This is a collaborative post by Ellie Jo with tips on boosting your savings.
Boosting your savings isn’t always the easiest of things to master. You might struggle with your mindset around money, or may feel like you don’t have the knowledge and skills needed to manage your finances as they come in. Whatever your problem is, there are a few things you can do that could help you to boost your savings today.
8 Ways to Boost Your Savings
Read on for a few things you can do that will help you to boost your savings quickly!
Sell Things You No Longer Want/Need
Start by going through your belongings and selling things that you no longer want or need. If there’s something that you haven’t used in a while, then be honest with yourself. Are you likely to use it again? There are many selling platforms you can use to sell your old things, even Facebook! Don’t leave it lying around losing value when you can make some money back by selling it now.
Cancel Subscriptions To Things You Don’t Utilize Fully
Go through your monthly subscriptions and cancel those to things that you don’t utilize fully. Beauty boxes, for example, are often filled with things that you probably wouldn’t have bought and won’t really use. They’re fun at first, but ultimately, and waste of money. Are you making the most of all of your TV packages and monthly subscriptions, too? If not, you may be much better off looking for the right choice to run Kodi in the form of a VPN.
Start Using Cashback Sites Before You Spend
Get into the habit of using cashback sites before you buy anything online. It might take a while to build up the money in your account, but it does make a difference!
Give Yourself Some Breathing Room Before Making An Impulse Purchase
Before you make an impulse purchase, give yourself a little breathing room. A couple of weeks is great, but if you can give yourself a month, that’s even better. Get into the habit of really thinking about things before you buy and you’ll likely save so much more money.
Aim To Improve Your Financial Education
Do all you can to improve your financial education using books, podcasts, YouTube Channels, and other resources. Even if you just spend 10 minutes each day, you’ll steadily learn all kinds of things you weren’t aware of before.
Utilize A Skill You’ve Got
If you have a skill, such as drawing or singing, see if you can make some money from it. Could you design logos or draw personalized portraits on the side? If you are a teacher, look into how to make money teaching online.
Figure Out What Your Goals Are
Remember that your goals should resonate deeply with you. If they don’t resonate with you on an emotional level, then you’ll likely struggle to reach them. This should be your own goals and dreams, not somebody else’s.
Pick The Right Savings Account
You may need a different type of savings account depending on what the money’s for. If you’re saving for your first home, you may be able to find an account that offers high interest rates and bonuses. That being said, it’ll all depend on where you are based and any schemes available in your area.
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.