Wednesday, May 18, 2016

List: Ten easy ways to help your savings account grow.

Being an adult with grown up responsibilities means needing a savings account for emergency use.
If you have a house, this is even more important.  Trust me.  We've already had to use ours twice!

The majority of us get our regular pay checks with 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.
This takes serious effort, but trust me when I say, it's worth every ounce of it!


Ten easy ways to save your money.
I'll skip the obvious tip:  coupons.

1.  Set up an automatic savings deposit.
Contact your bank to have a set dollar amount automatically transferred to a savings account weekly.
Just make sure that you line it up with pay day!  You want to make this a thoughtless process.

2.  Create an overdraft protection account.
Ensure that you have overdraft protection to help avoid unnecessary fees and delinquint accounts.
My bank links my checking account to a free line of credit as a "just in case" method.

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 cooking overwhelming?  Cook in bulk and freeze.   Pick one night a week for take out.

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'm the budgeting queen!  If you need any help, reach out to me personally or read this post.

5.  Make advance purchases.
Don't wait to buy predictable gifts.  Buy them for less while on sale with coupons in advance.
I bought everyone their Father's Day gifts with (2) months to spare and saved at least $40.

6.  Swap name brand for store brands.
Swap your expensive name brands for less expensive store brands.  Most products are near identical.
Do you need help seeing which store brand items are the same as the name brand?  Look here.

7.  Always shop the weekly ads.
Before making any purchase, check out the store's weekly ad for deals and new ideas!
I won't even start my grocery list before checking the supermarket's ad.

8.  Bring your own beakfast & lunch.
Instead of wasting cash on expensive breakfasts and lunches, invest in an insulated lunch bag.
My bag is always filled with hard boiled eggs, oatmeal packets, fruit, and a large salad.  Yum!

9.  Transfer debt to one consolidated account.
Consolidate your debt by transferring balances to low or zero-interest lines of credit.
Interest rates make paying off debt near impossible.  Stop making the banks richer!

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?

    ReplyDelete
  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.

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

    ReplyDelete
  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

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

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

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

    ReplyDelete

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