Finance

5 Simple Ways To Start Growing Your Savings Account

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savings account

Having a savings account is pretty much mandatory for anyone who cares about their finances, especially with the way inflation is going. The good news is that getting the most out of your savings account isn’t hard once you know a few simple tips and tricks that will make things a lot easier. With this in mind, let’s take a look at five simple ways you can grow your savings account.

1. Pay Your Savings Account First

Putting money into your savings account can be difficult, both mentally, and in terms of actually remembering to do it. This is especially true if you like to procrastinate. Instead of taking this approach, try putting all of the money you earn directly into your savings account first, then transferring what you need for living expenses and spending money into your regular account. Not only will this help your savings to grow, but it will also help to curb impulse spending.

2. Automation

Many banks, credit unions, and other financial institutions have options that allow you to automatically transfer money into your savings account. This can be based on a variety of factors such as having a certain amount transferred each month or having funds transferred when you make purchases from your regular account. There are also payroll deductions that automatically take a portion of each paycheck and put it into your savings. In any case, this will help you to grow your savings account without you even having to think about it.

3. Collecting Your Spare Change

Finding extra money to put in your savings account can be a challenge, but one smart way is to collect your spare change. Since most banks won’t take change unless you use paper rolls, a more convenient way to do things is to take your change to a machine that allows you to turn it in and get paper money in exchange. These are common at grocery stores and can make it easy to turn your change into dollars that you can despite into your savings account.

4. Be Aware of Your Interest

Your savings account will grow automatically thanks to its interest rate even if you’re not putting more into it. However, some savings accounts offer better interest rates than others. This being the case, don’t be afraid to look around and see if there are better options for your savings account. There may be other plans with better interest rates available that you weren’t eligible for when you created your savings account that could help it grow faster.

5. Digital Banking

Being able to easily manage your savings account is important when it comes to making it grow. This is why it can be very convenient to make use of digital banking. In fact, some credit unions are built around this idea and make it very easy to manage and grow your savings using their online services. Since credit unions are typically member-owned and service-focused, they can help you to get higher yields on your savings.

FadLy Handowo
My name is FadLy Handowo. I love experiencing new things and I am always looking for a new activity to try.

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