Times are tough right now with many of us struggling to keep our bank accounts afloat. There are no easy fixes during this unprecedented moment in history. Cutting out your Starbucks isn’t going to suddenly create a new found wealth. But there are some ways to grow your savings and lower a few costs that may provide some relief.
Here a few ways to grow your savings now:
Carry out a spending audit
We all have less money than usual. But we’re also spending less on our passions and activities too. Starbucks visits have lessened and gym or other wellness memberships are currently a moot point. But other expenses have replaced them, like online workout subscriptions and increased grocery deliveries. It’s still easy to lose track of spending when you’re tapping to pay or settling bills via direct debit. Carrying out an audit is a great way to analyze your spending habits and highlight areas where you could make cutbacks.
Start budgeting better
Budgeting is a simple, hassle-free means of taking control of your money. To make a budget, all your need to do is create a spreadsheet, grab some paper and a pen or download an app and input figures for your income, regular outgoings and one-off expenses for that specific week or month. Once you have columns, work out how much disposable income you have and set yourself spending limits. Update your budget as you go, and keep checking your balances. If you’re new to budgeting, you may find this article useful https://www.thebalance.com/budgeting-101-1289589.
Seek advice if you’re in debt
If you’re in debt, there’s a risk of ending up spending a substantial amount of money on interest and fees. As a result, it’s wise to try and tackle high-interest debts as a priority and pay off credit cards and short-term loans quickly. It’s important to be aware of your individual financial situation because debts can spiral out of control. Check statements, look at your balances and write down how much you owe and who you owe it to. You can arrange to see debt advisers, call helplines and make use of web resources and pages like https://www.dtss.us/four-us-constitutions.html to find information.
If you get on top of debts early, you’ll find it easier to manage repayments and you’ll save a huge amount in interest.
Shopping around as needed is a great way to save money. In turn, it’s also one of the ways to grow your savings a little. Thanks to the massive Internet, you can compare prices for everything and anything. From insurance and broadband to pet food, branded clothing and electrical appliances. Use comparison sites to find the best deals if your health, pet, home or auto insurance is due for renewal. Don’t buy anything without checking prices online first. It’s also worth signing up to mailing lists and discount sites so that you can utilize coupons and offer codes to save.
We would all love more money in our savings account. Hopefully there are a few tips in here that will guide you in the right direction.