If you want to see more zeros in your savings account, then it’s time to make some changes to what you’re doing currently. Saving requires a certain level of honesty with yourself as well as the discipline to stick to your guns when even when you don’t feel like it. Below, you’ll find some pointers that will help you to boost your savings balance fast. Take a look and you might be surprised at how much more you can save!
1. Create A Budget That You Are Confident You Can Stick To
Start by creating a budget that you are confident you can stick to. All savings goals start with a good budget. What makes a good budget? A good budget is feasible and realistic without being too restrictive. Here’s some advice for setting a budget that will work for you:
- Pay yourself first. Use this money to buy small treats and things you might need that aren’t considered “essential”.
- With the money left over, figure out your bills and other essential payments.
- Have a set amount that you can comfortably put towards savings and investments, as well as things that could pay off in the long run, such as training courses.
2. Set SMART Goals That Resonate With You.
When you begin setting your goals, you need to make sure you’re not setting vague goals. Vague goals are too hard to reach as they are often impossible to track. For example, saying ‘I want to save more money’ is so vague that you could meet it when you’ve saved an extra $1.
Instead, set an amount, know exactly why you want it, and give yourself a reasonable timeframe. You can challenge yourself but be realistic, as putting too much pressure on yourself will often mean self sabotage sooner or later.
3. Take On More Work Or Start A Side Hustle
A great way to save more money is by making more money! See if you can start a side hustle. Do you have any skills that wouldn’t be too difficult for you to sell? Sites like People Per Hour and Fiverr allow freelancers to sell their skills, or you could create something and start an Etsy/eBay store. There are so many free resources online that can help you to do this!
4. Open A High Interest Bank Account
A high interest bank account can take a while to make a difference to your savings, but it’s adds up in the long run. Make sure you compare various accounts at your own bank and see if there’s something that would better pay off at a different bank.
5. Automate Your Savings
Oftentimes, people find the hardest thing about saving actually handing over the money. Payday comes around and suddenly you’ve thought of a handful of things you need to buy and the money is just gone. To get past this, consider automating your savings and then treating them like you would any other bill. This way, you won’t second guess or go back on the amount you said you would save. Just set it and forget it.
6. Figure Out Which Bills You Can Eliminate Or Reduce
Are there any bills you have that you could eliminate or reduce? Perhaps you could look for cheap car insurance if you don’t regularly look for new providers? Or maybe you could cancel your Amazon Prime account if you don’t use it often? This might not seem like it’s going to make a huge difference, but if you can do it for a few bills then you might find you have a substantial amount more to add to your savings account.
7. Eliminate Unnecessary Purchases
Everybody makes unnecessary purchases from time to time. You don’t need to cut out these purchases altogether, but try to develop a better system so you can decide what you should buy and what you should forget. For example:
- Will this item come in useful?
- Will you be able to use this item more than once?
- Have you wanted this item for a while or have you only just found it?
In general, it’s so much better to give yourself time to think about a purchase before buying. We’ve all felt the need to purchase something immediately because we have ‘fallen in love with it’ but chances are, if you had given yourself another week or two to think about it, you’d realize that you didn’t want it that much at all. You immediately save money and all you have done is given yourself some breathing room!
Companies use such clever marketing techniques and tactics these days, they know exactly what their audience needs to see to feel like they just can’t walk away. Be smart and give yourself some space.
8. Plan For Treats
When planning for it, you don’t need to feel guilty or like you are sacrificing any savings goals. Starting a small fund that you can dip into when you find something you want can be a huge help. You could put away $10, $20, or however much per week that you can afford.
9. Use A Cashback Site Before Buying Online
Buying online is so easy that people often overspend. Using a cashback site like Wikibuy it saves as you shop. There are many options when it comes to cashback sites!
10. Always Look For Discount Codes And Deals
If you really do need to buy something, look for discount codes and deals to see whether you can save money. If you do manage to save money, put the difference into your savings account.
11. Ask For A Raise
Asking for a raise can be scary, but if you think it could be possible, ask for a meeting with your boss and present them with all of the reasons you deserve a raise. They might give you something to work on before you can get the raise, but at least you’ll know that it’s in the cards for you.
If you own your own business or offer freelance services, consider upping your prices a little. As long as you know your work is worth it, it shouldn’t alienate your current clients.
12. Try Saving Physical Cash
Make it a point to save your physical cash! Put it in an envelope and put it out of site so that you don’t think about spending it. You will also be forced to think more carefully about spending physical cash as you have to actually hand it over.
13. Pay Off Your Debts Before Saving Money
Wanting to save money is great, but if you have debts, it’s better to pay them off first. Paying off your debts will ensure you’re not paying too much interest in the long run. Once they are paid off, you can focus on savings and put the money you were putting towards your debts into your savings account.
14. Play The Long Game
It is possible to build your savings balance quickly, but don’t forget to play the long game. Having a lot of money in your savings account can feel great, but over time, it will depreciate. Investments are a smart way to save money, but you need to be prepared to wait a while for them to pay off.
15. Reassess Your Goals And Budget Every Month
Your goals will naturally change, as will your situation. Make sure you reassess your goals and budget each month to ensure you’re on track and that nothing needs to change. You might realize that something is no longer working for you and find another change to make.