Three Ways to Give Your Savings Account a Little Boost
What does “saving extra” mean to you? Whether it is putting change in a piggy bank or moving everything not in your monthly budget into a savings account, creating the habit of saving and sticking to it over time can make a huge difference. This year as part of America Saves Week, commit to trying one (or all) of these three ways to save a little extra:
Prioritize Saving in Your Budget.
Rent, utilities, auto loan, insurance, and other monthly bills are usually a “given” in your budget. You have to include them, or you don’t have running water and can’t drive to work. When you prioritize these items, they stay top-of-mind as you consider your daily and weekly spending. Why not treat your savings the same way – as a priority? We don’t always consider our savings goals a necessity the way we do our bills, but it ought to be. Prioritize saving by creating a line item in your budget alongside your bills.
Save Any Extra Money That Comes Along
Did you receive notice of a raise? Maybe you have a bonus coming your way for a job well done. Whatever the reason may be, allocate any additional funds that enter your budget to your savings goals. You won’t miss the percentage raise you receive, and more importantly you won’t “live into” it by spending an extra $50 a week just because. You weren’t planning on that bonus when you created your budget, so tuck it away for a rainy day.
Split Your Tax Refund
It’s a universal truth: saving at tax time can be a big step toward meeting your savings goals. This tax season opt to split a portion of your tax refund into your savings account. For many of us, the tax refund is the largest check we will receive all year, which provides the perfect opportunity to start or grow your savings goal.
Saving the extra is an easy and quick way to jumpstart your savings. As America Saves Week comes to an end, identify the ways that you and your household can save the extra and add a little boost to your bank account.
By Tammy Bruzon, America Saves Digital Engagement Strategist