Finance Globe

U.S. financial and economic topics from several finance writers.
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3 Simple Steps to Boost your Savings Account

When you look at your savings account what do you see? While some people are excited at the number that stares back at them, many are wishing they had more money.

Rather than hope for a miracle, there are steps you can take to boost your savings account. Soon enough, your balance will be on the rise.

Here are three simple steps to take:

1. Eliminate unnecessary spending. Take a closer look at what you are spending your money on. Do you waste hundreds every month on your morning coffee and daily trip to the vending machine? Are you spending an excess amount on gasoline for your car, despite the fact that there are alternatives for saving?

Once you pinpoint your unnecessary spending, you can make the changes necessary to push this money into your savings account.

2. Set goals. It is one thing to say that you want to save more money. It is another thing entirely to make this happen. What are your short term goals? What are your long term goals?

To better your chance of success, setup an automated savings system, such as having a particular amount of money deducted from each paycheck and deposited into your savings account.

3. Use extra cash wisely. From a work bonus to a tax refund to lottery winnings, if you are lucky enough to receive a lump sum of money, regardless of the reason, consider putting some or all of it in your savings account. When you add this to your regular savings schedule, you may be surprised at how quickly your balance grows.

By taking these three simple steps you will find it easier to boost your savings account.
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Tuesday, 23 April 2024

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