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Here are a few practical, simple tips to increase your savings account faster.

Picture this: you’re sitting on your couch, daydreaming about all the amazing things you could do if money weren’t an obstacle.

Suddenly, reality taps you on the shoulder and reminds you that your savings account is as empty as the Sahara. Hey, it happens to the best of us. But the good news is that you can fix your cash flow problems, and you have more options than you might think. So let’s dive in and briefly explore what I would do…if I found myself in the same situation. 

1. Request a skip payment: If you have an auto loan or a personal loan, check if your lender offers a skip payment option. This allows you to skip a monthly payment without penalty, and you can use the money you would have paid to boost your savings. Keep in mind, though, interest will continue to accrue during the skip payment month. 

2. Utilize cash rewards: Take advantage of any cash back reward programs offered by your bank or credit cards. If you have a rewards card, use it for everyday purchases and accumulate cash back rewards. You can then request a direct deposit or check, which can be used to build your savings account. 

3. Temporarily reduce retirement contributions: Consider reducing your retirement contributions temporarily to free up cash to build your emergency fund. While saving for retirement is important, having liquid savings for emergencies is also crucial. This way, you don’t have to tap your retirement account early – which can be a costly move.

4. Take advantage of five-week months: If you’re paid weekly or hourly, make use of months that have five weeks. These extra paychecks can provide an opportunity to start building your emergency fund. Save the additional income from these months to boost your savings.

5. Have a mega sale: Go through your belongings and identify items that you no longer use or need. Plan a yard sale or sell items online to generate cash. Even if you only make a few hundred dollars, it can contribute to your savings.

6. Start a side hustle for passive income: Consider starting a side hustle that allows you to earn passive income. Look for opportunities like affiliate marketing, creating digital products, starting a YouTube channel, or blogging. Passive income streams can provide flexibility and greater earning potential.

7. Track your spending: Make a conscious effort to track every expense you make. This helps identify areas where you may be overspending and allows you to create a budget. By understanding your spending habits, you can make adjustments and save more effectively.

8. Negotiate monthly expenses: Reach out to your service providers, such as insurance companies, internet providers, cable companies, or home security services, and ask if you can get a lower rate. Shopping around and negotiating can potentially lower your monthly expenses, freeing up more money for savings.

9. Automate savings weekly: Set up an automatic transfer from your checking account to your savings account on a certain day each week. Start with an amount you can afford, even if it’s as little as $10 per week. Automating can help you save consistently over time.

Remember, these are ONLY general suggestions, so it’s important to consider your individual situation and decide which method makes sense for you. At the end of the day, extra money isn’t likely to fall into your lap. But with a proactive approach, careful planning, and of course patience, you can increase your disposable income and give your savings account a much-needed boost.

Add to the list, or let us know what money saving strategy you plan to implement…