Are you looking to save more money this year? If so, you’re not alone. But if you’re like most people, you may find it challenging to stick to it. After all, it’s not always easy to save money. So read on to learn how you can start stacking money today!
Table of Contents
What Is Stacking Money?
The terms stacking money, stacks of money, money stack, etc., are slang phrases that refer to the act of saving money. The phrase is often used in reference to saving up a large amount of money over time, such as for a down payment on a house or retirement.
Stacking Money Tips
It can be difficult to save extra money, but there are a few ways you can make it easier on yourself!
Track Your Spending and Finances
One of the best ways to save money is to track your spending and finances. This will help you form a spending strategy and audit where your money goes. There are many ways to do this, such as using a budget or tracking app, writing down your purchases in a notebook, and collecting receipts for review at the end of each week or month.
Once you understand where your money goes, you can start to evaluate your spending costs. This will help you identify areas where you can cut back or save more. For example, if you are spending a lot on eating out, you may want to cook more meals at home. Or, if you find that you are spending a lot on clothes, you may want to shop at thrift stores or buy less clothing overall.
Pay Yourself First
One of the best ways to save money is to “pay yourself first.” This means that you should set aside money for savings before you pay any other bills or expenses. For example, you may want to have a portion of your paycheck automatically deposited into a savings account. Or, you may want to set aside cash at the beginning of each month for savings.
Paying yourself first is a good way to make sure you are saving money regularly. It can also help you reach your savings goals faster. If you have trouble saving money, start small and increase the amount over time.
Start a Money Saving Challenge
One way to save money is to start a money-saving challenge. This is where you set aside a certain amount of money each week or month for savings. There are many different ways to do a money-saving challenge. You can find one that works best for you and your budget. Once you start the challenge, be sure to stick to it! A few examples include:
- The 52-Week Savings Challenge: This challenge involves saving a set amount of money each week for 52 weeks. For example, you may start by saving $1 the first week, $2 the second week, and so on. By the end of the challenge, you will have saved $1,378!
- The 30-Day Saving Challenge: This challenge involves saving a set amount of money each day for 30 days. For example, you may start by saving $1 the first day, $2 the second day, and so on. By the end of the challenge, you will have saved $465!
- The 365-Day Saving Challenge: This challenge involves saving a set amount of money each day for 365 days. For example, you may start by saving $1 the first day, $2 the second day, and so on. By the end of the challenge, you will have saved $18,250!
Stop Accruing New Debt and Pay Off Existing
One of the best ways to save money is to stop accruing new debt. This means that you should not take on any new loans or credit card debt. Instead, focus on paying it off as quickly as possible if you have existing debt.
One way to stop accruing new debt is to live below your means. This means spending less money than you make. You can do this by tracking your spending, setting a budget, and reducing expenses.
Another way to stop accruing new debt is to make more money. This can be done by getting a better-paying full-time job, starting a side hustle, or earning passive income.
If you have existing debt, focus on paying it off as quickly as possible. You can make more than the minimum payment each month, transfer your debt to a credit card with a lower interest rate, and pay more on debt, starting with the highest interest rate first.
Refinance to Lower Interest Rates
If you have debt with high-interest rates, you may want to consider refinancing. This means taking out a new loan with a lower interest rate to pay off your existing debt.
Refinancing can save you money on interest payments and help you pay off your debt faster. However, it is important to compare offers from different lenders to ensure you get the best deal. You should also be aware of any fees associated with refinancing before you decide.
Catch Hidden Fees and Improve Investments
If you have debt, it is important to be aware of any hidden fees that may be accruing. For example, many credit cards charge a “maintenance fee” of around $1 per month. This may not seem like a lot, but it can add up over time! You can catch hidden fees by reading the fine print on your credit card statements and loan documents.
It is also important to regularly review your investments to ensure they perform well. Many investment fees are hidden, so it is important to know what you are paying. You can catch hidden fees by reading the fine print on your investment statements.
If you are not sure what a fee is for, call the customer service number and ask. You can also ask a financial advisor for help. If you find that your credit cards or investments have fees that are building up, shop around and find a better one!
Save and Invest Spare Change
One of the easiest ways to save money is to save your spare change. This can be done by setting up a change jar or piggy bank and adding your loose change to it at the end of each day. Once your jar or bank is full, you can then take it to the bank and deposit the money into your savings account.
Another way to save your spare change is to invest it. This can be done by setting up a brokerage account and investing in stocks, mutual funds, or exchange-traded funds.
