Your nest egg. Your rainy day funds. Your future. Whatever you’re calling your savings, the road to financial independence is not exactly an easy one to navigate. And with terms being tossed around like side hustles, cryptocurrency, and robo-investors (not to mention a laundry list of acronyms like IRA, 401k, ETF), just mastering the lingo of your finances can feel like a full-time job.
But like most things, it’s best to start simple, which is why we’re here to help you start making the most of your financial future in everyday ways. Check out our easy strategies for smart saving (and money-making!), all starting with the Ibotta app.
1) Start Your Savings with Grocery Shopping
According to a recent study, more than 50% of respondents reported having less than $1000 in savings. Avoid falling into this statistic by using the Ibotta app—a free mobile shopping app that earns you cash back on everyday items. Because Ibotta gets you cash back at thousands of local grocery stores, start by transferring your cash back earnings from just groceries into a savings account. Regularly contributing to your savings account is a crucial first step towards successful saving, regardless of the actual amount you save. And since grocery shopping is a pretty frequent activity, you’re establishing consistent opportunities to build your savings.
2) Turn Online Purchases Into Investments
Online shopping is a no-brainer for busy people: anything you need, delivered with just a few taps of a screen or keyboard. For all you mobile devotees, the Ibotta app is actually the perfect way for you to start investing your money, directly from your phone or tablet. Download a free/low-cost investment app (our favorites are Wealthfront, Robinhood, and Acorns), and deposit your Ibotta earnings from online retailers (such as Amazon, Groupon and Hulu!) as your initial investment capital. Then, thanks to the mysterious raw power of compound interest, watch as your money moves beyond savings and starts to grow!
3) Build an Emergency Savings Fund Using Referral Bonuses
If an unexpected expense came at you today, would you be prepared to pay for it? Statistics say nearly 57 million Americans would not. Most experts recommend having 6 months of “life” savings to be adequately prepared for unexpected financial burdens, so don’t wait another day to start your emergency savings fund. We know, it’s not the most motivating goal, but Ibotta has a little secret that makes it almost effortless to start saving. Did you know that for every friend you refer to Ibotta who starts using the app, you get paid bonus cash? Put your social network to good use and start filling your emergency savings fund with your referral money… and keep your other cash back for the fun stuff.
At Ibotta, our motto is Life Rewarded, and that includes making your financial goals just a little bit more accessible. We’d love to hear about how you are using your Ibotta earnings to boost your financial wellbeing, so comment below and let us know how you’re doing!
New to Ibotta? Download the free app today & start earning cash back on the things you buy every day.