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How to Boost Your Savings With These 8 Saving Tips

There are several ways to boost your savings. One is to have more money by increasing your income; another way is to cut your spending. Whether you are a 20 year old saving money car for a car or a 30 year old saving money for your retirement for your wedding, these money saving tips can help you build savings, reduce debt, and invest.

Find out now:

1. Start saving now

Some people think that they will save more when they have more money or when they get a big raise. What they don’t realize is that the best way to save is to start early and get into the habit of saving.

If you’re young and start saving money now, it can make a big difference 30 years from now.

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2. Start saving with a small amount

Another misconception about saving people have is that they think if they don’t have a lot of money to save, they might as well not save at all. This is not a good saving strategy.

Even a smaller amount of money can make a big difference in the long run. One of the best money saving tips if you only have small amount of money to save is to set aside a small amount of your paycheck and put it into your savings account.

For example, if you save as little as $20 or $30 per week, you’ll have at least $1040 or even $1560 plus interest by the end of the year.

3. Open an emergency savings fun

One of the best saving tips to boost your savings is to open an emergency fund, so that when there is an emergency you don’t dip into the money in your savings account.

A emergency fund gives you some breathing space to deal with life’s ups and downs. You can use this money if something unexpected happens to you or your family like your house needs major repairs, you need to money to pay medical bills.

If you are tempted to to dip into your savings when you shouldn’t, open separate savings accounts so the money in your savings account will be there when you need them.

4. Automate your savings.

Saving money regularly is one of the best saving tips to boost your savings. Don’t just open an account, leave it there, and not contribute to it. Set up your high interest savings account to go via automated payments set up with your bank.

That way, you can set and forget it, knowing that you are boosting your savings without you having to transfer them every time you get paid.

5. Track your expenses

It’s very easy to lose tract of the money you spend. In order to boost your saving, you have to make sure that your record what you are spending your money on and help you identify areas where you can save.

Track your personal expenses on the go with Personal Capital – the best free tracking finance app available.

Bonus tip: I suggest that you check out Personal Capital. Personal capital is a great tool to track all of your finances in one place. It allows you to connect all of your financial accounts including your mortgage account, your bank accounts, your investment accounts, your credit card accounts, your retirement accounts, etc. The good thing is, it’s totally FREE.

6. Spend less, save more

When you spend less, you have more money to save.

For example if you cut cost on things that you believe are unnecessary, monthly magazine subscriptions for example, that extra money you just freed up can go to your savings.

Compare savings accounts to find the right one for you.

7. Make extra income

When you have extra income, you can add it to your savings. For example, you can add tax refund to build your savings.

You can also make extra money to boost your savings. 

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8. Avoid impulse buying

Every penny you spend on an impulse purchase is another penny you don’t have to boost your savings. Check out our tips on how to stop buying on impulse.

Do you agree that these saving tips can help boost your savings? Why or why not?

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Working With The Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

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