If you are unsure how to invest your spare change, several apps can help, like Acorns. Acorns is an app that rounds up your credit or debit card purchases to the nearest dollar and invests the difference into a portfolio of ETFs.
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Invest in Low-Cost Index Funds
Investing in low-cost index funds is a great way to save money on fees and commissions. Index funds are a type of mutual fund that tracks a specific market index, like the S&P 500.
Investing in index funds is a great way to diversify your investment portfolio and lower your risk. However, it is important to compare fees before you invest. Many index funds have expense ratios of 0.25% or less.
You can invest in index funds through a traditional brokerage account or a robo-advisor like M1 Finance, Betterment or Wealthfront. Betterment and Wealthfront are two of the largest robo-advisors and offer low-cost index fund investing with no commissions or account minimums.
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Cut Down on Grocery Costs
Groceries are something we cannot live without- after all, we all have to eat! But finding ways to cut down on groceries can save you a lot of money over time. A few ways to do this include:
- Buy generic brands instead of name brands- Generic brands are usually cheaper and just as good as the name brand products.
- Use coupons- You can find coupons in the Sunday paper or online.
- Loyalty programs- Many stores also offer discounts if you sign up for their loyalty programs.
- Stick to a list and avoid impulse buys- Impulse buying can lead to spending more money than you need to.
- Buy in bulk- Buying items in bulk often has a better unit price making it cheaper per item/ounce/pound/etc. than if you bought in smaller amounts.
Lessen Eating Out Costs by Making Your Own Meals
Eating out can be expensive, but there are ways to cut costs. You can:
- Cook at home more often. You can do this by meal prepping or using a crockpot. Meal prepping is when you make all of your weekly meals in one day. This saves time and money because you only have to cook once and you have food for the whole week. Crockpots are great for making cheap, easy meals.
- Order from a meal delivery service. There are many affordable meal delivery services out there that send nutritious, easy-to-prepare meals that don’t take a long time to cook. Some even offer discounts when you sign up for a subscription or monthly delivery.
- Pack your lunches. This is a great way to save money if you work outside the home or go to school. Some tips for packing your lunch are: packing leftovers from dinner the night before, making a simple sandwich or wrap, and bringing fruits and veggies as snacks that don’t need to be cut up or repackaged.
Earn Cash Back When Shopping
There are a few different ways to earn cashback when shopping. You can:
- Use a cashback credit card -If you have a credit card that offers cashback, you can make money back on your purchases. Just be sure to pay off your balance in full each month to avoid interest charges.
- Shop through a cashback portal – A cashback portal is a website that offers cashback on online purchases. It’s almost like free money! You simply shop through their site and earn a percentage of your purchase back in the form of a rebate.
- Sign up for store loyalty programs – Many grocery stores, gas stations, and other retailers offer loyalty programs that give you money back on your purchases. All you have to do is sign up and use your card or phone number every time you shop.
Avoid Impulse Purchases
One way to avoid impulse purchases is to unsubscribe from retailers’ email lists and mute their social media accounts. This way, you won’t be as tempted to buy something when you see it advertised. Another way to avoid impulse buying is to sleep on it. If you’re considering a purchase, wait at least 24 hours before deciding. This will help you determine if you really need or want the item. Finally, try to stick to a budget. When you know how much money you have to spend, you’re less likely to impulse buy.
Reduce Energy Costs
Energy costs can add up, especially if you’re not using energy-efficient appliances or practices. A few ways to reduce energy costs include:
- Invest in energy-efficient appliances. These will use less energy and ultimately save you money on your utility bills.
- Change your light bulbs to LED bulbs.
- Unplug appliances and electronics when you’re not using them. Even if they’re turned off, they can still use energy.
- Turn off the lights when you leave a room.
- In the winter, open the blinds during the day to let in natural light and close them at night to keep the heat in. In the summer, do the opposite and close the blinds during the day to keep the house cooler.
- Get a smart thermostat. Smart thermostats can save you money because they automatically adjust the temperature based on whether anyone is home and the time of day.
- Seal any cracks or gaps around doors and windows to prevent heat loss in the winter and cool air loss in the summer.
- Install weather stripping on doors and windows.
Use an Online Bank Account
Online banking can provide individuals with savings they might not see at a traditional bank. There are a few ways that online bank accounts can save you money. First, they often have lower fees than traditional brick-and-mortar banks. Second, they often offer higher interest rates on savings accounts, which means your money will grow faster. Finally, many online banks have tools and resources to help you manage your finances and save money.
