Most will tell you that getting your money in cash will help you monitor how much you spend. This is perfectly sound logic and for certain people, this may be true. However, cash can also limit your savings options and provides no rewards or cash back programs. Additionally, cash doesn’t provide the safety and security of a card. Here are five ways switching to cashless can actually help you save.
Round Up Programs
- Find an online bank with a roundup savings account. This will link to your savings account and round up what you spend to the nearest dollar. It might not be much per transaction, but that can add up quickly.
Bonus Savings Programs
- Some online banks will even offer a cashback reward for the money you round up. For instance, say in a given week you round up $15 in savings. You now have $15 you hadn’t planned to save and you may get an additional 10% from the right rewards program. At the end of that week, you’ve put $16.50 into savings, or your gas bill.
- Look for banking that will help you analyze how you spend your money. So often we just spend without thinking about how it adds up. The right bank will help you break down what you’re spending on and where you can manage costs.
Avoid ATM Fees
- The best way to ensure you won’t pay to access your own money is to avoid the atm altogether. A vast majority of businesses accept cards. It has become so common practice that I am legitimately surprised when I see someone pay with cash at the grocery store.