Build Savings Faster – The 5 Tips that can Change Your Savings Account
Make sure you’re saving in the right account
Look at your bank’s savings options. Regularly. Do they have a match your savings promotion? Could you be getting a higher interest rate if you switch to a less flexible savings account? There are usually ways to make sure that your savings is growing as fast as it can, and checking out how your bank can help is one of the easiest ways to do it.
Take away the choice, force your own hand into savings
Over the years I have well learned the value of automated deposits into savings accounts. I in particular have set up a variety, one for my investments, one for my savings and so forth. These automations actually make it incredibly easy to regularly save and build security.
Figure out what you can afford and commit to saving it today!
Work to make room for savings in your lifestyle
People often complain that they have absolutely no room for savings in their lives, but this is often one of the biggest lies we tell ourselves. If you think you have NO money for savings, why not consider skipping that coffee in the mornings, or bagging your lunch? Take whatever the difference is – small or not – and save it. This starts to instill the good habit of contributing, and can go a long way to growing savings account (and to showing you how much that coffee is really costing you).
Got a raise? So did your savings!
If you’ve been working with $15 per hour, and you’ve just gotten a raise to $15.75 per hour, bank the difference and stimulate your savings account. This should go for a raise of any level, by saving the difference you’ve literally made no lifestyle changes and already started to save every single hour that you work!
Work to increase your income
Could you be selling those cute crafts you’ve been making in your time off? Could you be writing a new book instead of reading one? Could you pick up a little over time? These are all ways to increase your income, most of which don’t necessarily involve changing how you use your free time. The key here is to look for ways to make extra money with minimal amounts of extra effort, and it will pay off!