These BudgetTok strategies could help you save extra cash each month abc15
"More and more people are interested in taking control of their finances and you obviously see some of this because of the economy right now," ABC News Chief Business Correspondent Rebecca Jarvis said."But you have to be careful if you're looking at this stuff, because not every size fits every person and every budget and you also have to watch out for scams."
Based on some of the budgeting strategies that are trending on the popular app, Jarvis said some people are able to save a few hundred extra dollars a month."This is 50% of your spending goes towards your needs. 30% goes towards your wants and 20% goes into your savings," Jarvis said."Again, a model that can work really well for people because it creates some structure but it doesn't necessarily work for every person.
Jarvis added,"If you put your money into a bank savings account with a small interest rate on it, or you put your money into the stock market, in an IRA, for example, that has the ability to grow. In the cash situation, it's not growing but you are capping your spending."While these videos may be entertaining and useful, Jarvis warned against following advice that requires you to spend more money upfront.
Two apps that are good resources to help you get started include Digit, an automated savings app that analyzes what goes in and out of your checking account. Then, it periodically moves funds from checking to savings in amounts its algorithms believe are safe to save. Another is Qapital, which aims to help users effortlessly save small amounts of money but with a twist. It lets users set up savings rules.
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