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Pay off Credit Cards in Full to Avoid High Interest
Credit cards can be a great way to earn rewards or finance large purchases. However, if you don’t pay off your balance in full each month, you’ll end up paying interest on your purchase. Interest rates on credit cards are notoriously high, so paying off your balance in full each month is essential. You can do this by setting up automatic payments, so you don’t have to worry about forgetting.
Some cashback credit cards will also give you a higher cashback percentage if you use the card for certain purchases, such as gas or groceries. If you have a card that offers this, use it for those types of purchases to get the most bang for your buck.
Maintain a Good Credit Score
A good credit score can save you money in a few different ways. First, if you’re looking to take out a loan, having a good credit score will get you a lower interest rate. This means you’ll end up paying less in interest over the life of the loan. Second, a good credit score can save you money on your car insurance. Insurance companies use credit scores to help determine rates, so a good score can lower premiums. Finally, if you’re looking to rent an apartment, a good credit score may give you a better chance of being approved and even get you a lower security deposit.
Need help improving your credit score? Read our credit repair guide!
Take On a Side Hustle
There are a few ways that taking on a side hustle can help you save money. First, it can give you a way to earn extra income, which you can then use to pay down debt or save for a specific goal. Second, a side hustle can help you develop new skills that can be used to negotiate a raise or get a better job. Finally, a side hustle can provide you with a way to save on costs by monetizing your hobby or using your car to earn extra income.
Downsize or Move to an LCOL Area
One way to save money is to downsize or move to a low cost of living area. This can help you save on housing costs and other costs associated with living in a more expensive area. Additionally, downsizing or moving to an LCOL area can help you reduce your expenses overall, allowing you to save even more money.
Plan Household Maintenance, Holiday Spending, and Other Non-monthly Expenses Ahead of Time
One way to save money is to plan for household maintenance, holiday spending, and other non-monthly expenses ahead of time. This can help you avoid last-minute costs that can add up quickly. Additionally, planning ahead can help you take advantage of sales and discounts available for items you need. Finally, by planning ahead, you can also make sure you have the money available when you need it, so you don’t have to rely on credit cards or other high-interest debt.
Don’t Compare Yourself to Others
One of the quickest ways to sabotage your finances is to compare yourself to others. When you do this, you’re likely to either spend more money than you have in an attempt to keep up with those around you or feel down about your financial situation. Unfortunately, neither of these options helps save money. So instead, focus on your financial situation and set realistic goals for yourself. This way, you can work towards improving your finances without comparing yourself to others.
Cancel Unused Memberships or Subscriptions
This is a great way to save some extra cash. If you have memberships or subscriptions that you no longer use, cancel them and put that money towards something else. This could be debt, savings, or another financial goal. There’s no need to keep paying for something you’re not using, so get rid of it and save yourself some money.
Some memberships or subscriptions that might be eating away at your funds include:
- Gym membership
- Magazine subscription
- Streaming services
- Amazon Prime membership
- Apple Music membership
- Spotify membership
- Web hosting subscription
- Domain name registration
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Prioritize Needs Over Wants
One of the best ways to save money is to focus on your needs rather than your wants. This doesn’t mean that you can never have anything that you want, but it does mean that you should prioritize spending on things that you need over something that you want.
Some items may be considered both a need and a want, such as a new car. In this case, it’s important to consider how much you need the item and if any cheaper alternatives would still meet your needs. For example, you may be able to get by with a used car instead of a new one, or you may be able to find a cheaper model that still meets your needs.
Saving money is all about being mindful of your spending and ensuring that you’re spending your money on things truly important to you. By prioritizing your needs over your wants, you can save a lot of money over time.
Automate Your Bills
One way to save money is to automate your bills. This can help you avoid late fees and penalties and ensure that you’re always on top of your payments. Additionally, automating your bills can help you keep track of your spending, which can be helpful in budgeting and saving money. There are a number of ways to automate your bills, including setting up automatic payments through your bank or using a service.
No matter how you do it, automating your bills can save you time and money.
Ask For Fees to Be Waived
If you’re being charged a fee that you don’t think is fair, don’t be afraid to ask for it to be waived. This is especially true if you’re a good customer or have been with a company for a long time. Many companies are willing to work with their customers to waive fees, so it’s always worth asking.
