saving

As hopefully you know by now, I’m officially debt free! Woo hoo! While I plan on writing more in-depth posts on how I did it, it comes down to two things: spending less and earning more. You know I’m all about that side hustle, but it’s important to save money when you can.

But if you’re like me, you hate clipping coupons or spending too much time trying to save money. It feels counterproductive, right? Why would I spend so much time searching just to save a few bucks?

Luckily, there’s one thing that can completely revolutionize your savings strategy: CouponFollow.

CouponFollow is a real-time savings engine, aimed to help consumers find discount savings in the form of coupon codes. You can go on their site and search coupons from your favorite stores. You can also see what codes are trending and even submit a code if you found something and want to spread the love.

To make your life even easier, you can try Coupons at Checkout, which is a browser add-on that helps you uncover coupons automatically. So instead of searching for the code, your web browser finds it for you. All you need to do is click “Find Coupons” upon checkout and score some big savings.

For someone like me that really doesn’t like couponing very much, this is an effortless way to save money. The best part? You don’t need to register or create an account and it’s super easy to use. Check out this video that explains it all.

Imagine what you can do with the additional savings — pay off debt, save for your emergency fund or even create a fun fund.

If the coupon codes don’t exist, I’ll turn to Swagbucks. I’ve searched the internet and made money using Swagbucks and have also gotten points from shopping online. These points can then be redeemed for Starbucks gift cards, Amazon and more. There’s no greater way to fuel my coffee addiction than to score some free gift cards.

I love that there are two simple methods to saving and earning: Coupons at Checkout and Swagbucks. While of course, these are great options for holiday shopping, you can also use them any time.

It’s incredibly easy and useful, especially if you do the majority of your shopping online.

I’m curious — how do you save or earn when you shop?

I’m a partner of CouponFollow and Swagbucks, but as always I only write about things I use and love. There are some affiliate links in this post, which means I’ll receive a bonus if you use my links, which helps support Dear Debt.

As a personal finance blogger, I love a good deal. I enjoy saving money any way I can.

I’m always looking for ways to get things cheaper. After all, when you are in debt, every dollar matters.

But for the past few months, I’ve started to change my tune ever so slightly. I realized this after reading post after post of people saving money on certain things and getting it for the absolute best price.

I started to feel bothered by this, but I couldn’t really put my finger on why that was. Saving money is a good thing, right?

After a few months of thinking about it, I realized that I’m bothered by the fetishization of saving money, at all costs.

I think in our quest to save money at all costs, we forget that there are real people behind the products and services we buy.

And how many of us really think about that? So when you choose to save money, who are you really supporting?

Let’s face it, we vote with our dollars, so every dollar you spend, you are (like it or not) vouching for a company and a values ecosystem that you may or may not even agree with.

So, when you decide to save money and get cheap items of clothing, coffee, chocolate and the like, you aren’t just saving money. You are making a statement.

You could be supporting sweat labor or insane working conditions. You could be taking money out of your own community. You could be limiting the chance to support someone doing something that has incredible value.

I think what really made all of this clear for me is being my own boss and seeing just how people can undervalue you. People are looking for the best prices, the best deals, at all costs.

Too often people want me to work for free or at an insulting amount. It’s frustrating to tell someone your rates and have them go somewhere else for someone who will do it for free or at a rate that I’d never consider. I know these people are not my ideal client.

But my point is that, as consumers we so often champion the virtues of saving money, showcasing our savings like prizes on a mantle.

What we don’t consider is the other side. The small business owner trying to make ends meet. The coffee grower abroad working 16-hour days.

We don’t see the people that we choose not to support.

The means of production is so far removed from the actual products, which further encourages more mindless consumerism.

Yet many of us say we want to be more mindful consumers. But are you willing to spend more money on things that support your values? Support other people? Your local community?

In my own quest to have a deeper relationship with money and be a mindful consumer, I’m going to really think about the purchases I make. Saving money isn’t the only thing to consider.

Money is political and I want to make sure I’m spending in alignment with my values and “voting” appropriately.

If you want to change the world, you have to change the way you spend.

Have you ever had a hard time saving? Maybe you just weren’t into it very much, or you felt like you had no money to spare.

Or, if like me, you feel like you have competing priorities. Everything is trying to capture the attention of your last remaining dollars.

But there is one simple trick to help motivate you to start saving:

Think of it as being in debt to your future self.

In actuality, you are in debt to your future self. Your future wants to be taken care of and better than your present, so it behooves you to start saving today.

Every day that you don’t save, you are losing out on interest. You are cheating your money from the beauty of time — the power of compound interest.

How many times have you gotten yourself in a situation, where you wished you had more money saved? (raises hand). Yeah.

Hindsight is always 20/20, but this is a message from your future self. SAVE MORE. Yes, you. Even more than you thought.

Why? Because life isn’t perfect. Life doesn’t go as planned. Things happen. You want to be prepared for anything life throws at you, instead of panicking at the situation at hand, ON TOP of then worrying about how you have no money, riddled with the fact you may have to take on debt.

