Chris O'Shea
Having savings is a vital part of financial health. You want to have long-term savings, an emergency fund, short-term savings and maybe more, depending on your needs. So how do you get to where you want to be? There are a few ways to save quickly, and they aren’t even that difficult. Here are three easy strategies to boost your savings as fast as possible.
1. Cancel Subscriptions and Cut Back
According to one study, the average consumer spends about $86 per month on subscriptions. Go through your subs and cancel any that you haven’t used recently. Once you have subs canceled, comb through your budget for areas where you can reduce spending. Use those extra funds to pad your savings. Remember, you can always add back subs and those expenses once your savings are in a better spot.
2. Make it Automatic
One easy way to increase your savings is to set up an automatic deposit into your accounts. Each paycheck, make sure a certain amount goes into your savings before you even have a chance to spend it. Out of sight, out of mind. And speaking of automatic set your bills to autopay. Now bills won’t catch you off guard, and that will help you maintain your budget and boost your savings.
3. Make a Move
Take a look at your bank’s savings account interest rate. How does it compare to online banks and credit unions? There’s a good chance you can get a better interest rate at a different spot. Spend some time shopping around for the best rate possible. It might seem like a headache to switch banks, but the savings rewards will make it worth it.
Jean Chatzky
