How To Increase Your Savings Account
Do you ever wonder where all of your money goes?
Do you feel like you are trying to save money, but it is not showing?
WHERE DOES IT ALL GO?
Money is one of the most controversial topics. How to spend it. How not to spend it. How to save. Whether you are single or married, money is often a hot topic. Then you think about a savings account – some even may wonder “what is that?”
It makes it hard to increase your savings account when you don’t see your BANK account increasing. Maybe you have tried these ideas, maybe you have not. Give these 11 tips a try and see if you can see a vast difference in the size of your savings account:
1. View your savings account like a bill. When you get your paycheck, have a certain amount each month that you want to put into your savings account. If you can’t “pay the bill,” make sure you pay it as soon as you can. Being proactive in putting money in, assures an increased savings account.
2. Add your savings account as an item on your budget. Simple as that.
3. Have your paycheck go directly to your savings account.
4. Choose online banking so that you can easily transfer money over to your savings account. Plus, you can save on stamps too!
5. Eat breakfast, drink your coffee, and make your lunch EVERYDAY, AT HOME.
6. Sell what is unused – make a little extra money! Websites like Craigslist, ebay, your local sell and swap websites, are wonderful places to sell what you do not need.
7. Evaluate your subscriptions, how much energy you use, internet/phone bills, etc. Do you need all of the subscriptions you are signed up for? Can you “unplug” anywhere? Can switch companies to find a cheaper rate?
8. Only have one credit card – it is hard to save if your money is spread out everywhere (and in debt). By having one credit card, you can mentally know how much you are spending each month.
9. Eat in. Eating out can be a budget breaker and savings stopper. If you enjoy eating out, browse the internet to see if you can replicate some of your favorite restaurant’s recipes – you’d be surprised at what you can find!
10. If you are in debt, and you recently paid it off, send the money you put towards your debt over to your savings account. That way, you don’t really “feel” the burden because you haven’t necessarily made any changes.
11. Be patient. Patience is an oxymoron to money at times because we like instant gratification – we want it all and we want it NOW. When it comes to saving, I am afraid that is not the case. Saving takes time, patience, and endurance. You can do it!
It will all pay off in the end. Start TODAY. It is never too late!
What is your biggest obstacle to saving? What are you saving for?
