alone. Twenty-one percent of U.S. adults struggle to save money for short-term or long-term goals—and if you’re a young person just starting a career, it can be even tougher to put away money for the future.
Even if you aren’t saving as much as you’d like from every paycheck, keep in mind that every little bit helps. Over time, small savings can add up to a nice chunk of change you can reserve for emergencies, put toward buying a house, or invest into a retirement fund.
If you’re looking for strategies to build up your savings in small, creative ways, here are six ideas that could help you save thousands of dollars every year.
1. Enroll in a pocket change savings program
One easy way to save money is to skim a little off the top of every purchase you make. Our Pocket Change savings program helps you save in a simple way: Every time you swipe your FSCB Debit Card, this program rounds up to the nearest dollar and transfers that amount to a savings account.
This tool helps you save without thinking about it or even noticing that the money’s gone. By saving these extra cents on the dollar, you can gradually build up your savings account. This strategy helps you turn your spending into its own savings vehicle.
2. Clip those coupons—and stow away the savings
A lot of people don’t bother with finding coupons and using them to save on products. But coupons are a great way to save money on groceries and other essential spending.
You can turn this into a savings strategy by transferring the dollar value of coupons used into a savings account. At the end of the year, your contributions will represent the amount you saved just by taking a little extra time to browse store ads and cut out money-saving coupons.
If you’re not a fan of going through print ads to find coupons, consider using a popular coupon app like Ibotta to earn cash back on everyday purchases.
3. Negotiate your car insurance and TV/internet service
Regardless of what you’re paying for car insurance, it’s helpful to get quotes from other companies over time. By checking these rates, you can possibly score a more competitive price and save money every month.
The same goes for your TV/internet service: If a promotional rate has expired, call the company and request that they give you that promotional rate for another period of time.
If your service provider won’t budge, consider trading cable TV for lower-cost streaming apps.
4. Take advantage of credit card rewards
Using a credit card with spending rewards is a great way to save a little money each time you spend—even in addition to coupons and other promotions. You could consider cash back rewards redemption and place that money into savings, or you could apply the rewards to other types of purchases and deposit an equivalent amount into your savings account.
If you don’t have a credit card that offers rewards, consider applying for a new account that offers a one-time bonus for new cardmembers. You can spend these rewards like real money on certain types of purchases and offset that spending with extra contributions to your savings account.
5. Consolidate your debt
If you’re paying multiple debts at once—such as student loans and a car payment—you may be able to reduce your interest, and your monthly payment, by consolidating this debt into a single monthly payment.
You also might be able to lower your overall monthly debt payments, in which case you can take the savings and tuck them away every month. You’ll save money on interest, increase your savings, and still pay down your debts over time.
6. If you get a raise, put the extra money into savings
When your earnings increase, it’s tempting to use that money to spend more. But a better savings strategy is to maintain your current standard of living and instead turn that pay increase into a savings deposit you make with every paycheck.
Saving money can be overwhelming if you try to do too much at once. Start out by embracing small lifestyle changes and savings tips that will steadily grow your savings over time.
As your income grows or your life circumstances change, you may be able to increase the amount you’re saving. But you’ll never regret the success you had in tucking away small amounts of money through these creative, easy saving strategies.