Money is expected to get a little tight for almost everyone, what with the pandemic and all. If you’re looking for ways in which you can boost your savings account, why not try these 3 easy tips below?
Aim to reduce regular expenses. You can’t eliminate your utilities bills, such as water and electricity, but making small changes can aid to reduce it. Be mindful and switch off lights when you are not using them, make sure your close the taps properly and regularly inspect your pipes and hose for leakage. No matter how small, every little saving adds up and will help build up your account in the long run.
Set a budget. Having a budget in place can help you see where your money is going and give you an idea of how much you could save. A good way to do it is to write down yours or combined net incomes, and from that subtract your fixed bills like rent, utility bills etc… The amount that is left is what you have left to spend on other needs each month, like groceries. Once you have worked out a budget, keep track of what you spend your money on in order to give you a realistic picture of where you’re spending your money, and where you can cut back.
Buy only the essentials and sell what you do not need: It’s easy to get sucked into spending on more than you need; randomly adding things to your grocery cart when you’re out shopping, or spoiling yourself with some new clothes. But do you really need them? When going shopping, make a list of only the essentials and stick to it, you’ll be surprised at how much you can save! Similarly, if you have things that you don’t need at home, consider selling them and placing the money in your savings account.
The reality is you will only start saving money when you develop healthy money habits. By implementing these 3 steps, you are setting up the foundation for a better savings account.
