What we'll cover
What microsaving is
How microsaving works
What the benefits of microsaving are
Here’s how to get started.
What is microsaving?
How frequently you make these small deposits is up to you and depends on the technique you use to microsave (more on this later).
How does microsaving work?
Now you may be thinking to yourself, “Each microsaving amount is so tiny. How am I ever going to reach my savings goals with this technique?” Here’s the thing: Over time, all of the small savings really add up to serious funds in your bank account. When you put your savings in an Online Savings Account that earns a competitive interest rate that compounds daily, your money will perform even smarter for you. And with no minimum balance or monthly maintenance fees, every penny of your savings will go towards your financial goals.
Why should you consider microsaving?
And if an analog savings method is more right for you, consider one of these microsaving methods:
Paying with cash? Put your spare change in a physical savings jar, and once it’s full, deposit into savings.
When using coupons or participating in a discount shopper program, take note of your savings and transfer that amount into your savings after making a purchase.
Review your checking account and/or credit card statement at the end of the month. Round up each purchase to the next dollar and calculate the total. Subtract your statement total from that amount and transfer that sum into your savings.
What are the benefits of microsaving?
It can be intimidating to train for a marathon, but the feat itself is rewarding. Same goes with saving money. Microsaving strategies are the training shoes to get you started — and once you do, your savings will give you the opportunity to go the distance.
