Tips on Increasing the Amount of Money in your Savings Account

Many of us would like to increase the amount of money that we have in our savings account. It is lovely to know that we have some money to fall back on or we can save up for something specific such as a holiday. It might mean that we do not have to take out a loan or that we can repay a loan that we already have. It might seem really difficult though to increase the amount of money that we have in our account. You might try to put money in at the end of every month – perhaps putting in the money that you have left over. However, it could be that there is not any money left or just a small amount and therefore you feel that you will not be able to increase the amount in the account very quickly at all. There are things that you can do to help.

Set up a direct debit

It can really help if you set up a direct debit to pay a certain amount into your savings account each month. This needs to be a sum of money that you know you will be able to afford, so calculate how much money you usually have left to spend on luxuries each month and use a bit of this. If you set yup the direct debit on the day that you are paid, then you will be able to afford it. This is better than waiting until the end of the month and transferring whatever is left as you may end up spending all of the money that you have. If it has already been transferred and is not available to spend then you will not be able to use it.

Sell things to make money

There are many ways to get some extra money so that you can afford to save more, but many people do not consider selling things. If you have items in your home that you no longer need or want, then you could sell them to make some extra money. If they are not in good condition then you may not be able to sell them, but if you have things which could still be used by others or that are interesting, antique or collectable then you should be able to make some money from them. There are plenty of places where you can sell things as well. You could sell offline at a table top sale or a car boot sale. If you would rather sell online then you can use an auction site or a social media selling page. There are many options and it can be worth researching what sorts of things sell and where so that you decide which will be the best way for you to earn the extra money. Although this will just be a one-off lump sum, it could help to increase the amount of savings that you have.

Get a pay rise

If you want to get more money without doing more work or selling things, then getting a pay rise can be worth a try. This may not be possible for everyone, but you could try to apply for one, look for a role that pays more or even look for a better paid job. This is not always that easy, but it is worth thinking about. If you are earning extra money for doing the same thing that you normally do, you will not have to work any harder and you will get more money. This will mean you will not have to put in extra hours. However, if you have chosen a promotion or a new job as a way of earning more you may have to learn new things and take on more responsibility.

Cut down your spending

Even if you get paid more, but especially if you do not, then you will have to reduce the amount of money that you are spending. This is easier for some people than others. If you spend most of your money or all of your money on essentials, then the only way that you will be able to spend less is if you can find cheaper ones. This could be possible though and is well worth looking into.

If you are in the situation where you have enough money for your essentials and more besides, it will be easier to cut down on things in order to increase how much money you can save. It can be worth keeping a budget so that you are able to put some money into your savings account and spend the rest on luxury items. It will be up to you to think about how much you want to spend on each. It might be easier to cut back on some items than others so you will have to consider what you think will be the easiest to cut back on.

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