By Maya Deleon
WWR Article Summary (tl;dr) Maya Delon from Bankrate.com shares 5 ways you can save money FAST!
As much as 47 percent of Americans have no money in savings and would be challenged to pay for an emergency that cost more than $400, according to a 2015 report published by the Federal Reserve Board’s Division of Consumer and Community Affairs.
In the many families living paycheck to paycheck, the idea of saving even a few dollars can seem out of reach. However, there are a few things people can do to learn how to save money fast and build up a savings account. By changing a few common spending habits, you can avoid spending more than you need to.
Five ways to save money fast:
-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 percent 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.
Banks make their money from fees. In fact, the top three banks in the U.S., JPMorgan Chase, Bank of America and Wells Fargo, collected more than $6 billion in overdraft and ATM fees alone in 2015, according to Time.
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.