You may think that this is not the usual type of post, how to save $100. But by saving $100, it shows that you can start building your savings account, investment account – or if you have challenged credit, begin the savings for a secured card offer. (I’ve been there, and it’s ok – stuff happens)
But how to do it? You barely make enough to make ends meet, pay the bills, the rent, put food on the table – keep you kids in clothes (man they grow fast!) etc., etc., etc.
One way is to change your cable service, or to all and negotiate a better deal with them. I recently did this, and now am saving $50 per month from my usual bill. I am now putting this money to work for me by investing it in a way that will make me money, and not cost me money. That is a post for another day, how to invest, make dividends from quality companies, and not spend anything to do it.
Another way to save money is to not eat out, and this includes fast food. It is convenient, and easier, but a little bit of effort and willpower will help you save anywhere from $5 to $20 each time you don’t eat out. Trust me, I am guilty of this weakness as well. I found what works for me is to make a lunch at home and take it to work. If I avoid eating out and go home to eat, that counts too. I then take the money I was going to spend eating out and save it. This way I save at least $50 more, per month. Also invested for the future.
If a technology option suits you, then the best app to help you save and then invest, is the micro investing app called Acorns. It is a good start, by helping you save by rounding up each purchase you make to the next higher dollar, then taking that amount, and putting it away for you. It will grow your savings, and you can automate that to invest for yourself.
I do not use Acorns myself, but have heard many good things about it. One side note you should be aware of: it does cost money. $1 for the simple plan, or $2 to $3, depending on what you want to do. I actually think the $3 one is an excellent way to go, due to the fact that it includes a debit card that will help you save automatically, making everything very easy. Either way you decide to go, it also includes financial education articles and will help you invest in yourself.
I myself use M1 Finance as my chosen method of throwing money to the side, to save for the future. This is my affiliate link, and you get $10 for setting up your account this way.
M1 Finance, unlike Acorns, is absolutely free. It will take $100 to start (hopefully you used some of the methods I mentioned earlier to help get you said $100) – but you get a chance to hit the ground running towards investing your first $110 (remember if you use my link, you get $10).
In the next few days, I will have a more in-depth post about M1 Finance, and how I’m doing in it. If you are ready to get started and need an idea on what to invest in before my M1 Finance blog post comes out – read this article here.
I want to finish by saying one last thing about savings and investing. All of this has been my way of doing it, and may not be the best way. I am only a regular guy! The best way is to always seek out professional advice, or if you are cheap like I am, read as much as you can about all of this on the internet, and form your own opinions. I am a dividend investor, and enjoy writing, and want to help others save for their own futures, however you see it happening.
Thanks for stopping by, and catch me on the next post where I begin to discuss my investment journey.
Written by Rob Beecroft