You don’t want to wait until you need the money to start saving it. But for some people, it might be hard to save money. Below are some tips that might make it easier for you to start or continue building your savings account:

  1. Automate your savings. Set up your direct deposit so that a certain amount of money automatically goes into your savings account. Over time you won’t even notice that the money isn’t there.
  2. Set up a Certificate of deposit or CD at your bank. The way it works is that you deposit a certain amount of money into a CD for a set period of time and it accrues interest over that period of time. The longer your CD term and the larger your deposit, the higher your interest rate will be. Withdrawing your CD early results in penalties. Do your research to find the best interest rates.
  3. Buy all of your groceries for the month at once. Doing so will limit your trips to the store and to restaurants and will give you fewer opportunities to spend money. Buying all of your groceries at once will require some serious planning and so take the time to write out a grocery list for yourself that captures everything that you plan on eating for that month.
  4. Open an acorn account. Acorn is an app that connects to your accounts and invests your spare change. It’s free for college students but there is a $1 per month fee to use the app for everyone else. Or get the Stash app., which lets you choose how much money to invest and how to invest your money. There is a $1 monthly fee to use the app.
  5. Forgo your wants each week. Do you really need to buy that Starbucks frap for $4.68 every weekday? Over the course of a year, you’re spending $1,123.20 – this is money that could go towards your savings.
  6. If you’re tempted to buy something, ask yourself how many hours do I have to work to buy this? Doing this puts buying this thing in a new perspective and may stop you from buying it.
  7. Cut unnecessary expenses. Some of these unnecessary expenses can include cable, house phone, store credit cards, and monthly subscription services. Whatever money you were using to pay for those unnecessary expenses put it into your savings account instead.
  8. Find a way to make extra money. Maybe you have a side hustle or skill that you can turn into freelance work. Whatever extra income you have coming in put it towards your savings account.
  9. One of the biggest unnecessary expenses is eating out frequently. Bring your own lunch and snacks to work. One way to do this is by meal prepping. I typically will meal prep on Sunday nights and to make it enjoyable for myself, I’ll listen to a podcast and before I know it, I’m all set for the week. Take the money that you were spending on eating out and put it into your savings account.
  10. Implement the cash only system. Make a budget for yourself that details the different categories where you typically spend money. Once you have your budget withdraw money for each category that you want to spend cash only. Some of these categories can include food, entertainment, and transportation. Once you have run out of money for that category, that’s it, you’ll have to wait until next month to spend more money.
  11. Go on a no-spending fast for a set amount of time; I would recommend at least 21 days. During this time only spend money on your needs which include your bills, transportation, and groceries (no eating out). Whatever amount of money is left over from spending on your needs, put that into your savings account.
  12. Track your spending. It’s important to know where your money is going. One app that tracks your spending is the Mint app. It provides really great graphs and charts that show you exactly where your money is going every month. Once you have figured out where your money typically goes in the span of a month, look at areas where you can cut back.
  13. If you have one, take full advantage of your employer match program.
  14. Get an accountability buddy. Set some savings goals and have someone that you can check in with to make sure that you are on track to meeting your savings goal. Make sure that you choose someone who you can trust and who will keep it all the way real.
  15. This maybe old school but save loose change in a jar. At the end of the year, take the loose change to your bank and add it to your savings account.
  16. Unsubscribe from companies that encourage you to buy.
  17. If you find it hard not to use your credit card(s), literally freeze them. In the time it takes to thaw out your credit card, you may decide that you don’t need to make that purchase after all.
  18. Invest in quality products that will last you longer and save you money in the long run, versus buying cheaper products and having to replace them every few months.
  19. If you decide to treat yourself to something, put the same amount of money into your savings account. For example, if you decide to get yourself a manicure and pedicure for $60, put $60 into your savings account.

Those are some of our tips to beef up your savings account. Let us know in the comments section below what tips have helped you increased your savings account!