Guest Post by Simon Cave of The Becomer
Saving money is a challenge because of the effort it requires. You have to track your expenses, constantly keep an eye on your bank account, think about your monthly bills, deal with the unexpected expenses, etc. It’s a lot to keep up with!
Luckily, we’ve got 3 genius ways to help you save money effortlessly. These simple tricks will make saving so much easier, without the hassle.
Let’s dive in and start saving!
IFTTT (If This Then That) is a website that allows you to connect different applications together such as Facebook, Twitter, Text, Dropbox…to perform certain actions. For example, you can create the following connection to save money:
If you send a text and tag it #cargas, then IFTTT will send your gas spending to a Google Drive spreadsheet
If you send a text with #Finance and indicate how much you spent, then IFTTT sends the information to your personal budget spreadsheet.
IFTTT is an excellent way to automatically track your expenditures so that you can see where you spend the most and act consequently.
Invisiblehand is a free and powerful extension for Chrome and Firefox that automatically notifies you if the product you’re shopping for is available for a cheaper price from another site.
Let’s say you see a computer on Amazon that costs $1200, Invisiblehand will automatically give you a link to competing websites that sell the same product for less than $1200.
Invisiblehand is the easiest way to save money when you buy products online.
3) Automate your finances
What if you could both save money and invest it without even thinking about it? With the following system, you can automate your finances in a couple of hours and enjoy its benefits for years.
Here’s how it works:
1) First, you have to set-up a direct deposit for your paychecks. 6% will automatically get contributed to your 401(k), and the 94% remaining will go to your checking account.
2) From your checking account, you must set-up 2 automatic transfers. 5% to your saving account (you can use that money to invest or pay for big expenses) and 5% to your Roth IRA.
3) Set-up electronic pay for your bills that you pay every month and that you can’t pay by credit card (mortgage, rent, gas, electric bills…)
4) Pay all the other bills (gym, Netflix, Starbucks…) and your discretionary spending on a rewards credit card so that you maximize the rewards/cash back you earn.
By automating your finances you’ll have more time for the things you enjoy doing and you will be on the right track to becoming wealthier.
About the author: Simon Cave is passionate about Digital Entrepreneurship and Personal Development and helping people reach financial independence on his blog The Becomer.