Posted on July 10, 2023

As you prepare to move out on your own it can feel overwhelming, especially thinking about money! You likely have a lot on your plate, including school, work, and social life. The last thing you may want to think about is saving money. However, saving money can help you reach your personal financial goals, such as filling your emergency fund, buying a car, and getting into a home (whether you are renting or buying). Fortunately, there are ways you can save money without even thinking about it, and we're here to share these tips with you.

1. Automate Your Savings: I touched on this in my last blog post. So, how do you do this, you might ask? Automating your savings is one of the best ways to save money without thinking about it. Setting up an automated transfer from your checking account to your savings account every month can help you build up your savings over time. Some banks even offer this feature, so check with your bank to see if they do.  

2. Install a Savings App: Nowadays, several savings apps help you save money without thinking about it. For example, the Digit and Acorns app. Depending on your choice, these apps automatically transfer a small amount of money from your checking account to your savings or investment account. This means that daily pennies can add to a sizable savings account over time. My aunt would use cash for everything back in the day (and I mean WAY BACK in the day, pre-debit cards, even). She would make a purchase and then put the change from every transaction into one of those giant reusable water jugs you see in an office (the literal water cooler). After five years of doing this, she saved enough change to put a downpayment on her home! In today's world, you probably aren't using cash in the same way, and that is a budgeting tip in and of itself (too hard to keep track of actual cash). But an app like Acorns can do the same thing! There is a setting that you can use to round up to the nearest dollar and then put everything coming back to you in "change" directly into your savings (so no more keeping loose change in your purse, pockets, or in your car where you can easily forget about it or it can get lost).  

3. Cut Your Utility Bills: One of the best ways to save money without thinking about it is to reduce your utility bills. Start by installing a programmable thermostat that automatically adjusts the temperature in your home when you're away (don't forget and freeze out your roommates when you aren't home). You might be thinking, "Gwendolyn, that will cost money!?" And you would be right! Over time, you will save more than that initial purchase costs. You can also be sure to turn off the lights and electronics when you're not using them; even when they are plugged in or turned out, they cost you money. These small changes can save you hundreds of dollars over time.

4. Oust the Vampire Accounts: What's a "Vampire Account?" These are those pesky apps that you purchased for like $.99 or $1.99 because you absolutely needed that one thing that one time. Now two years later, you forgot what that thing was, and it is still coming out of your Apple Pay, Google Account, or off your debit card every month. Or maybe you even had to close your CashApp or Venmo because you have these things coming out every month, and it sucks your money off your card, so you can't even use it despite just re-loading your balance. Either way, this can save you loads of money. These things add up! One time I saved myself over $1000 by using an app to cancel all my subscriptions (and I mean ALL of them, including Netflix). After adding back in ONLY what was essential, I saved $1000 a month in subscriptions and services I wasn't even using! Now it's not like this EVERY time I go through this activity (I do this about once or twice a year), but I save something every time, and it averages out to be about $250 per month. So make this a regular routine to keep you on that straight and narrow.

5. Stay Motivated: Lastly, you need to stay motivated to save money without even thinking about it. One way to do this is to track your progress visually. For instance, use a chart to mark the amount you save each day, week, or month. Seeing your progress can help you stay motivated to stick to your savings goals.

Saving money doesn't have to be a chore. Using these tips, you can save money without thinking about it. Whether you automate your savings, install a savings app, reduce your utility bills, oust the vampire accounts, or track your progress, you can build up your savings over time and reach your personal financial goals. Remember, small changes can lead to big results!