Tips For Growing Your Savings Accountjeannieg
Goals are a part of life, and at some point you may have something you need to save money for.
A fun getaway vacation? Your child’s college? Retirement? Yet, for many people, saving money can be difficult. However, it doesn’t have to be. Take a look at some of these tips that will help grow your savings account so you can successfully reach your goals.
Pay Yourself First
One of the best ways to help grow your savings account is to pay yourself first. This means that you add part of each paycheck into your savings account. Some employers may even allow you to put your paycheck into multiple accounts.
If you ever get additional income from bonuses, raises, or cash rewards, be sure to put it into your savings account. Paying yourself first allows you to build up that savings account, so when it’s time to go on that cruise or send your child to college, you have the money sitting in the bank for you to do that.
Save Your Change
Seems a little old school, right? Well, it works! Save your change from your purchases and keep it in a jar or glass mug. When the jar is full, take it to the bank and put it into your savings account. Again, it may not seem like a lot, but every penny counts when you’re trying to save money.
Pay With Cash
Studies have shown that people tend to spend more when they use a debit or credit card. Why is that, do you wonder? It’s because if you’re worried about constantly having to go back to the ATM to fill up your wallet again, you’re more likely to scale back the amount you spend so you don’t have to make a trip there so frequently.
Use Rewards Credit Cards
Use a credit card that offers cashback or rewards. That way you’re earning cash or equivalents without having to do anything.
Bank Your Discounts
What do you do when you save money from buying something that was on sale or for a bargain? Check your receipt and see how much you saved. Make it a habit to then put the amount of money you saved into your savings account.
Automate Your Transfers
Check with your bank or credit union and ask them to set up automated transfers from your checking account to your savings account. This is another way to make sure that you pay yourself first. Once you have automated transfers set up, relax, and watch your savings account grow!
If you’re someone who struggles to save money, try any one of these tips. You’ll be happy you did when you see how much money you have in your savings account.