Putting away a little money every month is always a good idea.
But giving your balance a healthy bump can be a great motivator.
Here are eight ways to boost up your savings.
Do the Pantry Challenge
Make a list of all the food you have.
Thats the premise of thepantry challenge.
Put the money you would have spent on more groceries into the bank.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
2.
Again, what you dont spend can go straight to savings.
Practice a No-Spend Month
No-spend challengescan be extreme especially going 30 days without buying anything aside from essentials.
But its a great way to significantly increase your savings.
Let these ideas forat-home date nightsandfun things to do at home with kidsserve as inspiration during your spending freeze.
Pay Yourself First
Regularly putting money aside each time you get paid will create continual savings growth.
Instead of saving whats left over, flip the script andpay yourself first.
Yes, before you even pay your bills.
Watch your short-term savings blossom without any extra effort.
Dust Off Your Sinking Funds
Long-term goals can be a beast to tackle.
Do it’s crucial that you increase how much youre saving each month?
What cuts can you make to your spending to do that?
Can you adjust your goals deadline or the total amount of money you originally wanted to save?
Experts recommend having between three to six months worth of living expenses in anemergency fund.
Saving that amount can be a long-term mission.
If that seems overwhelming, start with something smaller.A recent economic report suggests about $2,500for a low-income household.
Like your sinking funds, ensure your emergency cash is in an account you arent tempted to touch.
While theaverage savings account rateis less than 1%,high-yield savings accountsmay offer interest rates over 2%.
Interest rates for money market accounts are often similar to high-yield savings accounts.
Even if your wages havent changed, try adding a relatively small amount toward retirement.
An extra 50 bucks a month can have a nice positive effect given many years to grow.
Nicole Dow is a senior writer at The Penny Hoarder.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
