Saving $$$

The art of saving money in 2017. It’s an art I would say that I’m still very far from mastering, but I thought maybe it would be interesting to give insight into how I approach it vs. how maybe it was done 25 or 30 years, ago, or even 10 for that matter. The first and biggest thing I would say is different is there are a hundred different outlets right now to save and invest money into online. Hundreds. There are countless online mutual fund accounts, there are specialized online bank accounts that have higher interest yields than would a standard savings account, the options are basically endless. My approach to it in a nutshell is to save when I spend, because otherwise I don’t know that I would, in a sense I do it mindlessly. I have a few apps that are linked to my cards that I use that every time I spend money on something it rounds up the cents to the nearest dollar, and works essentially as an online piggy bank, and then when it hits a certain amount, it deposits your “round ups” into an account for you, and without even really doing anything, other than just living and going through your day to day routine you are putting money away. I think that’s my favorite approach, it becomes very hard for me to get paid and then have to decipher how much to put away at that time and still plan out how much to “live off of.” When you are saving every time you spend it’s keeping you in check at least somewhat. I don’t have cash that often but when I do, and have some change left over I have a coin jar that it goes into, and I noticed the other day how it’s barely grown in the last few months due to the fact that I never have cash. The coin jar has been replaced with my online piggy bank, and now I can invest the coin jar in stocks and bonds as I’m throwing quarters into it. The coin jar has slowed in growth, but there are other opportunities and avenues to mindlessly and effortlessly save money. Aaron J. Boma 2016 ISU Graduate

Author: paper