Three EASY Ways to Save Money
Some simple ways to boost savings fast
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 subscriptions and cancel any that you haven’t used recently. Once you have subscriptions 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 subscriptions and those expenses once your savings are in a better spot.
2. Make it Automatic
Ever heard of the phrase out of sight, out of mind? This is true when it comes to savings too. Simply 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. And speaking of automatic set your bills to autopay. With autopay, bills won’t catch you off guard, and that will help you maintain your budget and boost your savings.
3. Make a Move
Have you looked at specialty savings accounts like clubs or even a money market? Most times these accounts pay a higher interest rate than a traditional savings account. IAA Credit Union offers 3 different club accounts. We have a Christmas Club, Vacation Club, and Savers Club. These accounts earn a higher rate of interest and they each disburse at specific times of the year. Our Savers Club is used in most cases for emergency savings, or to help fund those big milestone purchases.