Worried about coronavirus and the economy, Americans are saving more than they have in decades. The personal saving rate (FYI that’s the amount people are saving as a percentage of their disposable income) reached 33% in April. To put that in perspective, that jumped up from 8% which is where it was in February. After February the number jumped to 13% in March, and reached a new high of 33% in April. This is the highest savings rate recorded by the way since 1959. Yeah, let that sink in for a second, people are freaked and are doing everything they can to save.
Whether you fall into the camp that is already doing whatever it takes to save right now, or you realize how important it is and want to get on this ASAP, here are our top tips to making sure you are saving as much as possible, as easily as possible.
1. Put Your Savings On Automatic Pilot And Save More Than You Ever Thought You Could
One of the hardest parts of saving is actually doing it, which is why so many people have been successful saving by putting it on auto-pilot. Think of saving like this: Set it and forget.
That’s why everyone who wants to save should sign-up for Digit. Digit is a micro-savings app that when connected to your bank account, learns your spending habits and income to help you save a little bit of money every few days. You don’t have to ever think about saving, which makes it super easy.
Sophia Randazzo on our team has been using Digit for about a year and has saved a lot with it. “This is the funny thing about Digit: you don’t realize how much you are saving until you check your account a month later and go–holy cow–I had no idea I saved that much. And that’s pretty much how my saving experience went.”
Another big plus with Digit? You can access your saved money at any time, so there’s no need to worry that if something comes up you won’t have access to that cash.
2. Cut All Of The Unnecessary Subscriptions Out Of Your Life. This App Will Help.
According to study after study on average people spend $237.33 a month on subscription services. That’s nearly $2,900 a year! But how many of them do you actually need? And, how many are there that you’ve forgotten you’re even paying for?
Truebill finds, organizes and helps you cancel old subscriptions with the click of a button.
To get started…
- Sign up to Truebill to get a free analysis of your spending to find recurring charges being made to your account.
- See something you no longer need (including that formerly free HBOgo trial you signed up for) and cancel it directly through the app.
You can’t increase your savings rate unless you find ways to cut back. This is a quick way to add money into your savings account. Christina, who also spent a lot of time testing this app says: “I would recommend this to really anyone who has bills.”
3. Your Car Insurance Is A Big Bill That You Can Cut Immediately
A lot of people don’t know this, but every one to two years you should shop around for new car insurance. That’s because car insurance is a very competitive industry — and everyone wants your business! They are willing to give you big deals to switch providers.
And that’s where Gabi comes in. It’s a great resource for comparing car insurance rates all in one place. No need to visit multiple websites or fill out several forms to get the info you need.
To get started:
- Sign up for Gabi here.
- Connect your current policy by either uploading a PDF of it or linking your provider account to the app.
- Within two minutes Gabi will compare your policy with quotes from up to 20 other providers.
- If you see a policy at a price you like, you can buy the cheaper policy directly through Gabi.
The average person saves over $600 per year just by doing this one thing.
4. There’s A Way To Save On Food That Won’t Change How You Shop Or What You Buy
We hear from our readers all of the time that their grocery bills are just crushing their budgets. Most people just throw away their grocery shopping receipts when they get them. That’s a big mistake. That’s because Fetch Rewards can turn your receipts into gift cards.
It’s super easy to earn free gift card for shopping with Fetch Rewards without clipping coupons. Here’s how it works:
1. Download Fetch Rewards
2. Snap a picture of your receipts and the app will comb through it for participating products. Any eligible purchases you’ve made score you points.
3. Redeem your points for free gift cards to your favorite grocery stores like Whole Foods, Walmart, Target and hundreds of other retailers like Amazon, Sephora, and Nordstrom.
Final Thoughts (TL:DR)Put your savings on automatic pilot, and save big. - Digit
Cut all of your subscriptions so you can save more immediately. - Truebill
This is a bill literally everyone can cut immediately. - Gabi
Cut your grocery bill enormously with free gift cards. - Fetch Rewards