July Money Challenge: Save Your Change
It’s summer now, it’s hot, and I’m pretty sure vacation is the last thing on your mind. However, now is the time to start saving for all of your inevitable holiday spending, and this month’s challenge encourages you to do just that. Let’s keep the change for ourselves.
This year we set you some challenging tasks, from negotiating to saving for retirement , and you got through them. The task of this month is simple, and anyone can join it. We just want you to round up your purchases and keep the “extra” change. This is a fun and easy way to save extra money on your budget.
You can of course pay in cash and literally keep the change to yourself when you purchase. Of course, most of us pay with cards, so here are some useful tools to help you save money when paying with plastic:
- Use a tool like Tip Yourself or Qapital to automatically save extra change .
- Use your bank. For example, Bank of America has its own savings program, Keep the Change . Wells Fargo has Way2Save .
- Sign up for a tool like Acorns , which will automatically save and invest your extra money.
You don’t need to use these tools to rise to the challenge, and you don’t need to use your savings to afford a vacation. These tools make things easier, and it’s a good idea to start thinking about the holidays; however, the idea here is to simply save the unnecessary change and then use it for your own financial purposes: pay off debt, postpone for an emergency, or postpone for any other purpose.
Are you in business? If so, let us know. Then tell us how you plan to collect and save this month!