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In my senior year in high school (2006-2007), my social studies teacher impressed upon me the importance of saving money and investing to prepare for my future. Since then, I have been telling myself that I’ll start saving my money tomorrow, sorry no I mean this week, damn no at the start of next month I’ll definitely do it!
As the years passed though, my desire to save for a future house or my (eventual) kids’ college tuition dulled and didn’t seem terribly pressing. Lucky for me, Dad’s smarter than that and he started a savings account for me with what is now Capital One 360 Savings. He had started it for me in high school and I took over it’s management when I graduated college and needed to pay back loans. But a couple of months ago in March (10 years later), I decided I needed to do more to save for my future joys.
Below I’ve provided you lovely readers with my favorite three painless ways to save.
As I mentioned earlier, my dad signed me up for this account so I really didn’t have much say in its entrance into my life. That being said, this account has treated me well over the years. Dad chose Capital One for it’s reputation and because the interest rate was one of the highest out there. I’m not sure if it has changed in that time frame but now it is 0.75%. To be honest, I haven’t really seen this interest rate do much for me, but that’s not what I like about the account anyhow. My favorite thing about this account is that Capital One allows its customer to create an automatic savings plan and work towards a goal without much effort. You can set up another account or sub-folder within the main account and give it a title of the goal you’re working towards (let’s say, Ms. Curvy’s Vacation Moolah) and then you can specify how much money you want transferred into this account and how frequently. The money can be transferred from your checking account or from another folder in your Capital One account. I automatically have some of my direct deposit checks re-routed to my Capital One account so this saved money doesn’t feel like a terrible loss to my monthly living expenses.
If this savings account tickles your fancy, head on over to Capital One’s website and start saving today!
My absolute favorite on this list is Digit. I came across it after ready an article from The Penny Hoarder Daily about different ways to save. Essentially, Digit will monitor your checking account and analyze your purchases for low monthly fee of $2.99. Then, it takes little bits of money here and there and holds it in an account for you until you’re ready to access your money. Digit greets me with a different salutation as it texts me daily with insight into what my account balance is today compared to what it was yesterday. It will even let me know the last 3 transactions in case the balance change looks suspicious.
Digit has other perks too. It’ll send you a “savings bonus” every 3 months based on your average daily balance. It also gives you the option to save for an upcoming expense or “new bill” at anytime. All of this is done via your text conversation with Digit which I find to be a bit charming if not slightly creepy. The best part though is that you really are saving painlessly. From my account opening in mid-March to early May, it saved $250 and by early June I had over $400.
Needless to say, I love Digit and I want everyone I know (and those of you that I don’t) to enjoy the perks of having Digit looking out for them.
My last savings account is with Barclays. Around the time that I opened my Digit account I started searching for another savings account similar to my Capital One but with a higher interest rate. I settled on Barclays. I believe their interest rate was 1.00% or 1.05% when I first signed up but now it has actually gone up to 1.15%!
My main reason for choosing Barclays though was because of their Dream Account. Customers that have opened a Dream Account are encouraged to save by earning bonuses. You can earn a bonus for making a monthly deposit for 6 straight months or by making no withdrawals over 6 straight months. In each case you’ll get 2.5% of the total interest you’ve earned in those 6 months as a bonus. Barclays’ savings accounts don’t have a minimum deposit either which is a pleasant condition.
So, if you want to start saving for those important future purchases, head on over to Barclays‘ website to create your account today!
I hope this post helps you save for your future. It’s never too late to start!
Ms. Curvy ❤
Categories: Financial Investments