Saving up for things can take a long time – but what if you don’t have that time? Most people resort to loans in these instance, but this doesn’t always have to be the solution. Here are a few tricks that could help you to save up money faster and meet your savings goals.
Choose the right account
Putting your money in a high interest savings account will allow you to accumulate funds more quickly without contributing more money. There are some savers out there that offer as much as 5% interest. Believe it or not, there are even checking accounts that collect interest and pay rewards allowing you to earn more money in your main account – you can check out this site for the best banks for checking accounts. Online banks tend to be able to offer more interest as they have less overheads than brick and mortar banks.
Make temporary cutbacks
By cutting your expenses, you’ll have more money to throw at your savings. These cutbacks only have to be temporary until you meet your savings goal – the bigger the cutback, the quicker you’ll save money. Some people go to the extreme of downsizing their property or doing without a car for a few months. Other less extreme options could include budgeting your food shop, eating out less often, watching your energy usage and cutting back on unhealthy habits such as smoking and drinking.
Sell your clutter
Everyone has unused possessions in their home that could be sold for cash. The money gained from selling these items could go towards your savings. Consider old clothing, old books and reminders of past interests that you’re no longer into. You may be able to find a local second-hand store to sell these items or you could consider selling them online where you may be able to make more money.
Throw surprise earnings at your savings
Occasionally, we all earn money that we weren’t expecting. This could be money in a birthday card, a tax rebate, prize money for a competition or even money you just so happened to find on the floor. Rather than spending this money, invest this money into your savings so that you can reach your savings goal sooner – it’s money that you never planned to have, so you won’t miss it by putting it into your savings.
Collect spare change in a jar
You can also save up money outside of a bank account – you could use a piggy bank or a jar for collecting any spare change in your wallet. Some people manage to save up for vacations and Christmas presents simply by saving up coins and dollar notes. Make sure that the jar is sealed so that it can’t be dipped into unless you physically smash it open.
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