What’s Your Saving Style?
Answer these quick questions to see what your saving style is, and get some tips to help you save your way.
Your saving style is the Piggy Banker Start the quiz Over
You know saving money is important—you want to save, you really do—you’re just not always sure how to do it. But that’s half the battle!
So let’s look at options that can help you save:
Set up automatic transfers.
Move money into savings on payday and you’ll be less likely to spend it.
Write down everything you buy for a week.
Then look for places to cut back.
Review your monthly living expenses.
And we mean all of your bills.
If you have high-interest debt on credit cards or loans, you’re probably spending a lot on interest each month. Imagine if you could lower the interest on your high-rate debt—you’d save hundreds, and possibly even pay off your debt sooner.
Congrats! You’re a Spreadsheet Saver Start the quiz Over
You have a budget and you’re sticking to it. You know when you’re spending, what you’re spending, and where you can save a little more. Nice work!
The next step is finding extra savings in places you may not have thought to look.
Start with your spare change.
Try an app that rounds up your debit transactions and invests the change. Those extra pennies can really add up!
Review your budget and your living expenses.
Try shopping around for better prices on your cable or cell phone bill.
Cut the interest on your debt.
Carrying credit card debt or paying down a loan? You’re probably spending a lot on interest. See how transferring those balances to a card with a low promo rate can help you lower the interest on your high-rate debt and save money.
You’re a No Pain, No Gainer Start the quiz Over
To you, saving means sacrifice. You’re willing to cut back—way, way back—in order to achieve your savings goals. That kind of discipline is rare, and dangit, we’re proud of you.
And while it sounds like you’re already dedicated to your saving plan, we have a couple of extra tips to save without even feeling it.
Try moving your savings to a high-yield savings account.
A better rate means your money is working harder for you—not the other way around.
And if you have high-interest debt, do something about it.
See how lowering the interest on your high-rate debt can be a painless way to save money.
You’re an Aspiring Saver Start the quiz Over
When it comes to saving, it can be hard to get started. But you’re here to learn more—and we’re here to help.
First and foremost, create a budget you can live with.
Look at your income, then allocate funds according to your needs.
Consider the 50/20/30 rule1:
- No more than 50% of your income on housing, food, and living expenses.
- At least 20% to your savings.
- The remaining 30% can be used for discretionary spending.
If you’ve lived outside your means in the past, you may have high-rate debt from credit cards or outstanding loans.
The good news: this debt can actually be a source of saving. If you transfer your existing balances to a card with a low promo rate, you could lower the interest on your high-rate debt—helping you save big. Then use that extra cash to start building your savings account, or pay down your debt faster.
The Savvy Savers' Guide to Balance Transfers