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How to Save Money

Everyone has their own tricks and tips on how they manage their spending and stick to a budget. The extreme ideas might sound good in the beginning, but if it only lasts a week, it won’t be too effective. We suggest adapting the saving tips that will lead to a balanced and healthy financial lifestyle – tips that you will be able to maintain over a longer period of time. Here are some of our favorite ways to reach your savings goals

1. Don’t settle.

Settling is never a good thing to do for yourself, even when it comes to those monthly bills. Next month, when you are going over your spending, take a second look at the bills you might have gotten a little bit too used to paying blindly. Your phone bill could be cut in half by switching to a different provider or maybe your car insurance can be negotiated down since when you first set it up. 

2. Eat out less often.

It is crazy how much you can spend on food without even realizing how you could be saving instead of spending. Everyone deserves to dine out occasionally, however, the easiest way to cut back on unnecessary spending is by cooking your own meals as much as you can. Live with roommates? Try taking turns in cooking the meal for the night. It’s cheaper to cook a meal in a larger quantity and you still get the feeling of eating out on your nights off! Here are some tips to lower your grocery bill

3. Download an app.

There are many resources online and in the app store that will help you meet your savings goals. Saving becomes even easier when you have 24/7 access to apps that help you manage your money, no matter where you are. Learn more about how you can start saving on-the-go with apps that make saving easier

4. Plan as much as you can.

Believe it or not, the more planning you do, the more money you can save. This goes for almost everything, whether it’s your grocery shopping list or your kid’s back to school necessities, planning with coupons and shopping for deals can save you more money than you think.

5. Use your cash back debit card.

You might be used to using your credit card with the excuse of being rewarded with its cash back deals, which can easily lead to spending money you don’t have. At LendingClub, instead of blindly charging your account, you can keep track of your spending and still get rewarded with your cash back debit card. Rotating your debit card in and using your credit card less, can help you save money and stay on track with your budget. Earn 1% cash back on all signature-based purchases made with your Rewards Checking LendingClub issued debit card.

6. Open a High-Yield Savings account.

If you don’t have one already, a savings account is something everyone should be taking advantage of. The difference between LendingClub’s High-Yield Savings account and a regular savings accountis the percent of interest offered for the different accounts. A High-Yield Savings account offers an opportunity to earn 0.60% APY, 10x the national average.2,3 Once you open an account and deposit your savings, you will be saving more money without even having to make any other changes.

About the author

Eileen Flynn

As the Social Media and Public Relations Coordinator, Eileen has grown up with the online and mobile banking industry. Eileen writes for other generation Zers and recent college graduates who are balancing both saving and spending and explains how online and mobile banking is there to help.