Stash your cash and watch it grow with these savings strategies.
You have a lot on your mind each and every day. Because of this, often times making a plan to save more falls further down the to-do list. Luckily, there are plenty of simple and time efficient savings strategies out there to support you!
At Clearview, we want to help you bank your bucks. In this blog article, we’ll show you how to grow your savings account with these tried-and-true savings strategies.
Set clear goals and evaluate your budget
Learning how to grow your savings all starts with setting a clear, measurable goal. It’s important to sit down and determine:
- What do I want to save for?
- What’s a realistic timeline for me to achieve my goal?
- How can I measure my success along the way?
Once this is all determined, you can then evaluate your current budget to see if there are opportunities for improvement. The 50/30/20 budget rule is a great place to start. The idea behind this rule is to have 50% of your income go to fixed expenses, 30% for fun money, and 20% for savings and debt obligations.
Bonus tip! If you need a little extra assistance navigating your budget, we definitely recommend trying our free tool, Money Management!
Simply set it and forget it.
Ready to try a “pay yourself first” approach? Scheduling a recurring transfer can help you overcome the confusion of how to grow your savings because it allows you to automate the process of moving money. These transfers can be set up to occur each time you get paid, during certain times of the month, or whatever fits your schedule and needs.
Receive some cash? Use it wisely.
Whether you just received money for your birthday, got a bonus at work, or received a nice tax refund, it’s a great opportunity for you to stash that cash wisely. It’s always nice to treat yourself once in a while, but putting all or a portion of this money towards your goal can have a more meaningful impact to you and your finances.
Try challenging yourself
Believe it or not, there are savings strategies out there you can have fun with! If you need a little motivation to get started, give a money challenge a try. From no-spend challenges to yearlong activities, there’s a program out there to fit your budget, goals, and lifestyle. This can also help you set and implement positive money habits.
Bonus tip! This four-week Clearview financial wellness challenge is a great place to start.
Figuring out how to grow your savings requires planning, discipline, and implementing some smart savings strategies. When you take the time to create a plan that works for you and your goals, you’ll be able to steadily increase your savings without feeling overwhelmed. Remember, the key to success is to start where you are and stay consistent.