Having a savings account in a bank is not the only option you have to save money. In fact, there are about 10 million U.S households that don’t have bank accounts, according to a report from the FDIC.
If you want to avoid the hassle of bank transactions and ATM Inaccessibility, here are other alternatives you might consider.
Learn how to budget
Topping the list is learning how to budget. Set a limit on how much you should spend on something. Control your urge to overspend and buy unnecessary things.
Have a piggy bank
It might seem childish or small-time for some but it’s actually an effective way to save money. What’s more, it’s not heavy on your pocket since you need to put only coins. Add the fact that it also provides a hands-on training on the basics of saving and the value of money which is suitable not only for children but for adults also.
A penny a day in your piggy bank would soon pile up. You’ll be surprised that you’ve filled up your mini bank in no time. Remember that coins are money too and can mean a lot if you know its value.
Let others hold the money for you
If you can’t trust your own hands to hold your money, try entrusting it to another’s. Hand it to a trusted relative, a friend or to your parents. Have them save it for you so you won’t accidentally spend it.
This works best for people who lack budgeting skills and who are impulsive buyers.
Round up purchases
Everytime you buy goods, try rounding up the price indicated in the item. Pay for the total rounded up price and then save the change. Put the change in a jar or in anything that could hold coins and bills.
It’s like putting more money in a sized-up piggy bank. It might not be much at start but could be a great sum if added altogether.
Check cashing is a way of converting a check into cash offered by certain financial institutions. Check cashers offer services that are similar to those of a regular bank. However, they charge a small fee for transactions that can be also done in a bank without added charges.
So why do people still invest in this kind of place? The reason is that cash is readily available whenever people need it since business hours are longer in this one. People pay for the extra convenience, accessibility and services offered by this type of company. It’s especially popular to those in the lower income bracket as an alternative to regular banking services.
Safety deposit box
Storing money on a safety box could be another alternative for a bank account. You literally put a bank in your house this way. Save the hassle of going into a bank and doing transactions when you can do it at the comfort of your home and at your own time and pace.
However, make sure that you hide it in a very safe place. It’s risky to store a large amount of money in one place with all the uncontrollable factors playing around. There are possibilities of disasters occurring or thieves sniffing information that you’re storing cash in your house.
Be discrete about keeping a safety deposit box and be certain that it can handle any kind of pounding from external factors.
Instead of storing your money in a bank, there’s the option of investing it. Put your cash in stocks or buy treasury bonds. Cash might not be readily available once you invest it but the growth rate can even be more promising compared to that of a savings account.