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Wednesday, May 18, 2016

List: Ten simple ways to grow your savings account.


Being an adult with grown up responsibilities means needing a savings account for emergency use.  The majority of us get our regular pay checks with a real small opportunity for extra cash.  While a set income may seem like a curse, it doesn't mean that saving is impossible.  With the right budget, state of mind, and a few easy tricks, your savings account will grow.


how to increase savings on a set income; how to save your money

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Ten simple ways to grow your savings account.


1.  Set up an automatic savings deposit.

Contact your bank to have a set dollar amount automatically transferred to a savings account weekly.  Make sure that it's aligned with pay day and that it's 100% automatic.  This should be a simple, thoughtless process with as little opportunity for interference as possible.

2.  Create an overdraft protection account.

Ensure that you have overdraft protection to help avoid unnecessary fees and/or delinquent accounts.  This could be a link to a second account with funds or a line of credit.  Either way will work, assuming that you religiously pay off that line of credit before interest is accrued.

3.  Skip takeout and learn how to cook.

Avoid expensive take out bills and empty calories by cooking yourself dinner on a nightly basis.  Is the constant cooking becoming overwhelming?  I feel ya..  Try making several meals at once and freezing portions for future meals.  This idea will save you time, money, and probably some calories!

Idea:  If you're new to the cooking world, this is my absolute FAVORITE cookbook.  I use it regularly because the meals are thoughtless, quick, and healthy.  In fact, I love it so much, that I often gift a new copy to others.  Don't like hard copies?  Click here for the Kindle edition.

4.  Set a monthly budget and stick to it.

Make yourself a budget to account for all expenses.  Take a percentage of what's left and save it.  I use an excel sheet to track all past expenses and predict all future ones.  This lets me see how much I can spend with still having 10% leftover to save.  Once the Excel sheet is set up, it's real easy to maintain.

Idea:  Don't over spend on groceries by setting a weekly budget, browsing for circulars, clipping virtual coupons, and making a list of everything you need.  When I do a deep dive, I'm always surprised to see that the grocery store is where I dumped the mystery funds.

5.  Make advance purchases.

Don't wait to buy predictable gifts.  Buy them for less while on sale with coupons in advance.  I do this for everything and the savings is substantial, especially with the holidays and school shopping.  It could be a year in advance, but if there's a good deal, I grab it and save it.

Idea:  Often check the lightening deals on Amazon found on this link.  They are constantly putting items on sale with a huge discount for a short period of time.  This is where I get most of my gifting inspiration while saving tons of money in the process.

6.  Swap name brand for store brands.

Swap your expensive name brands for less expensive store brands.  Most products are near identical.  If you're unsure which products are worth the splurge or worth the savings, check out my post here where I do the dirty work for you.

7.  Always shop the weekly ads.

Before making any purchase, check out the store's weekly ad for deals and new ideas!

8.  Meal prep your own breakfast & lunch.

Instead of wasting cash on expensive breakfasts and lunches, invest in an insulated lunch bag like this oneDon't go all gourmet on it either.  Try packing simple meals like hard boiled eggs, fruit, and a salad with grilled chicken for lunch.  These are all things you can put together at the start of the week to grab and go.

9.  Transfer debt to one consolidated account.

Consolidate your debt by transferring balances to low or zero-interest lines of credit.  If you're debt isn't paid off before the introductory rate ends, transfer your debt to another new card.  There's no reason to ever pay interest on debt unless something terrible happened to your credit score.  Stop making the banks richer!

Idea:  For extra savings and to help increase your credit score, trying paying your bills on a credit card that accumulates points.  You can save money by setting up automatic payments for special discounts.  Additionally, those points can be turned into cash to pay off future bills or add to your savings account.  There's no harm in this assuming that you actually pay off that credit card just like you would your normal bills.

10.  Utilize saving sites.

For a cheaper night out, search for good deals through sites like Living Social and Groupon.  These sites help you save money AND give you hot new ideas for a day/night out.

How do you grow your savings account?


8 comments :

  1. What is this thing you is calling savings? Is that the thing we dream about, but never have?

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  2. hmm #0 - Obtain a job or win the lottery first
    Both have crappy odds lol

    I'm too ocd, no way I'd let the bank control my money by setting up any auto thingys. Savings sites is a good one. As is when you buy anything on the internet to first search for coupon codes in google, almost always one there you can use.

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  3. I just got my own house so I'll need to do a lot of this

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  4. I really need to be bringing my lunch to work, just because it's that much cheaper (than going to Whole Foods every afternoon). And probably more satisfying too

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  5. great financial advice again! I always love when you do these posts, such sensible and great tips.

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  6. I def do the automatic savings! It's the only way I put anything in there.

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  7. Good tip!Necessary for everyone to save money.I also follow these point.Thanks for post!

    ReplyDelete

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