5 Ways to Build Your Savings Account - "Deal"icious Mom (2024)

Building a significant savings account gives you security and options. You may want to get your first house, or you might even be saving for your first child. Maybe you just want some funds put away for a rainy day. Whatever your reasons, we agree that having money in savings is a top priority. Here are some tips and ideas for building up that savings account and watching the numbers rise:

Make More Money

Maybe the boss isn’t offering to give you a fat raise right now but you can increase your income with side jobs. Sometimes it’s worth it to give up some of your free time to achieve a specific financial goal. Yes, it will be challenging (and exhausting) but if you only commit to short term projects, it’s manageable. If you decide to sacrifice more time for more money, make sure you’re being paid well. Your time is important too, and extremely valuable!

Youcould ask for a meeting with your boss to inquire about a pay rise. Make sure you have a convincing argument as to why you should get one. If you work for yourself or have a business, maybe you should charge more. Many people devalue their products and services in an attempt to get more custom, but this just wears you out. You could also potentially set up a little side business and see how that goes. There are survey siteswhere you canmake money online without doing much work at all. It doesn’t pay much but it also doesn’t require much effort – check it out to see if it’s a fit for you.

Figure Out How To Spend Less Money

Not only do you want to try to make more money, you want to save more money too. Saving money is actually far easier than you think. In fact, there are over 100 Small but Significant Ways to Save Money in a Week that you can attempt to use daily, and see how much you can have at the end of a week. By doing things like making your own coffee and tracking everything you spend, you can become wiser about the purchases you make.

Sell Your Old Things

Go through your cupboards, draws, and anywhere else you might have old things lurking. You may want to give some of it away, and you may even want to throw some of it in the bin. There’s nothing like de-cluttering your home in order to let new abundance and energy flow in! However, you can also potentially sell these old things to make more money. You could have garage sales, or use sites like eBay to sell. This is really easy to do, and you can end up with a nice chunk of money to place in your savings account afterwards. Remember that old adage…One Man’s Trash is Another Man’s Treasure.

Auto-Debit Into Savings

When you set up a direct debit you won’t even have to think about placing your money in your savings account. Set it up at any amount you’re comfortable with (even if it’s $25) so that cash goes out weekly or monthly. You’ll never have to think about it, you won’t make any excuses for not putting it in and before you know it you’re savings will be growing!

Choose The Best Bank Account

Make sure you’re savings bank account offers rewards, low fees and best interest rate. A 3-5% interest might not sound like much, but after years, you will have accumulated way more money. There’s a lot of competition in banking and always an enticing offer available to get your attention and your business.

If you start to think about all the ways you can spend less and save more, it will start to happen for you. Anything of value takes time and commitment. And, tends to happen on its own timeline and not instantly when you want it to happen. Don’t give up on yourself. Every penny saved is a penny earned! Good luck.

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