It’s no secret that many American families have not been able to save money. A recent survey suggests that more than half of Americans have less than $1,000 in the bank.
If you are concerned about your savings account, you are not alone. There are plenty of people who want to find ways to save money for their families. Here’s what you can do to boost your savings.
- Start with a budget
Owners of successful corporations and businesses have one thing income. They operate within a budget. Without a budget, it is impossible for you to know how much money you can afford to save and spend each month.
- Use direct deposit.
Developing discipline with money takes time. If you haven’t developed the discipline necessary to create a hefty savings account, don’t despair. There are some things you can do.
Go to your bank. Sign a contract to allow them to transfer money from your paycheck to your savings account.
Your employer’s human resources department might offer a savings direct deposit service. Contact them to get additional information.
Download your bank’s app. Use it to transfer money from your checking account to your savings account.
- Set small savings goals
If you are not used to saving money, it can be overwhelming at first. That’s the reason you should start with small savings goals.
Practice saving at least $10 per week or bi-weekly. After you become comfortable with saving money, increase the amount.
- Keep your loose change
Gather all of your loose change. Put it into a jar. Each time you receive loose change, you can put it into the jar. When it gets full, take it to a coin machine at your bank. Deposit the money into your savings account.
- Earn extra money
It is difficult to save money if you don’t earn enough money. Start a side business or get a part-time job. Put those earnings into a savings account.
- Avoid ATM fees
Americans spend at least $200 billion dollars a year on ATM fees. If you need to get cash, use a machine at one of your bank’s branches.
- Cook your food
Eating at restaurants is expensive. It’s okay to go to restaurants a few times each month. However, you should make every effort to cook at home as much as possible. Not only will you save money, you can prepare healthier meals for your family.
- Refinance your debt
You can save hundreds of dollars each month by paying cheaper interest rates for your debt. If you need more information about refinancing, there are plenty of loan resources available to help you.
- Monitor your home energy use
If your home is too hot in the winter and too cold in the summer, you might be wasting money. Instead of using your air conditioner in the spring, open the windows. Save the air conditioner for hot days. In the winter, use space heaters or the fireplace.
Saving money should be a priority for your family. Use these tips to help your family save more money.