Money Minute: Keep the change
In today’s edition of Money Minute, Paul Folger highlights ways to save some money every day.
There’s an easy way to save a little cash with nearly every transaction. Erin Proko, president of Bell Bank, says some banks have programs for debit accounts, allowing you to save your change.
“You can customize the amount you are saving per transaction,” Proko said.
Bell Bank calls its program “ChangeSaver,” while other banks like Bank of America call it “Keep the Change.”
Here’s how it works:
Maybe you spend $1.46 on a purchase — this program rounds up that purchase and deducts $2 from your debit account. That extra 54 cents will then go into a savings account.
Little by little as you make more purchases, your savings still start to stack up. If something like this sounds like it would work for you, it’s important to discuss it with your banker.
Some of these programs, like ChangeSaver, will even match your savings up to $250 a year.