Some examples of fees that you may be able to have waived include:
- Late fees
- Overdraft fees
- Bank account maintenance fees
- Credit card late fees
- Annual credit card fees
- Travel fees
Side Hustle Ideas to Help You Stack More Money
One way to save money is to make extra money through a side hustle. A side hustle is a way of making money outside of your regular job. There are several side hustles that you can do, and the best one for you will depend on your skills and interests. However, a few side hustles tend to be popular among people who are looking to save money.
Flipping Items or Property
Flipping items or property is a great way to make some extra money. This involves buying something for a low price and then selling it for a higher price. You can flip just about anything, but some popular items include furniture, clothes, electronics, and property.
To be successful at flipping, you need to be good at finding deals and knowing how to market the items you’re selling. You also need to be patient, as finding the right buyer can take some time. However, flipping can be a great way to make some extra money if you’re good at it.
Ridesharing is a great way to make some extra money. You can use your car to give people rides and set your own hours. Additionally, there are many different ride-sharing companies that you can sign up with, so you can choose the one that best suits your needs.
To be successful at ridesharing, you need to be a safe driver and have a reliable car. You also need to be willing to work odd hours, as that’s when most people need rides. However, if you’re willing to put in the work, ridesharing can be a great way to make some extra money.
There are a number of different ride-sharing companies that you can sign up with, including Uber, Lyft, and Sidecar.
Tutoring is a great way to make some extra money. You can use your knowledge and expertise to help people learn and set your own hours. Additionally, there are several different ways to tutor, so you can choose the one that best suits your needs.
To be successful at tutoring, you need to be knowledgeable in the subject you’re teaching. You also need to be patient, as some people learn more slowly than others. However, tutoring can be a great way to make some extra money if you’re good at it.
There are a number of different ways to tutor, including in-person, online, and through companies. You can sign up with Tutoring companies, include Tutor.com, Kaplan, Varsity Tutors, and Sylvan Learning.
Freelancing is a great way to make some extra money. You can use your skills and talents in many ways to help people and set your own hours.
To be successful at freelancing, you need to be good at what you do. You also need to be able to market yourself and find clients. However, freelancing can be a great way to make some extra money if you’re good at it. Some freelancing platforms that you can sign up with include Upwork, Fiverr, and PeoplePerHour.
Airbnb is a great way to make some extra money. You can use your home or property to host people and set your own hours. To be successful at AirBnB, you need to have a suitable property that people will want to stay in. You also need to be a good host and provide a clean and comfortable space for your guests. With AirBnB, you can rent out your entire home, just a room, or rent out another property you own.
Check out other ways to rent out your space to others to earn passive income!
Stacking Money FAQ
What Is the Starve and Stack Method?
The starve and stack method saves money by living on a small portion of your income and reinvesting the rest. The idea is that over time, you will save up enough money to be able to live off of the interest and dividends from your investments while still having enough money left over to reinvest.
Can You Stack Crypto?
Yes, you can stack crypto. This simply means saving up cryptocurrency instead of cash. The idea is that the value of the cryptocurrency will increase over time, and you will be able to sell it for more than you paid for it. Additionally, some cryptocurrencies pay dividends, which can also help you earn more money over time.
Does Stacking Money Work?
While some people have had success with stacking money, others have not. So it really depends on multiple factors, including how much money you have to stack, how disciplined you are with your spending, and how well you invest the money you do stack.
Are There Any Apps That Help With Stacking Money?
Some apps can help you save money but are not specifically designed for stacking money. However, some apps that may be helpful include Digit and Acorns. These apps can help you track your spending, set budget goals, and find ways to save money. Here’s a list of the best budgeting tools to check out.
The Bottom Line
Stacking money, or stacking cash is a great way to save up for your future. It requires discipline and patience, but it can be a great way to make sure you have the money you need when you need it. With so many different ways to stack money, just pick a strategy and get saving today!
Samantha Hawrylack is a personal finance expert and full-time entrepreneur with a passion for writing and SEO. She holds a Bachelor’s in Finance and Master’s in Business Administration and previously worked for Vanguard, where she held Series 7 and 63 licenses. Her work has been featured in publications like Grow, MSN, CNBC, Ladders, Rocket Mortgage, Quicken Loans, Clever Girl Finance, Credit Donkey, Crediful, Investing Answers, Well Kept Wallet, AllCards, Mama and Money, and Concreit, among others. She writes in personal finance, real estate, credit, entrepreneurship, credit card, student loan, mortgage, personal loan, insurance, debt management, business, productivity, and career niches.