Everyone has their own tricks and tips on how they manage their spending and stick to a budget. The extreme ideas might sound good in the beginning, but if it only lasts a week, it won’t be too effective. We suggest adapting the saving tips that will lead to a balanced and healthy financial lifestyle – tips that you will be able to maintain over a longer period of time. Here are some of our favorite ways to reach your savings goals.
1. Don’t settle.
Settling is never a good thing to do for yourself, even when it comes to those monthly bills. Next month, when you are going over your spending, take a second look at the bills you might have gotten a little bit too used to paying blindly. Your phone bill could be cut in half by switching to a different provider or maybe your car insurance can be negotiated down since when you first set it up.
2. Eat out less often.
It is crazy how much you can spend on food without even realizing how you could be saving instead of spending. Everyone deserves to dine out occasionally, however, the easiest way to cut back on unnecessary spending is by cooking your own meals as much as you can. Live with roommates? Try taking turns in cooking the meal for the night. It’s cheaper to cook a meal in a larger quantity and you still get the feeling of eating out on your nights off! Here are some tips to lower your grocery bill.
3. Download an app.
There are many resources online and in the app store that will help you meet your savings goals. Saving becomes even easier when you have 24/7 access to apps that help you manage your money, no matter where you are. Learn more about how you can start saving on-the-go with apps that make saving easier.
4. Plan as much as you can.
Believe it or not, the more planning you do, the more money you can save. This goes for almost everything, whether it’s your grocery shopping list or your kid’s back to school necessities, planning with coupons and shopping for deals can save you more money than you think.
5. Use your cash back debit card.
You might be used to using your credit card with the excuse of being rewarded with its cash back deals, which can easily lead to spending money you don’t have. At LendingClub, instead of blindly charging your account, you can keep track of your spending and still get rewarded with your cash back debit card. Rotating your debit card in and using your credit card less, can help you save money and stay on track with your budget. Earn 1% cash back on all signature-based purchases made with your Rewards Checking LendingClub issued debit card.1
6. Open a High-Yield Savings account.
If you don’t have one already, a savings account is something everyone should be taking advantage of. The difference between LendingClub’s High-Yield Savings account and a regular savings account is the percent of interest offered for the different accounts. Our High-Yield Savings account offers a competitive rate.2 Once you open an account and deposit your savings, you will be saving more money without even having to make any other changes.
1. The Debit Card Rewards Program (Cash Back Rewards) will provide 1.00% cash-back on all Qualified Purchases made by eligible Rewards Checking account holders if the account holder does any of the following; meet the requirements, is grandfathered in, or keeps an average balance of $2,500 or greater within the calendar month in their Rewards Checking Account, or receives total deposits of $2,500 or more in their Rewards Checking account via qualifying Direct Deposit within the month. Qualifying Direct Deposits are Automated Clearing House (ACH) credits, which may include payroll, pension or government payments (such as Social Security) by your employer, or an outside agency. LendingClub Bank N. A. may require documentation to verify that credits are Qualifying Direct Deposits. The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as LendingClub Bank N. A. does not provide tax advice. Qualified Purchases include signature-based purchases made with a LendingClub Bank issued Debit Card tied to a Rewards Checking account enrolled in the Debit Card Rewards program. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to LendingClub Bank N. A. at the time of processing. We reserve the right to determine if a transaction was a Qualified Purchase, and to establish additional types of Qualified Purchases that could be made available in a variety of ways. Any goods or services purchased with the LendingClub Bank issued Debit Card that are returned or otherwise credited to your Account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Cheques, gift cards, Cryptocurrency, Casino Chips, Peer to Peer Payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with your LendingClub Bank issued Debit Card are not Qualified Purchases. We may require you to provide documentation to validate that certain purchases are Qualified Purchases. LendingClub Bank N. A. reserves the right to modify or discontinue this program at any time. Your enrolled account must remain open, active, and in good standing to participate in the program, meaning: No NSF (non-sufficient funds) items during the preceding twelve calendar months in your checking account (regardless of the type of checking account). An eFunds check must show no negative history in the preceding twelve months and all monthly servicing fees must have been paid in full for the 12 preceding months. LendingClub Bank N. A. reserves the right to modify the description of “good standing” at any time. If you or the Bank closes your account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked Debit Card during that statement cycle.
2. High-Yield Savings has no monthly maintenance fee, no minimum balance requirement after $100.00 to open the account, and is FDIC-insured up to the maximum allowed.Annual Percentage Yield (APY) accurate as of 10/06/2022. Rate tiers are as follows: 2.85% APY applies to balances of $0.00-$9.99; 2.85% APY applies to the entire balance on balances of $10.00-$2,499.99; 2.85% APY applies to the entire balance on balances of $2,500.00-$24,999.99 and 2.85% APY applies to the entire balance on balances of $25,000.00 or more. Rates are variable and may change at any time after the account is opened without notice. Rates are determined in the sole discretion of the Bank. Fees may reduce earnings.