10 Money-saving hacks your wallet will thank you for

Whether you're 21 or 51, saving money is an absolute must. But, it's often usually easier said than done. Skipping the traditional piggy bank, here are some money-saving hacks where you can really cash in.

• How much should we put away in savings? It really depends on age. For under 30s, you should be putting away 20% of your income after taxes.
• Are online investments reliable and safe? Like with everything on the internet, you should always do your research.
• Will forgoing my daily Starbucks really build my savings? Technically, yes, if you put all of your would-be coffee money into your savings account. But, there are plenty of other ways to cut back on your spending.

From doing chores to contributing to a 401k, we’ve all been taught from a young age that we should be saving money. However, life tends to get in the way. The increased cost of living has been growing faster than our incomes. Therefore, it’s imperative to get creative with the ways we save. Here are some money-saving hacks to get you started in the right direction.

Start investing

For those of you who haven’t started, hearing the word “investment” can invoke a sense of financial terror. With all the terminology and risk, spending money to make more money can be a tough pill to swallow. Rest assured, some smarties have created apps and programs to make investing your money easier than ever.

Robin Hood
By taking small steps, this app helps you learn how to invest in the stock market for free. It’s extremely user-friendly and the app takes zero commission. Talk about a win-win.

Learn how to invest

Wealthsimple
Designed to be simple yet smart, this app puts successful investing on autopilot. With a Nobel Prize-winning strategy working behind the scenes, you can also access real humans if you have any questions. However, their fees are 0.5% for the Basic and 0.4% for Black, the upgraded version.

Can you spare some change?

Possibly one of the easiest ways to save is when it’s totally mindless. These apps work continuously in the background to save little and often, slowly building your nest egg (read: vacation fund).

Digit
This clever app analyzes your finances and moves money from your checking account into your Digit account every day. It only transfers what it determines you can afford so you can wake up with new savings every morning. With a no-overdraft guarantee, you can’t go wrong. Plus, it only costs $2.99 a month.

Save little and often

Acorns
When we buy a coffee, we often register the $4.35 price as $5. This app takes this line of thinking and turns it into tangible savings. When you make a purchase, it automatically rounds it up to the next dollar amount and puts the change into your savings account. Simple, right?

Qapital
While this one also lets you round up your payments and save, it goes a few steps further. You can also create savings rules to reward your savings account for doing things you do anyway. Simple things like sticking to a daily budget or setting a little cash aside once a week can now help you save without even thinking about it. And, it’s totally free.

Digging for gold

Crypto mining is a process where you grant access to digital transactions for cryptocurrencies using your computer hardware. Of course, this type of income does require some investment as you’ll most likely need to upgrade your systems to make it work. In addition, the costs of crypto mining are always increasing. You can estimate making about $1000 in 18–24 months. Just remember, that’s not considered profit until you’ve earned more than what your setup costs.

Try your hands on cryptomining

Can you exercise your way to more money?

There are plenty of sensationalized money-making hacks out there. You see the spam comments posted all the time on Facebook. However, earning money for being active is real and not a scam. But, we don’t recommend them. Sweatcoin has a plan that lets you earn Sweatcoins for walking. But, while it will encourage you to be healthier, it won’t earn you a considerable amount. A similar app, Bitwalking actually rewards you for all your movement. Yet, it would take you 15 miles to earn a measly $3.

Not ready to invest?

If you don’t have the funds to put your money where your mouth is, all is not lost. There are plenty of money-saving hacks that can help you find ways to save without spending more.

Chime
While your mobile banking app may be good at telling you when your funds are low (and quickly transferring from your savings account), its helpfulness pretty much stops there. Chime tracks your spending habits to help you get smarter and savvier about your finances.

Find more ways to save money

Clarity
Easy to navigate and use, this app can help you identify your spending habits. It syncs up with your purchases to see where all your money goes. From there, you can determine what’s considered unnecessary and reduce wasteful spending. It can even identify subscriptions that you have long forgotten.

Do you have any tried and true methods for saving money? Let us know in the comments below.