Try These 5 Hacks to Grow Your Savings Nest Egg
Whether you want to build your nest egg to achieve a personal life goal, help you be better prepared for emergencies or another underlying reason, sometimes getting started is the most difficult step. When you make savings a habit that persists over time, you will find that the small amounts and little steps will build up quickly. The key is to start somewhere—get to practicing the act of savings that’ll gain momentum as debts are paid.
Here are some hacks to try that can kickstart your savings habit:
If you are an avid coffee drinker, the idea of redirecting your purchase to savings can be unrealistic. Instead, buy yourself a “second cup” by committing to a coffee match. Whatever you spend on your java fix, put that matching amount into your savings account. Depending on your go-to coffee order, this could result in savings of $15-$25 per week.
- Start an impulse spending diary, so you can better understand those quick purchases like snacks at a gas station or unplanned cart additions at the check-out line. When you have clarity about where your money goes, you can better redirect those funds (or match them) to build your savings.
- Think about what purchases you can start making with cash. When you pay with tangible money, the act of a transaction might make you think differently about each dollar you spend. Put your change (and spare coins) in a big jar and watch your collection grow. Then, deposit your jar annually directly to your savings account.
- Launch a savings goal and challenge yourself and/or your family. By adding a game-style element to savings, you can be more encouraged to alter some of your purchase choices. Consider adding a fun reward when your savings goal is reached. You may discover how quickly your savings can grow, or how some of the things you decide not to buy are unnecessary and can be cut out of your spending habits altogether.
5. Open a separate savings account and then set up automatic transfers to move small dollar amounts on a regular frequency, like once or twice a month. Or you can set up your paycheck to put a set amount directly into your savings account to pay yourself first. By having funds moved outside of your checking account, it is harder to spend or it’s out of sight and out of mind.
When it comes to hacking your savings habits, get creative and try different things. Arm yourself with multiple tools and methods to find what works best for you! Need help getting set up with a checking or savings account? Check out our personal checking account options and savings account options to see if there’s something that is right for you.
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