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To save money faster, you don’t need to make big lifestyle changes or sacrifice personal comfort. Simply being smart with your finances can help you build your savings up quickly!
Whether you’re saving for short-term or long-term goals, there are many easy ways to grow your savings faster.
9 Easy Ways to Save Money Faster:
Open a CD
A certificate of deposit (CD) is a great tool. It’s a safe way to invest that gives you a fixed interest rate for a set time, and you receive higher interest than a savings account. Just put your money in and watch it grow. With compounding interest, your money earns more over time without doing anything extra. Little effort = big gains!
Use a high-interest savings account
If you’re looking for similar benefits to a CD but need easier access to your money, a high-interest savings account is another good way to save faster. You might not earn as much interest as a CD, but it’s nice to be able to use your money when you need it.
For example, with a money market savings account, you can earn more interest than a regular savings account by keeping a slightly higher minimum balance. And with a high-yield savings account, you can earn even more, but you’ll need to keep an even higher minimum balance.
Automate your savings
Automating your savings is another easy way to save faster. You can set up automatic transfers from your checking account to your savings account, so you save without thinking about it. Choose to transfer money every day, week or month – whatever works best for you! Whether it’s $50 a week or 10% of your paycheck, these are easy ways to save money.
Round up your purchases
You can also grow your savings by rounding up your purchases to the next dollar and putting the extra change into your savings. At Gate City Bank, we offer this with Simply Save. For example, if you buy coffee for $2.75, it rounds up to $3, and the extra $0.25 goes into savings. Over time, these small amounts add up, and you likely won’t even notice a change in your daily spending.
Chip away at high-interest debt
Paying down high-interest debt, such as credit card balances and payday loans, can free up more money for savings, too. Start by paying off the debt with the highest interest first, and think about debt consolidation options. By paying less in interest, you can put more money into your savings each month.
Save unexpected income
Another idea is to take unexpected income – like a bonus, tax refund or even lottery winnings – and put the money straight into your savings instead of spending it on things you don’t need. This can help grow your savings faster.
Do you have more than $250,000? Stop by a local bank to learn how to make sure your money is fully insured and protected by the Federal Deposit Insurance Corporation (FDIC).
Take advantage of employer 401(k) matching
If you’re saving for retirement and your job offers a 401(k) match, make sure you put in enough to get the full match. For example, if your employer matches 5% of your salary, try to contribute at least 5%. It’s basically free money! Plus, it grows over time, which is an easy way to build savings.
Use cash-back and rewards programs
Use cash-back options with your debit card, credit card or loyalty programs to save more. For example, at Gate City Bank, you can earn cash back easily with our debit card rewards. It’s a simple way to grow your savings, and it’s free.
Cut the fat
You’ve heard it before, but don’t spend money on things you don’t need. From the streaming service options you don’t use often to the unread magazines that are serving as a footrest on your coffee table, look for ways to cut spending and put the extra money into your savings.
Lower your electric bill by unplugging electronics, changing your thermostat or getting energy-efficient appliances. Try eating out less often and avoid always buying name brands. You get the idea!
Saving money doesn’t have to be hard. By making a few smart choices, you can reach your goals faster. Start with small changes and keep going until saving becomes second nature.
We’re here to support you along the way! Contact us if you’re interested in streamlining your finances with a CD, savings account, round-up option, debt consolidation loan or any of our other helpful options. With these easy ways to save money, we’re right behind you with your financial future – and your success!
With competitive rates and varying term options, our CDs are perfect for any life stage. Earn competitive rates easily when you open a CD with Gate City Bank!
Interested in learning how to set a household budget? You’re in the right place!
From merging multiple balances into a single loan to leveraging your home’s equity, we’ve assembled five basic ways to consolidate debt and improve your financial wellness.
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