Many of us will look at the balance on our savings accounts from time and time and worry that there is just not enough money in there. This is something which can seem bleak and you may think that you cannot improve your situation. However, there are many things that you can do which could help you to get more money in the account.
Put the money in a higher interest account
If you have the money in a low interest savings account then you will not be making much from it. If you swap it to an account that pays a higher rate of interest then this will allow you to make more money from your savings without doing anything at all. This can be great as your money will be making you money without you having to add any extra to it. Keep checking savings rates regularly to make sure that you are getting the best rate that you can. You may be better off putting the money into an account where the money gets tied up, perhaps where you have to give notice to withdraw it or you have a fixed interest rate for a certain time period. These will pay more in interest and if the money is something that you are not intending on spending anyway, it will make no difference to you whether you can withdraw it with or without notice.
Pay yourself first
Many finance writers refer to paying yourself first. This means that you should put money into your savings account as soon as you get paid, before you pay out for anything else. This allows you to make sure that you prioritise savings rather than buying other things via payday loans and other credit. Many people will just put money into their savings account at the end of the month as they want to make sure that they have spend all the money they need first. Although there may still be some money left, you may not have as much as you had hoped. If you pay money into your savings at the beginning of the month then you will have to budget carefully to make sure that you have enough to last you and therefore you will not be able to overspend and not have enough left to save.
Compare prices to reduce spending
It is well worth shopping very carefully and comparing prices on everything that you buy. Many people will do this in the supermarket and compare a branded item with a supermarket own brand. However, there are lots of different things that we buy and we should be comparing them all. Many payments go out of our bank account automatically and so we tend to forget about comparing the prices of these. Things like utility bills, contracts for phones, insurance and loans can all potentially be switched to cheaper products. If you check the prices on everything that you are paying for and reduce each one, even by just a little bit then the savings that you can make can really add up. Once you get into the habit of comparing prices then it becomes really easy and can even be fun to add up how much you have managed to save each day, week or month.
Earn more money
Of course, if we earn more money then this will enable us to be able to afford to put more money in our savings account. If we have tried all of the above and are still not happy with how much we are saving then we will have to find a way of earning more money in order to have more available to pay in. You could take on extra hours at work or an extra job, but if you just want a lump sum then you could sell some things that you own, do a bit of temporary work or pick up some freelance jobs online. There are lots of options, it is just a matter of finding the option that suits you the best. If you are not sure where to start then think about what time you have available to fit in some extra work and…
Once you start having more money available to you, whether it is because you are spending less or earning more, you will need to be disciplined not to spend it all. It can be great having more money available, you may just think that it would be nice to be able to treat yourself to some more things. The problem with this is that if your spending increases as your income increases you end with more things but no more savings. Therefore you need to be very careful and remember that you are trying to increase your savings, not what you are spending. This may not be a problem or everyone, but is something that it is wise to look out for.