Why This Trick Works

For the past few months, I’ve been insanely passionate about getting out of debt. I’m paying over $2,000 per month so that I can be debt-free in a year. I am so inspired and ready to be done! Yet, this sort of fervor isn’t commonly displayed for saving.

Saving seems boring and like a chore. This trick works because it shifts your money mindset — saving is no longer something you “should” do, but it’s something you have to do.

You don’t want to default on your future self, do you? You don’t want to deal with creditors Worry, Panic, and Distress, right?

I didn’t think so.

So get started today and save more. Make your savings rate just a little uncomfortable. It’s good for you, I promise. Comfort zones are where progress goes to die.

You better believe I don’t feel comfortable throwing so much money at debt, but at the end of the day, it also gives me a subversive thrill.

I know that I’m doing something that most people won’t do. In some cases, can’t do. And you can do the same, with your savings.

The thing about saving is that the money is still there. It doesn’t go anywhere. It’s just stashed away and ready for you, but it’s not actually lost.

I feel like many people feel anxious about saving money because it feels like letting go of something tangible. But it’s still there! And it will be yours, if you need it.

So, if you want to start saving, think about how much debt you are in to your future self. Think of all the years you owe someone else, working on their time just to make a dime.

Think of the precious moments of your life that are taken away because of financial worry.

THERE IS A BETTER WAY. And it starts with a commitment to save and to save more than you think you need. Your future self will thank you.

Even though I am deep in debt, saving money is still a very important part of my financial plan. Now that I’m self-employed, it’s more important than ever that I stash money aside to prepare for all the unknowns in the world.

Not only that, but it’s important that I plan for all the things going on in my life. In the next year alone, I will be saving up for FinCon and Spain/Portugal.

Saving has always been a part of my adult life after I graduated college and became self-sufficient. I didn’t get my first credit card until a year ago, which meant that everything I bought had to be purchased with cash that was in my account. Nothing will inspire you to save like not having a credit card!

But for the longest time, I would just have all my money in one lump savings account. As long as it wasn’t in my checking, it was fine right? When I started to actually withdraw money for my goals, things started to get a little blurry. It was hard to keep the integrity of one savings goal, when it was jumbled with all the others in the same account.

Think of it this way. Let’s say you go to the grocery store to buy food for the week, but you also buy food for a special camping trip. If you don’t come home and separate what food is for the camping trip, you are likely to eat it along with the rest of the food.

By separating food (and funds), you are setting your intention and clearly marking its purpose.

Several years ago when I found out that Capital One 360 allowed multiple, targeted savings accounts, I was thrilled! I have been with Capital One 360 (formerly ING Direct) since 2007, so have been a long-term saver. But this added function has completely revolutionized the way I save!

From the screenshot, you can see I have multiple targeted savings accounts. One for Emergency Fund, Travel, Taxes, Spain, Contact Lenses, FinCon, and Credit Card Payments. Yes, you can create whatever savings account with whatever amount you need. The best part is you get to name them, which really solidifies the goal!

I love that there are no fees and no minimums. Bonus: you can even create a savings goal, which creates a nifty bar graph to show you your progress.

To make it easy, you can create an Automatic Savings Plan, that is linked to your checking account. I have all my savings accounts linked to my checking, and have automatic withdrawals throughout the month — even for as low as $20. Because everything helps!

More than anything I believe in the power of automation. I was able to save $14,000 before going to grad school because I automatically saved $600 a month. After a while, I didn’t even miss it. Heck, I didn’t even notice it. You better believe I was thrilled to have a decent cushion when I left my job and moved to NYC for grad school.

It’s because of automation that I haven’t had to deal with my own mental roadblocks that can so often get in the way of savings.

Can I afford this? Should I just save later? Oh, I’ll just wait a few days.

Do those thoughts sound familiar? Yeah, I’ve been there. But with automating, it’s just so easy. But if automation really isn’t your thing, you can transfer manually.

As 2015 approaches and you are planning your goals, consider targeted savings accounts. Separate the funds so that you know exactly what they are being used for. Trust me, it’s really easy to make excuses about why we can’t save. If all your money is lumped together, as soon as one thing pops up, you will use all that money on that specific thing and your goals go out the window.

Try a different approach! I’ve been so happy with Capital One 360 as a saver that a few years ago, I dumped CitiBank and opened a checking account with Capital One 360. At first it felt weird to dump a brick and mortar location for something that is only online. But they have made strides in their online app, which makes it easy to upload checks, and there are many ATMs in the area. I’ve also had nothing but good experiences the few times I’ve called their customer service line.

So if you are looking to overhaul your finances, try out targeted savings accounts. Also, if you are bombarded with overdraft or other types of fees, then try out Capital One 360’s checking account too. No fees and no minimums.

I currently get a .75% APY on my savings account and .20% APY on my checking, which brings in a few extra bucks a month. The extra money is nice!

Keep on saving my frugal, debt-fighting friends!

Note: I wasn’t paid to write about Capital One 360 (although if someone works there and wants to extend the opportunity, I’d be happy to 🙂 ). I truly believe that my finances have been a lot more organized because of targeted savings accounts. I also love that there are NO FEES and NO minimums. However, this is my referral link, so we will BOTH get a small bonus if you open up either a checking account, or a savings account with $250.