5 Simple Ways To Add To Your Savings
/Are you worried about your savings? You’re not alone. Up to 25% of Americans have no savings, meaning their emergency funds lay empty.
Cost of living rises, the pandemic, and other economic factors can mean your finances are a little stretched right now, leaving little room for savings. But if you can find ways to put a little extra aside, you’ll have something to fall back on for a rainy day.
Take a look at these 5 simple ways to add to your savings.
1. Cancel some subscriptions
There are subscription packages available for almost everything today. From on-demand film and TV to beauty boxes and food subscriptions, it’s easy to be tempted to sign up for these monthly services. But do you really need them all? Cutting your subscriptions, even for a short amount of time, could help you free up some money to put straight into savings.
One of the biggest subscriptions you can cut is your gym or workout plan. There are so many great ways to work out for free online, so you can stay fit without the added expense.
2. Challenge yourself to cut back on groceries
Grocery costs are increasing, but there are still ways you can make some savings. Work out what your average weekly bill is and try to come in under each week, putting the savings aside. You can do this through meal planning, reducing your food waste, and considering buying cheaper brands. Any savings you make will benefit your savings, but shouldn’t mean you can still buy the things you enjoy.
3. Ditch takeout
A takeout coffee, lunch with colleagues, takeout at night - it all adds up. Many of these things can easily be made at home to not only save you money, but perhaps even make some healthier choices too. Cut down on the number of takeouts you have each week and put the money you save into your rainy day fund.
4. Earn some extra money online
If you find it to make cuts to your spending, you could look at ways to make some extra money instead. Platforms like Swagbucks offer multiple ways for you to make some money through online forms, polls, and more, so you can make money while watching TV or while you’re out for a walk. Making some extra money could be just what you need to grow your savings and improve your financial security.
5. Give ‘no spend’ a try
If you tend to do a lot of impulse spending, you could benefit from giving ‘no spend’ days or weeks a try. The aim is simple, you pledge to spend no money on these days, avoiding some of the things you’d usually spend money on. The money saved can soon add up, helping you grow your savings, pay debts, and anything else you might need some extra cash for.
Developing simple saving habits will help you improve your finances and put your mind at ease. From here, you can look at developing larger money goals, such as buying a house or saving for your retirement. Start finding small and simple ways to add to your savings and watch them grow over time.
