10 Simple Tips to Boost Your Savings Every Month

Saving money can seem daunting, especially if you’re living on a tight budget. But the fact is that with some simple changes, you can start to improve the amount of money you save each month. From taking steps to quickly build up an emergency fund to shopping smarter, here are 10 simple tips to help boost your savings every month. 

1. Automate Your Savings – Setting up automatic transfers from your checking to your savings account ensures that you’ll save every month without having to think about it. Even small transfers of $10 or $20 each month can add up over time.

2. Track Your Spending – Tracking your spending habits can help you identify any potential problem areas. Make sure to closely look at your recurring monthly expenses and make some proactive cuts where possible.

3. Boost Your Income – Increasing your income is a great way to improve your savings rate each month. Consider taking on some extra work, selling some unwanted items or looking for a side gig.

4. Revisit Your Budget – Examine your budget and see if you can make any adjustments or cut back on expenses. Consider reducing the amount you spend on takeout, entertainment and other non-essentials.

5. Reduce Recurring Bills – Take the time to shop around for better deals on your recurring monthly bills like car insurance and cell phone plans. You may be able to find a better rate.

6. Move Money That You Don’t Need – If you have a checking or savings account with a low interest rate, transfer the funds into a high-yield savings account or money market fund.

7. Live Within Your Means  Set up an spending limit every month and make sure to live within it. If you don’t need something, don’t buy it.

8. Shop Smart – Take some extra time when grocery shopping and compare prices. Also, check your local stores for any weekly sales or discounts that you can take advantage of.

9. Save Any Extra Money – If you receive any money as a gift or bonus, put the money in a savings account rather than spending it.

10. Start an Emergency Fund – An emergency fund is an important way to ensure that you’re financially secure in the event of any unexpected expenses. Start with a small amount of money each month and increase as you can.

By following these simple tips, you can start building up a healthier savings account each month. By setting clear financial goals and taking the time to make small changes, you can enjoy the peace of mind that comes from saving money. 

Tushar R. Soundade.