You have a savings account you want to grow. Here are 5 tips to help you achieve the growth you desire.
1) Budget
Budgeting never sounds fun, but it can help uncover what’s a necessary expense and what’s “unnecessary” even if desired. To have a thorough idea of the whole picture, tracking all your expenses will help you uncover what should and should not be part of your budget. Bookkeeping is an excellent way to keep track of your expenses so you can see the big picture. You might be surprised with what you find.
2) Cut Expenses
If you decide to track your expenses as recommended in #1, you will see what expenses are too costly and places you can minimize or cut completely. While doing so, you might find subscriptions you don’t use and are unaware of that you can delete or habits you didn’t realize costed you so much, such as having your daily coffee.
3) Set Up Automatic Transfers
Once you’ve budgeted yourself and know what is necessary for your monthly comfortable living standards, set up automatic transfers to your savings account so you won’t be tempted to touch whatever you decide to set aside. Once it’s in your saving’s account it’s more likely to stay there as opposed to spent.
4) Grow your Income
It might be time to consider what stage you are in your career and what ways you can grow your income. Perhaps a side hustle such as consulting might allow you to have the income you need to reach the goals you set.
It’s never too late to grow your income. The people you surround yourself on a daily basis could help foster the environment you need to get motivated. Good vibes and positivity will help you get the boost you need.
5) Invest
Is your savings account simply earning a few cents a year? Perhaps it’s time to think further than the low interest yielding bank account your funds are sitting in. Consider a high yield savings account, CD, or money market account. Do your research in detail and invest wisely to safely grow your funds. Speaking to the right professionals, such as a financial advisor will help guide you to a solution that will help your situation most.
Strategies to grow the savings you have exist. With the proper knowledge and confidence you need, you’ll be reaching your goals in no time.
Need any help with budgeting, tracking expenses, or simply planning ahead? Contact us today and we can help you plan.