NBC News recently wrote an article about a money-saving trick that I use involving retail receipts!
For the past 10 months, I’ve added up the “You Saved” amounts listed on the bottom of receipts and transferred that amount to an online savings account where it can grow.
Buying things at a discount is great, but it’s not saving money! Real savings is achieved when your dollars are earning interest in a bank account.
For example, if you buy a pair of sneakers for 50% off and then go next door and buy a pair of jeans for 50% off, you could leave the mall spending more than you planned to in the first place.
I’ve saved nearly $1,500 since I started the “Save Your Savings Challenge” and plan to keep on going! Here’s how to get started:
- Always ask for a receipt
- Store your receipts in a box
- Add up the “You saved” amounts monthly
- Transfer the total to a savings account
Before I store my receipts, I also run them through the cash back apps Ibotta, Fetch Rewards and Receipt Hog.
It’s really that simple! I set up a separate bank account for this challenge to easily track my progress. It’s part of my broader money-saving strategy that involves having FIVE bank accounts.
Read more about that here and check out the full article about my receipt trick at NBCNews.com.
— Michael Saves (@MichaelSaves) August 15, 2018
Michael Saves recommends:
- CIT Bank: This is my new favorite online savings account with one of the top rates in the nation! No fees to open or maintain; $100 minimum deposit (Read more here)
- Personal Capital: Create a budget and track your net worth using this free website and app. Click here for a $20 sign up bonus.
- Trim: Have this digital assistant negotiate a lower cable and internet bill for you!
- Ibotta: The easiest way to get cash back for grocery store purchases! Get a $10 welcome bonus with my referral link.
- TopCashBack: Start your online shopping here to receive discounts at major retailers.
- Raise: Buy discounted gift cards for your favorite stores! Start with this $5 welcome bonus.