In 2022, it was estimated that the majority of Americans did not have at least one month of bills worth of money stored in a separate savings account. While the amount of money that most people desire to have in savings at a given time can vary, there is no denying that it is important to put a portion of every paycheck from your job at a company like HSI into savings to have in the event of emergencies or for unforeseen large purchases. If you’re looking to build your savings account up in the new year, here are 3 tips for doing so as easily as possible.
Stick to a Firm Budget
Budgeting can be tough, but many financial experts agree that it is the most important thing you can do when attempting to cut down on spending and build up your savings account. Whether you create a monthly or weekly budgeting plan, determining how much money will be put into savings (and actually putting it there) as well as how much will be allotted for expenses like food, transportation, entertainment, and more, can help you spend money more wisely – therefore saving more than ever.
Pick Up a Second Job
While picking up another job doesn’t sound desirable to the majority of people, doing so is a great way to increase the amount of income you are earning each month and therefore increasing the amount you are able to save vs. spend. If you work part time, picking up a second job should be relatively simple. If you work full time and find that you don’t have enough time to work the hours required at a traditional full time job, you might opt for a more flexible side hustle such as becoming a delivery driver, dog walker, babysitter, or virtual assistant. These positions can help you earn money outside of your normal job, so you can increase the amount you are able to put in savings each month.
If you are already comfortable with the amount of money you are making but find it difficult to put money aside into savings from each paycheck, automating the process through your bank can help to solve this issue. Putting a percentage of your direct deposit into savings automatically each pay period can take the guesswork out of saving.