Top 7 Considerations for Growing your Savings Account
It always seems so hard to save money and grow your savings account. There is always this bill or that bill, or some unexpected emergency. Whether this is medical or vehicle, they happen and there goes the money you saved. We can give you some tips that will help you either save some money and grow your savings account. These tips will help you, but you still need to be forthright and give of yourself also.
1. The first step is to create a budget for yourself. You will need to list all income and expenditures that you have each month. This will include keeping a record of everything you spend money on each day. This will include buying a quick lunch or the coffee you stop to buy on your way to work. Those impromptu spending amounts also. This helps you to understand your own spending habits. To start with, after you list all income, be sure to segment 20% of that income automatically for a savings account.
2. Financial advisors will tell you that it is wise to have at least a 6 month salary stashed in the bank in case of emergencies. This sounds difficult, but if you can get a grasp of where you are spending, and if it is a necessary spend or not, you will be able to get that amount into an account before you know it.
3. Check with your bank or financial institution to see if they have a round up plan. This is where no matter the amount you spend, it is raised to the next dollar amount and that extra is automatically deposited into an account of your choice. You may be surprised how fast that little bit of change adds up in a bank rather than in your car or purse.
4. Plan out a menu. That may sound silly, but it is a serious method to saving money. If you can prepare meals for a week, for work lunches, you will only need to grab and go. This way, you actually save time on your lunch break. Take more time to eat and relax before your afternoon of work. Planning ahead for lunch meals will also save you from cleaning out the refrigerator. You can pack up any food left from meals and place them in the freezer. By the time lunch hour hits, food will be thawed out.
5. Shop for deals. Check with your phone company, do they have any monthly plans that could save you money? Watch your utility usage at home. When you leave the room, turn off the lights and shut the television or radio off. These little steps can add up to monthly savings. Can you get by without the big television package and have fewer channels? Do you rent streaming channels monthly that you do not watch, cut them out and save that money.
6. Let your savings work for you. Be sure to have a savings account that pays decent interest rates to you. If your account does not have a good rate, change it to another account.
7. Watch what you buy. Are you picking up items that look good, but likely will not be used? Is it necessary to shop at that big name store when you could find the same item at a second hand store? These are all simple ways to save a lot of money each month. You can do it, it may take time to record everything you spend each day before you see where you could save yourself money.
