If you value safety and security in your life, then you likely also try to keep your savings account as full as possible. However, just because you want to save your money doesn’t necessarily make it easy to do. One thing that does make saving easier, though, is having a plan in place so that you can add to your savings account each and every month.
To help you in setting up a plan to add to your own savings account on a regular basis, here are three simple ways you can save more money each month.
Make Savings Automatic
One of the best ways you can ensure that you’re going to be saving money each and every month, according to Trae Bodge and Kelsey Hurwitz, contributors to Women’s Day, is to automate your savings.
Through your savings account, you can set up automatic transfers to move into your savings account at specific times each month. By doing this, you don’t even have to think about saving anymore, since your accounts will help you do it automatically.
To make this even more of a helpful and streamlined process, you might want to consider moving your savings account into an account with a higher interest rate so that every penny you’re saving will be helping you earn more into that account as time goes by.
Lower Your Monthly Expenses
If the reason you’re not able to save as much as you’d like each month is that you simply don’t have any excess in your budget, the first thing you should do is find some ways that you can lower your monthly expenses.
According to NerdWallet.com, some options you might want to look into could include lowering your monthly car payment, choosing a different cell phone or Internet plan, conserving your utility usage, and canceling any subscriptions that you don’t use or need anymore. While these things might require a little work at first, seeing your savings account grow could make this minor discomfort well worth it.
Start Using Cash
Something that can make it hard to save on a monthly basis is if you’re spending too much money on a daily basis.
To keep you from doing this, Miriam Caldwell, a contributor to The Balance, suggests that you start using cash for your daily purchases. By doing this, you might find yourself spending less each day because you don’t like the feeling of giving away your cash and seeing less of it in your wallet. And then, with any extra cash you have at the end of the day, put that in a bank at your house until you’ve accumulated enough to deposit into your actual savings account.
If you’d like to find some easy ways to make saving more possible for you, consider using the tips mentioned above to help you accomplish this.