Savings are portions of disposable income not spent on consumption of consumer goods but accumulated and set aside for a specific goal or purpose. To save enough money, you require appropriate tools, excellent strategies and tips. CMC Markets highlights for you the following strategies and tools to increase your monthly and annual savings:
a. Five Strategies to Increase Your Savings
- Include Savings in Your Budget Plan
Many people fail to save money because they do not consider savings as part of their budget. They only realise that they should have saved money after spending all that they had. Including savings in your budget and making it a priority above spending for anything else is a good strategy to increase your savings.
- Create a Savings Account with Interest
Open a separate saving account if you do not have one. Always look for an account that earns interest. Make the account a priority and deposit money in the account before any other expenditure. Relevant studies have shown that having even $500 in your savings account makes a major difference in the financial well-being.
- Reduce Unnecessary Expenditure
Reduction of unnecessary expenditure requires sacrifice because they are things you are used to doing. This might mean cutting some creature comforts from your life for a while. You only need to think about some of the unnecessary social activities that you usually do and, channel the money to your savings account.
- Find a Supplement Job
With the advancement of technology, many people have increased their savings by doing second jobs or side hustling jobs. Some of the jobs that you can do are:
- Online marketing jobs
- Data entry jobs
- Creation of websites and programming
- Typing jobs
- Online tutorials
- Part-time art and craft jobs
- Invest Well
Investing in business is also an efficient tool to increase your savings. All you need to do is to have a business idea and find the right market. Always evaluate your business to ensure that you are doing well. Once you get the money from the investments, remember to deposit the profit into the savings account. Depending on your style you might try spread betting but all depends on your bet size and how and when you choose to bid. You might want to consider a controlled risk bet depending your credit limit. Spread betting strategies can be found all over, make sure to pick your platform wisely.
b. Five Tools to Increase Your Savings
- Have the Right Finance Mobile Application for Saving
Some fantastic apps are available to tackle all your financial goals including saving. Having a smartphone with a mobile application that makes your savings account easily accessible reduces the risk of spending the money you are to save. The mobile application, because it is easily available, less expensive and easily accessible, increases your savings by making you save from anywhere.
- Internet Banking
Many banks allow internet banking to enable their clients to access their accounts through the internet without travelling to the bank to deposit money into their personal accounts. This method allows you to deposit money directly into your account, including the money gotten through online marketing or any other online jobs.
- Use Credit Card to Spend
Credit cards are more secure to use than debit cards and can also make you money that you can directly deposit into your savings account. For every dollar that you spend, you will get money back either directly onto your card or in a check form. This will be additional money that you can deposit into your savings account but use credit cards responsibly because they can lead to hefty debts.
- Have the Right Business Advisors
If you want to increase your savings through investment, then getting the right business advisors who require minimum pay is a good move towards increasing your savings. Good business advisors will advise you on how to invest, the potential risks that you are likely to encounter and how to maximise on your business opportunity.
- Let Your Budget be Realistic
For you to save money, you need a realistic budget that gives you room for saving. If you make a budget that is less than what you require, you will be forced to spend your savings money.
Are you thinking of saving? Use the above five strategies and five tools to increase your annual and monthly savings significantly.