5 Creative Ways to Increase Your Savings This Year

Finding a way to save a few extra dollars isn’t always easy. For many people, though, having an extra $500 to $1,000 tucked in a bank account could mean they won’t need to use a credit card when an emergency arises. How do you get to that point? What can you do to boost your savings when you feel like you are struggling to put anything aside? Try these five strategies.

1: Schedule a Small Deposit From Every Paycheck
When your paycheck hits your checking account, have your bank automatically pull $20 (or more) from the check and deposit it into your savings account. Automating the process means you won’t forget to do it. And by designating such a small amount, you likely won’t notice it is not there.

2: Look at Your Utility Bills
Do your bills seem high? Many people don’t know what they are paying for in their utility bills — and they could be paying less. Go through your cable, cell phone and electric bills to find cost savings options. Then, funnel those extra dollars into your savings account.

3: Get a Side Gig
You have many options for earning a bit more without having to spend too much time away from home. Look for a few ways to add even $100 or so to your monthly income. Here are some ideas:

• Drive for a ride-sharing service.
• Make and sell a craft on social media or online auction sites.
• Babysit or provide weekend or overnight sitting services for families in the area.
• Do at-home customer service calls a few nights a week.
• Complete online surveys.

These are just a few tasks you can do. Whatever your talents or skills are, try to put them to work in order to build your savings account.

4: Create a Fund for Special Expenses
Instead of turning to a credit card to make purchases for something special, create a separate account with your bank and then deposit money into it over time. You can use the funds for holidays, vacation, birthdays or other activities. This can save you 10 to 25 percent in interest you would pay to charge these expenses.

5: Track What You Spend
Not only should you take a closer look at your expenses each month, but you should meticulously track what you are spending throughout the month. Then, challenge yourself to reduce your expenses for 2 non-fixed items by just 5 to 10 percent for the coming month. This could mean cutting a coffee-shop beverage out of your morning routine or skipping a restaurant meal once a week.

All these extra funds can easily land in your savings account. And while $5 and $20 here and there may not seem like much, it will grow over time — especially if you remain consistent.

April 1, 2024