If your savings account seems to be on the lower side, or completely empty, you may feel helpless. The good news is there are ways to boost your savings. Whether you work to pay off debt or take on odd jobs, you can grow your savings account into a healthy amount.
Pay Off Debt
First things first. If you have debt, you want to focus on paying it off. This is one of the most important things to do. Once you clear up the extra money you can put it towards savings. This could equal hundreds of dollars each month.
Cut Unneeded Expenses
Another easy thing you can do is track your expenses to see what you’re spending each month. After you’ve tracked your expenses for a month, look at what you’ve spent and see what you can cut. For example, if you’re having a $4 coffee each morning that’s $120+ a month or $1440 a year!
Take On Odd Jobs
If you have the extra time, do odd jobs to make extra money. You might babysit for a friend, do yard work, etc. These odd jobs can quickly add up and result in a few hundred dollars for your savings account each month.
Find a Better Bank
You really want to compare interest rates to make sure you have the best account possible. With that said, make sure you check the fine print. Some banks require a certain balance and others charge fees. Choose a bank that is free of fees and requires a balance you can maintain.
Set Up an Automatic Savings Plan
Another great tip to make sure money is going into savings is to set up an automatic savings plan. When you do this, it feels as though the amount is a bill you need to pay. Treating the amount like a bill, makes you more likely to save.
Start a Savings Challenge
Last, but not least, there are so many different savings challenges you can start. For example, one has you put away $1 the first week, $2 the second week, etc until you reach $52 for the final week of the year. This is a great way to get used to putting money back each week.
It can be hard to get used to saving money, especially if you’re on a tight budget. The good news is you can clear up funds so that you have the extra money. You can also use these tricks to make it easier to save money for the future.