How to Increase your Savings

Many of us would like to have more savings available. There are great advantages to having money in a savings account. It means that we will be able to have some money to fall back on in an emergency and it also means that we can save up for items that are too expensive for us to buy immediately which may mean that will be able to avoid getting a loan for purposes such as this. It can be difficult to increase savings though.

Pay yourself first

Many people save by putting any money they have left at the end of the month into their savings account. Although this is better than not saving at all, it can mean that not so much money is saved. This because, as you check your balance during the month, you will see there is money there and you will spend it. So, by the time the end of the month comes, there may not be very much there. The idea of paying yourself first is that you will put money into a savings account at the start of the month. Then the money will not be available for you to spend and you will have to budget your purchases without using this money. You may still have money left at the end of the month and you can also put this in your savings account, but by paying yourself first, it should mean that you will be able to save up more quickly.

Compare prices

In order to have more money available to save, then paying less for what you are buying could help. To do this it is worth comparing the prices on everything that you buy and thinking about whether you feel that you are getting good value for money. This might mean that you will need to shop at different places so that you can buy cheaper products. It is easy to compare prices using online comparison sites so it should not be too much work for you. Comparing prices on things like insurance, utilities and things that we pay on contracts can also save a significant amount of money. It is worth looking at prices every year or so and then switching to cheaper companies if you can save a significant amount. You will often get exactly the same service but end up paying less. You may want to read reviews of companies and find out what other peoples experiences are so that you can decide whether you feel that you will be getting good value for money by swapping.

Buy Less

It may also be wise to buy less things which will leave us more money available to save. We often buy more things than we really need. Some will add a lot of value to our lives and we will feel that they are really worth it. However, we can sometimes buy things and then not really use them very much or perhaps not enjoy them that much. These items could probably be left unbought and we would not really notice much difference apart from having less clutter building up in our home.

Earn More

If we do not want to buy less and spend less or we are already spending a minimum amount then we will need to look at ways to earn more so that we will be able to save more. Or consider taking out a short term loan. This can seem pretty hard, but it may not be. If you want a lump sum of money to add to your savings, then selling things that we no longer need could be an option. You might be able to sell in a social media group or on an auction site or even at a car boot sale. There are a lot of options for you and it could mean that you will get a sum of money that you can pop into the savings account.

If you want a more regular increase in income then you will have to look into work. You may be able to increase your working hours or get a better paid job. It could be that you will be able to work some overtime or do a second job, perhaps evenings and weekends. You will also be able to pick up freelance work, temping or contract jobs that could help. Of course, it may be that you have family commitments and cannot easily work outside of the home. Even if this is the case, there are still options available to you. You could do some online work, for example or you might be able to rent out a room in your home or some attic space, for example. You may even be able to start a business where you could earn some money. There are a selection of options which could help.