5 Hacks to Be a Better Saver in 2020

Want to stash more money in your health savings account (HSA) this year? Doing so may be simpler than you think, but it'll also mean changing some habits!
by Shannan Seely January 24, 2020
  If the thought of pinching more pennies seems daunting, check out these practical, doable ways to double, triple, and even quadruple those dollars (that you can later put into your HSA!).

1. Start with a baby step.

Begin with putting a tiny amount into your HSA here and there… because it’ll make a big difference down the line. Look at it this way: say you sock away $50 every paycheck. If you get paid bi-weekly like most folks, this means you save $100 a month… that’s $1,200 annually. 

Another way to look at it is this: say you eat out a few times per week (we’re all guilty of it!), and spend $15-30 per meal. Eat out of the house 3-5 times less pay period, and you’ve got your HSA contributions made! Easy.

2. Make your savings automatic.

Turn saving into an automatic habit. Just “set it and forget it,” as they say.  When you schedule contributions on autopilot (which you can do in about 60 seconds from the Starship app!), you’ll gain some serious satisfaction seeing the funds in your HSA grow month to month, tax-free! Here are two easy ways you can arrange to save: 

  • Recurring direct deposit: set up an automatic withdrawal from your checking account directly to your HSA on a recurring basis. You may choose the amount of the tax-deductible contribution and the day of the month for the transfer. Talk to your HSA account manager about this option.
  • One-time direct deposit: getting your hands on a bonus or cash gift? Plan on automatically investing this money… you’ll be happy you did. Write a check, transfer the funds from another account, or deposit cash into your HSA. It’s that simple.

3. Keep the change.

Break out that piggy bank! When you get home from work, drop any spare change you may have accumulated throughout the day into your good old piggy bank. Bonus points if you have a glass jar so you can watch the money pile up. Then when it fills up, bring that change to the bank, and transfer it into your health savings account. Et voila! An instant boost for a healthy future.

4. Check-in on your subscriptions.

Subscriptions. We’ve all got ’em, but some of us have more than others. And guess what? They may be gobbling up your monthly budget without you even knowing. Companies make it almost too easy to sign up for their services these days, it’s likely that you could be getting hit with subscription fees without even knowing it.  That’s why it’s important to keep tabs on your subscriptions. Apple and Android systems have actually added built-in systems to help you see all of these money pits (okay, they’re not all money pits, but you get the idea) in one place.

Here’s a great break down of ways to keep track of your subscriptions, device-dependent. 

5. Go homemade.

The Bureau of Labor Statistics reports that the average household spent about $3,459 on food outside the home last year. That’s $288.25 a month, which adds up to $10,377 a year! Dining out is expensive folks. So why not try packing a lunch for work? To get inspired, search online for some seriously tasty lunch ideas. Plus, did you know that people who cook at home more often are likely to eat a healthier overall diet? It’s not too surprising, really, seeing as your personal health and financial health are linked!  Who knew being a better saver can help you every aspect of your life?!

Take the first step
in taking care of you.

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