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Simple Ways to Grow Your Savings.

December 12, 2019 by  
Filed under Business, Money, Opinion, Tech/Internet, Weekly Columns

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(ThyBlackMan.com) For many people, it can be easy to avoid prioritizing setting aside money to save each month because it’s easier and more fun to spend. Having money in your savings account is essential to ensure you can plan for the future and also have the necessary funds available for emergencies. If you want to grow your savings, there are a few simple ways to make it grow without having to change your lifestyle.

Adjust Your Budget

If you want to supercharge your savings, you’ll need to begin by adjusting your budget to ensure you can include saving part of your income throughout the month. If you don’t have a lot of wiggle room in your budget, you may need to cut out unnecessary expenses like paying for cable television or trips to the nail salon. Try to set aside as much as possible for your savings and pay yourself first to ensure you don’t spend the money on other costs.

Automating your transfers can also make it easier to save consistently without having to make a conscious effort to put money aside. If you have a lack of discipline with managing your money well, then setting up automatic transfers with your bank can make it easier to avoid thinking about it or failing to get it done.

Avoid Impulse Purchases

It can be easy to fail to save if you spend your money on purchases that aren’t planned. Whether you buy clothes or purchase jewelry, many too many impulse purchases can set you behind when trying to build a nest egg. Make it a point to treat yourself to certain purchases to avoid feeling deprived without having to get behind with your savings. Budgeting for fun purchases while staying within what you can afford will make it easier to meet your goals with saving.

Save Your Change

Whether you get change back at a fast-food restaurant or find a quarter on the ground, you can make use of your change to grow your savings. Make a habit out of putting it in a jar or a piggy bank and avoid touching it. Within a few months, you can easily save hundreds of dollars and deposit it at the bank.

As you’re in the process of saving, unexpected emergencies may come up. If you don’t have enough savings on hand to cover the cost of an unexpected personal emergency—such as a major home repair or sudden medical expense—you may want to consider taking out a line of credit. Line of credit loans allow you to quickly receive the funds that you need to avoid delays or getting behind on expenses due to unexpected circumstances. You’ll want to repay the money as quickly as possible and avoid borrowing more than you need.

Pay with Cash

Studies show that paying for goods or services with cash causes people to spend less because they’re more aware of the money leaving their hands. Instead of using your debit or credit card to make purchases, opt for using cash to limit what you buy, and avoid impulse purchases. You can end up having extra money at the end of the month by staying within your budget. If you want to take it a step further, use an envelope system by placing cash in various envelopes for your bills. Once you run out of money, you won’t be able to spend more, which can ensure you continue to save on a consistent basis.

Look for Deals

If you take the time to look for deals and discounts, you can limit how much you spend and use the excess money to put towards your savings account. Follow blogs or social media accounts that advertise the latest deals each day, whether you’re looking to buy a new jacket or need to purchase an appliance. Waiting until major holidays to make purchases can also allow you to save more when promotions and deals are more common. Looking for coupons can also allow you to avoid paying full price. SaveYou.com is a new coupon site that is offering great deals to those who sign up if you’re interested.

Growing your savings doesn’t have to be complicated with the right habits and steps put into place. Although it may require making a few adjustments, the rewards will prove to be worth the effort as you store money away for a rainy day.

Staff Writer; Ricky Ross


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