Tools that help make saving simple

Remember the days when you dropped your spare change into a piggy bank or a jar? You probably never missed that money, but after a while you had enough to give your bank account a real boost. These days, apps and programs have harnessed the potential of small change. The details may differ depending on the program, but generally your financial transactions—such as swiping your debit card when you buy lunch at work—are rounded up to the next dollar, and the difference is transferred into a savings or investment account.

If you do this every workday for a year, you could accumulate $125 or more, enough for a concert ticket, your child’s soccer fees or a nice birthday gift for your mom. Learn more about Bank of America’s Keep the Change® savings program, which rounds up debit card purchases to the nearest dollar amount and transfers the difference from your checking account into your savings account.

If you typically use a credit card to pay for things, consider applying for one that lets you earn rewards on your purchases. You can use those rewards as a savings tool. For example, if you earn cash back with your credit card, you may be able to set up automatic transfers of that money so that whenever you reach a certain rewards balance, such as $25, it is deposited directly into your savings account.

One of the best ways to save money is to build savings into your budget. If you find it hard to stick to a budget, a number of apps and programs can help do the work for you. These apps generally require access to certain financial details, such as your online account log-ins and passwords. Then, they analyze your spending and advise you on where to cut back or save.

Tip: If you’re considering downloading budgeting software or a budgeting app, make sure you research it before using it and only download it from a verified site or store. Bank of America clients can use the Spending & Budgeting tool online or in the mobile app.