With inflation soaring and the cost of living rising, saving money is on everyone’s mind. Let’s review the 5 great ways you can grow your savings.
Grow your Savings
1. Budget your way to more Savings
The best way to grow your savings is by understanding your financial position. Create a budget to understand what income you have, what you’re spending and how much you have remaining for saving. With a budget, you are able to grow your savings by determining exactly the amount you can save. A budget also allows you to get ahead in saving for your emergency fund and then for bigger purchases. Looking for more ways on how to build a budget and stick with it? Check out our blog post.
2. Automate your savings
When one has to remember to move money into their savings account, it can become messy or infrequent. Save yourself the brain power of remembering to move money into your savings by automating a fixed amount determined by your budget on a bi-weekly or monthly basis. This small action will grow your savings astronomically!
3. Grow your Savings with High-Interest Savings Accounts
Make your money work for you by saving your money in high-interest savings accounts. For short-term savings or for your emergency fund, these accounts provide the best benefit of easy liquidity plus some rate of return for saving. With promotional rates, you can earn even more by saving for a certain time period.
4. Avoid lifestyle creep
Chances are that as you increase your income, your spending habits tend to change toward more expensive items. Avoid your lifestyle creeping and absorbing your extra income. Maintain a watch on your spending habits. Question your spending without restraining yourself. You earned that income and get to decide where to spend it! Indulge without splurging to continue increasing your savings as you increase your income.
5. Earn Cash Back for extra savings
With AstroWealth, you can earn Cash Back on your online purchases. From groceries, clothes, gifts, travel and more, AstroWealth has big Cash Back offers to help you save more on the side. Make your online purchases stretch further with Cash Back.
Join AstroWealth today to earn Cash Back when you shop online and grow your savings.
