Category: Savings

Top Tips for Adding to Your Savings Account

Many of us would like to increase the amount of money that we have in our savings account, but it is not always that easy to be able to do this. We might feel quite determined, but by the time the bills are paid, there may just seem to never be any money left to be able to afford to put any in a savings account. There are things that we can try though, which might help such as the things suggested below.

Put Money in Savings First

It can be wise to consider putting money into a savings account just after you get paid. Set up a transfer for some money to go in. This will mean that you will not forget about doing it and you will not accidently spend the money on other things. Most of us will check our bank account to see how much money we have before we draw out money or spend money. If the money is not there, because it is in the savings account, then we may not be tempted to spend so much. Of course, if you need money, then it will be in the savings account for you to draw out if you need it.

Compare Prices

Many people always buy the same things and do not think about comparing the prices on what they are buying. This can be a problem because it means that we are not checking how much we are paying for items and how that compares to alternatives. It can therefore be a good idea to see whether you can take a step back and think about how much you are paying and if you can pay less. This could be through buying from cheaper retailers and through buying cheaper brands. If you can do this with lots of things, both goods and services, you should find that you will soon be paying out less money. This will allow you to have some extra money available to put into your savings account.

Look for Ways to Earn More

It can also be a good idea to look out for ways to earn more money. For some people this can be easier than spending less, perhaps because they really like spending or because they are already spending a minimum amount. It might be tricky to think of ways to earn more, but there are lots of things that you could try. If you have things at home that you no longer want or need then you could try selling them at a car boot sale, on a social media group, online auction or something like this. By selling items that you no longer use it means that you will be able to get some money that you can immediately put into your savings account, it will be tax free and you will be able to declutter. Just be careful that you allow for any costs when you are selling items.

You could also see whether you could make money from your home. This may only be possible if you own your home, but it could be worth finding out if you can do it as a renter. Things you could try are getting a lodger, providing a bed and breakfast service, renting out attic or garage space as storage or even renting out your driveway. These will provide you with an income which could mean that you will be able to put money regularly into your savings account.

You could also see whether you will be able to work more hours in the job you do now or take on a second job working hours you do not in your current one. This can be tricky though, you may get really tired or find that you do not have time to fit In everything else. However, a few extra hours here and there could ne manageable and useful.