Effective Strategies for Boosting Your Savings

Many people are finding it harder and harder to successfully build their savings, leading to feelings of anxiety over financial security. Sound familiar? The situation is not as bleak as it may seem on the surface, as there are many effective strategies that will get you into a much better position financially. Interested to hear more?

Free Up Extra Money

This may seem pretty obvious, but the main takeaway of this point is to research alternative methods of freeing up money. It is more than likely, for example, that you have already attempted to implement ways to reduce your monthly expenses but nothing has really worked. Fortunately, there are other methods that you can explore. Have you thought about selling your life insurance policy? Doing so will, usually, give you access to a cash sum that will be significantly higher than what you would get if you chose to surrender the policy instead. So, take some time to research potential life settlement companies. Having a questionnaire streamlines the process for you and, once you input your details, you’ll get an instant valuation.

Save First

Do you pay your bills and then see what is left to put aside into a savings account? Most people do but it’s not always the best strategy to take. Doing this provides a temptation when you’re trying to avoid impulse purchases. Instead, we recommend thinking about your savings first. Consider how much you would like to save each month and put away either a percentage of this amount or the full amount at once into your savings account. In doing so, you will remove the possibility of accidentally breaking into your ideal amount, which will ultimately delay your progress.

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Research Saving Account Options

When it comes to your savings account, have you done any research into interest rates and other specifics? Or did you choose the first option that you found? If the latter is true, you could be making your progress a lot more difficult in the long run. With such an abundance of saving account providers available, there is guaranteed to be an account that suits your situation and maximizes your chances of reaching your targets. Also, we recommend not limiting yourself to banks you find on the street, as many online only options also offer deals that you may not want to miss out on.

Introduce Competition

This option is great for friends and/or family who are setting out on this saving journey with you. If you know someone else who is trying to build their savings, why not collaborate with them to bring an element of friendly competition to the game? For example, you could race to see who hits their target first, or to see who hits a certain amount saved in total before the other.

Plan

Last, but certainly not least, is to make a plan. Planning is perhaps the most important and powerful tool in your arsenal, so you need to be using it as frequently and as effectively as possible. Before you get started with any other point on this list, make sure you set goals and milestones that you want to hit in a certain amount of time. For example, you could ask yourself how much you want to save and when you want to save it by. This gives you an ultimate goal, which you will then be able to break down into smaller milestones to set along the way.

Justin Weinger

A married father of three, Justin Weinger works in private equity as a Corporate Finance Manager, he is also an avid blogger and personal finance enthusiast with a strong history of working in the automotive and publishing industry.