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6 Ways To Increase Your Household Savings

Posted by : Premraj | Posted on : Tuesday, December 31, 2019

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Saving money in this day and age is more difficult than ever. It seems like the more money you make, the more you have to spend.

Most Americans these days are living paycheck to paycheck even though they make decent money. Why is it so hard to save money? Well, it does take some effort, but there are a lot of easy ways to get your finances in check and put more money in the bank.

With interest rates so low, it may seem pointless to even have money saved since you won’t make any money off of it. Yet, what happens when you have an emergency? You’ll be glad you had that money put aside.

In this article, we will go over some ways to increase your household savings so you have money for emergencies, down payments or just having a nest egg.

1 – Make small investments

The old saying is to make your money work for you. The easiest way to do this is to put some money in the stock market.

As I mentioned, you don’t get much money when you put your money in a regular savings account. Putting money in stocks is a good way to let your money build without needing to lift a finger.

Of course, putting money in the stock market is not without its risks. Take a look at Motley Fool stock picks to make sure you are going for something less risky with the potential to pay off big.

2 – Evaluate your expenses

There is a difference between needs and wants. Make a list of all your outgoings. Then try to categorize everything you spend money on between essentials and nonessentials. Do you need to have cable? Or could you instead just watch Netflix on your tablet? Cable is a non essential so it should be eliminated from your expenses if you are having trouble saving money.

By the time you finish your list you will see some potential savings there. Usually it is more than you thought it would be.

3 – Use some apps

There are plenty of apps for your phone that can make saving much easier. Some will allow you to set up a goal and then help you do little things along the way to achieve it.

Even simply keeping track of everything you spend money on will help. At the end of the month, you will have an easy to read graph to see where all of your money is going. That daily Starbucks is making more of a dent than you realize until you see the figure totaled up at the end of the month.

4 – Save your windfalls

If you get a big tax return, money from a yard sale, a gift or any other sudden influx of cash, don’t go out and spend it. Make sure you use it for savings.

If you have already been living off your income and making ends meet then you can continue to do it even without that money you just got. Keep it out of sight and out of mind by putting it right into your savings account or stock portfolio.

5 – Set up automatic deposits

Remembering to save your money is one of the biggest challenges. When you get paid you have to make your calculations and then remember to set some aside for savings. You are usually going to be tempted to just save whatever is left after your expenses.

Instead, set up a recurring transfer from your checking to your savings account so you don’t have to think about it. Set it for the day you get paid and have it transfer a set amount each month or every other week.

Start with small amounts and then increase it once you are sure you how much you can set aside without incurring any overdrafts.

6 – Have a goal

If you have a reason for saving, it makes it easy to save. Some people can save for its own sake while others need to have a carrot dangling in front of them. A vacation is a great reward for saving your money. I have known people who stopped smoking and used the money for cigarettes to take a trip.

Make sure the goal is realistic so that you don’t despair after a few months when it becomes clear that it won’t work. Once you see your goal within sight, it will be easy to keep going.

Saving should become a habit so that once your goal is achieved you want to keep putting money away.

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