Increase Your Savings Account With These Tips Being able to save more money every month is always a good thing. You’ll be better prepared for emergencies, even if online title loans no inspection are a good option when you need a quick financial boost. Regardless, it’s good to have an emergency fund, and saving is […]
Increase Your Savings Account With These Tips
Being able to save more money every month is always a good thing. You’ll be better prepared for emergencies, even if online title loans no inspection are a good option when you need a quick financial boost. Regardless, it’s good to have an emergency fund, and saving is a great way to have more money to spend on trips, the latest electronics and anything else you happen to want.
But how can you increase your savings? Here are a few good strategies to consider.
Negotiate a Raise
This is as simple as it gets, but it can also be very effective. If you make more money every month while keeping your expenses the same, then anything extra you make is more for you to save.
The challenge is getting that increase in income. Negotiating a raise for yourself doesn’t need to be a daunting experience, though. If you have been providing significant value for your employer, record the numbers that verify that. Show them what you’re offering, and explain how you think you deserve a boost in compensation.
You can also compare your salary to average salaries for your position. If you’re delivering topnotch results but getting paid at or below the average, then you deserve greater compensation.
Now, when you secure your raise, the next potential hurdle will be keeping your spending the same. It’s easy to spend more just because you’re making more money and think you can afford it. Avoid this issue of lifestyle creep to build your savings more.
Pick Up a Side Hustle
Not everyone can get a raise just like that. You could already be maxed out for your position, or perhaps it just isn’t in your employer’s budget. This is when it’s time to consider getting a side hustle, which is something you do to earn money in addition to your day job.
Again, you’re boosting your income, which means you’ll have the opportunity to save more. To do that, you’ll need to avoid spending more money and letting lifestyle creep affect your financial decision making.
There are plenty of side hustle opportunities available. If you have a relatively recent car, you could drive for Uber or Lyft. Have a spare room available? Try renting it out on Airbnb.
Side hustles that utilize your talents or hobbies are also good choices that could develop into major business opportunities down the road. For example, if you like graphic design, you could start picking up freelance jobs in that field. Once you get enough clients, you may even be able to start your own graphic design business and do it full time.
Reduce Your Usual Expenses
When you spend less every month, you save more, and most people have plenty of unnecessary expenses they could trim down. Look over your bills to see where your money is going every month. Here are some monthly expenses that you may have despite not needing them:
- Landline phone service – Your cell phone could be sufficient.
- Cable TV – Consider cutting this expensive bill and transition to a cheaper streaming service, such as Netflix or Hulu.
- Gas and parking – See if there are any public transportation options available.
- Nights out – Instead of dinner and drinks every weekend, try some alternate activities, such as an at-home game night.
It’s up to you what you want to keep and what you can do without, but if you look closely enough, you should be able to find some opportunities to save.
Pay Off Your Debts
With many debts, you’ll save quite a bit if you pay them off sooner, because the debt won’t cost you as much in interest. It makes sense to put as much disposable income as possible towards these debts to pay them off more quickly. You’ll end up paying less interest and getting rid of those monthly debt payments sooner.
Another option is consolidating your debt by getting a loan with a lower interest rate. For example, you could see if title loans online no inspection can get you a lower interest rate than what you’re currently paying on your debts. Then, you’d proceed as follows:
- Apply for the loan with the lower interest rate.
- Upon approval, use the money from that loan to pay off all your debts in full.
- Make regular payments on this new loan.
You end up with only one debt payment per month, and it will be for a loan at a lower interest rate.
Stay Consistent with Your Saving
When you’re looking to save more money, what’s most important is that you do it consistently. You’re not going to make much progress if you save very well for one month, only to spend more money the next month. Saving is all about getting into the right financial habits, which means earning as much money as you can, cutting down your expenses and putting that extra money away for the future.