Building Your Savings Account
We all need a financial cushion, especially in today’s uncertain economic climate. From emergency funds to funding retirement, knowing how to build savings is a must. Whether you haven’t set anything aside yet or want to grow your nest egg, these tips will help you maximize your savings account.
Get Serious About Budgeting
No matter what their perspective on money matters, most financial experts agree that a budget is a must. If you’re wondering how to grow your savings, you can’t go wrong by downloading a budgeting app or software; a spreadsheet or notebook will also do the trick. When assigning your money to categories, be sure to allow for a little “fun money” to avoid deprivation-fueled splurges.
For anyone learning how to build a savings account, trimming some frills from the budget frees up more cash for the important things. It isn’t necessary to cut all your wants to save up for your needs, though.
Start out by looking for “leaks” in your budget like streaming services, meal kit subscriptions, or gym memberships you never use.
Keep the things you love, but cut those expenses that don’t add to your health, wealth, or happiness. The library is a great source for free movies and music as well as lectures, classes, and, of course, books.
Build on Rewards
Repaying your loans, credit cards, and other bills on time can help boost your credit score. A higher credit score can also translate to better interest rates, fewer fees, lower insurance premiums, and other financial perks. And paying off debt altogether frees your money for bigger, much better things.
Maximize savings even further by earning rewards for everyday shopping with Landmark National Bank’s Visa My Rewards Gold and Platinum debit cards.
Grow Your Income
Making more money is an excellent option for anyone wondering how to build a savings account. Here are some ideas for increasing your income:
- Ask for a raise
- Start a side hustle
- Pick up overtime when possible
- Earn money in your free time with online surveys or by performing tasks at sites like Amazon’s Mechanical Turk
Investing can help you maximize savings over time, but there’s a learning curve. And don’t expect to make fast money; whether you go with crypto, real estate, mutual funds, or the stock market, investing is a long-term endeavor with the potential for plenty of ups and downs.
Save, Save, Save
If you’re trying to figure out how to build savings when you don’t earn a lot of money, you’re not alone. Try these tips to lower your monthly bills:
- Grow your own food
- Use less gas by planning errands
- Browse your own kitchen before heading to the store
- Plan meals to minimize eating out and cook more efficiently
- Lower your thermostat one degree in the summer and raise it one degree in the winter
- Cut small costs (watch trial subscriptions and cancel unused or unneeded memberships)
If you own a home, lower utility bills and costs by replacing worn weatherstrips, caulking gaps around windows and doorways, and repairing plumbing leaks.
Learning how to grow your savings goes a long way toward building and maintaining your financial wellness.
Landmark National Bank can help you achieve your goals with a wide range of financial products. From interest-earning checking and savings accounts to debit reward cards, you’ll find just what you need to maximize savings for your financial future.
Find a Landmark National Bank branch location near you and open a savings account that fits your needs.