Times are tough, is truly an understatement right now. For many young people, this is the highest gas, food and even housing prices they have ever seen. Those who have seen this before, are frustrated at constantly trying to make ends meet. Everywhere we look today, prices have gone up. The experts are talking about Inflation and supply chain issues, increasing prime rates and using all kinds of terms that, at end of the day, just mean less money in your bank account. If I had a magic wand, I'd grant us all some extra coins. Sadly, I don't so what I can offer is some small everyday ways that we can all hold on to a little more cash.

  1. Take advantage of your bank’s cashback feature. For example, the KOHO prepaid Mastercard gives you cash back on groceries, gas, and more. Since these are bills you would have already budgeted for, why not earn a little extra while you’re at it? With cashback, it means that when you spend on certain items like groceries or medications, your bank or card company will give you back a percentage of the sale. The cashback percentage can vary, but even a .5% cash back rate means you are at least getting something back from a purchase you had to make anyhow. Who doesn't like a little extra?

  2. Start sharing subscriptions. What I mean is, if you’re already paying for Netflix and Spotify by yourself, and your friends are doing the same, why not set up a family plan that you can split that ends up being cheaper for everyone? Or swap services, for e.g. I pay for Disney+ and Itunes but my stepmom pays for Netflix and Prime, I also have subscription shares with other members of my family and friends. If you were to add up how much these individual subscriptions cost, you may find it runs you even more than a cable bill would. When it comes to saving, these little things can really add up.

  3. Start Looking for deals. There are several websites that can help you do this, like Honey, which pulls in any available coupon codes for whatever site you’re shopping on. Even those flyers that we all get in the mail can help you save on everyday items. Many grocery stores and even home improvement stores offer price matching or "meet and beat" where they don't just match the competitor's price, but they also beat it by giving you a further discount. So before you head out to your local hardware or grocery store, do a quick online search, if you find the product cheaper elsewhere, including at an online store like Amazon, then ask your store if they will price match. Nowadays, It’s so easy to shop around so make sure you’re not paying more than you need to.

  4. Cook more. This is probably the hardest for many, especially with apps like Uber Eats. A typical meal from one of these apps can run you around $30. With that money, you could buy enough groceries to cook a week’s worth of lunches. In my time coaching, the thing that surprises people the most is when they add up how much they spend eating out. I know cooking isn’t easy, but there’s a ton of YouTube channels that can teach you how to make quick, delicious and cheap meals.

  5. The final tip is: Utilize Round-Up features. This is an intuitive way to save a little bit every day without even noticing. For example, if you have round-up set to the nearest $1, and you spend $5.15, it would round up to $6, so 85 cents is put away for savings. KOHO offers this feature, so if a user has round-up enabled, they are literally saving every time they spend. Even though it’s just a few cents, that can really add up over time, and users can cash it out whenever they want.

How KOHO Can Help
  • Using a prepaid card is a great way to control your spending because you can only spend what you have while focusing on paying back what you owe.

  • KOHO has a range of features that can help with staying on budget and up to date with savings goals like our RoundUp feature, Vault, Goals, Earn Interest and Budget Insights.

  • For people who have low credit scores, it can be challenging to obtain a regular credit card, and sometimes even a secured card comes with too many hurdles. KOHO offers an easy online application process and does not require a down payment as a secured card would, so you get the benefit of a card plus more, without having to give up your hard-earned cash.

  • Your KOHO card isn't just a prepaid card, you also have access to many banking features like maintaining a savings and spending account, bill payments, and e-transfers.

  • If you are a premium member or you have purchased one of the bundles, you get access to Financial Coaching.

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