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When living paycheck to paycheck, the idea of saving even a few dollars seems out of reach. However, there are a few things people can do to save money fast and build up a savings account.

Here are five simple ways to save money fast:

  • Set up automatic payments for bills.
  • Switch banks.
  • Sign up for rewards and loyalty programs.
  • Buy with cash instead of credit.
  • Stop paying for convenience.

1. Set up automatic payments for bills

With busy lives and busy schedules, it’s common for people to forget to pay some bills on time. One of the easy ways to save money is to simply pay your bills when they’re due.

Companies typically charge a 10 to 15 percent late fee for any balances that are overdue. While this might amount to just $5 here or $10 there, those fees quickly add up, especially if you pay multiple bills late.
Set up automatic payments for bills to ensure they’re paid on time and avoid the late fees. It’s important to keep an eye on your bank account balance to avoid overdrafts of the account and accumulating additional fees.

2. Switch banks

Banks make their money from fees. In fact, the top three banks in the U.S. — JPMorgan Chase, Bank of America and Wells Fargo — earned more than $6.4 billion in overdraft and ATM fees alone in 2016, according to CNNMoney.

If you pay monthly fees for a checking or savings account, it’s time to switch banks. There are several banks that offer free accounts, and some that will even give you money just for opening an account. Move your money to a new account and stop paying fees to the bigger banks. Compare savings accounts to find one that fits your needs.

3. Sign up for rewards and loyalty programs

There’s a good chance that you already have discount cards for grocery stores and drugstores in your area. If you don’t, sign up for immediate savings on food, household supplies and other goods you use on a daily basis.

If you do, then make sure you’re using the programs to their fullest. Sign up for emails and download apps to receive additional savings. Use the cards regularly for help saving money at the checkout or to earn rewards for free items, discounts at the gas pump or even money off of future purchases.

4. Buy with cash instead of credit

You can trick your brain into saving money every time you go to the store by using cash instead of a credit card to make a purchase. If you have $100 in cash, that’s your limit.

You have to start putting items back if you exceed that limit. If you have a credit card, you can go over your $100 limit and justify it by saying that you were close.

5. Stop paying for convenience

It’s the American way to pay for convenience. People are willing to pay $5 for a taco they can make at home for less than $1. They pay $6 for a cup of coffee at a local café rather than brew an entire pot of coffee at home for a few pennies.

Whenever companies develop new, convenient products and services, people are all too willing to pay for them. Taking a little extra time out of your day to make your own food, brew your own coffee or clean and repair things around the house can fatten up your bank account quickly.

Conclusion

Changing spending habits takes time and can be difficult, but it’s essential if you want to save more money. By analyzing how you spend your money and maximizing your purchases, you can start saving a little bit of money here and there.

That small savings quickly adds up, and you can find yourself with more money left in your checking account at the end of a week or month and a fatter savings account by the end of the year.

Set a financial goal using this simple savings calculator.

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