Money Saving Charts Explained with Links
Saving money can help you to become financially independent, stay relaxed when you’re hit with unexpected expenses and have a financial backup in place if you lose your major source of income. This article will explain how money saving charts can be used to help you feel prepared if your circumstances change.
Using Money Saving Charts To Achieve your Goals
Money saving charts can be used to help you accomplish any financial goal that you have, whether you want to pay off credit card debt or save for retirement. A money saving chart is a printable chart. Some are infographics that offer guidance on savings while others help you to track the money that you have saved towards a particular goal. For example, if you are saving to move to a new community, you can use a money saving chart to track the sum that you save each week towards that goal.
A money saving chart that is used for tracking your progress lists the amount that you want to save for a day or a week. You can use it to track your balance and make note of when you complete each deposit. These charts work like vision boards, helping you to stay on track with your progress and goals.
Money saving charts should be used along with other tools, such as apps that automatically transfer money from a checking account to a savings account each month. You can also use your money saving charts to track the amount of money that you save by using a cash rewards credit card. You can create them by using a spreadsheet or a notebook. There are also ready-made charts available.
Money Saving Charts Explained with Links
As mentioned earlier, there are money saving charts which are resources for savers. These are infographics which provide information on how you can achieve your financial goals. For example, to get tips on key areas of saving, take a look at these money saving charts with links to helpful authority sites:
Quicken Loans guide [https://www.quickenloans.com/blog/13-ways-save-2013-infographic] to cutting back on household expenses
Energy.gov guide [https://www.energy.gov/articles/resolve-save-energy-year] to saving money by cutting back on energy use
Bankrate guide [https://www.bankrate.com/finance/savings/choosing-savings-account-infographic.aspx] to choosing a savings account
Using Money Saving Charts for 52 Weeks
Habits are formed over time and if you want to get into the habit of saving, you can participate in a 52-week savings challenge. This chart is easy to follow because you can start with a sum such as $1 and just keep on adding $1 extra every week. For example, in week one, you would save $1, in week two, $2, in week 40, $40 and so on. By the end of the year, you would have saved $1,378, while getting into the habit of saving each week.
Saving $90 A Week
If you want to ensure that you save at least $1,000 in a given quarter you can use a money saving chart to save $90 per week. In three months, or 12 weeks, you would have saved $1,080. This would be a great way to achieve a goal such as purchasing a small appliance or investing in a fixed deposit account.
Combining Rewards Credit Cards and Money Savings Charts
A rewards credit card can be used for a big purchase, if you already have a payback plan in place. For example, if you’re planning to remodel your kitchen, you can use a money saving chart to save the money that you’ll need for the remodel. Once you meet that savings goal, you can make the purchase on your rewards credit card.
By paying it off within 30 days, six months or whatever time is allotted by your financial institution, you can avoid interest charges. The money that you saved can be used for that payment. You would also earn money, based on the cashback rate that is offered by your bank. Some banks offer a significant cash bonus if you spend a moderate amount within a specified period.
You can use your money saving chart to save the amount that you will spend prior to the transaction. Use your savings to pay the credit card balance before the deadline and you’ll get the cash bonus, while being free of debt. If you purchase a product, you may also benefit from product warranties that come with some cards.
Using Automated Tools for Saving
If you are trying to save money every week, an automated savings tool can help you to do that. Quapital and Digit will both automatically transfer a predetermined sum from your checking account to another savings account. Once this is done, you can record it on your money savings chart each week.
Save your Extra Change
You can keep track of the extra change that you save every day and use that money for a vacation or another treat. Collect the change that you empty from your pockets every day and take your collection to your bank, to be deposited in your savings account. Your money saving chart helps you to see how much progress you’re making.
Monitor your Utilities
Your utilities are compulsory but you don’t have to waste these precious resources. The amount that you spend on them can be reduced by making strategic changes. The money that you save can be placed in your bank account, as you prepare to invest in another way, such as by purchasing stocks. Your money saving chart can be used to track the sum that you save on your utilities by using energy-saving devices, low-flow plumbing fixtures and other strategies..
Refinance your Mortgage and Save the Difference
Refinancing your mortgage can allow you to save hundreds of dollars every month. You can place the funds that you save into an investment account and keep track of it with your money saving chart. If you’re trying to save towards a home, a chart can be used to track your monthly savings towards your down payment. Put your cash into an account that pays good interest, so that your money can grow as you save.