So you decided to take control of your financial future by saving. Well, good for you. There are many ways you can make your savings grow without relying entirely on interest rates. You can grow your savings by living below your means, cutting back on expenses, taking a second job, asking for overtime, selling items you do not need and etc.
Living below your means
Living below your means is an easy way to make the most of your savings account. I.E If your expenses before living below your means is $4,000 a month then you would have to save $12,000-$24,000 in order to have a good cushion. If you live below your means and cut back to $2,500 a month then you would have to save $7,500-$15,000. If you have a savings account with sufficient funds when you decide to live below your means you have already stretched your savings.
Cutting back on expenses
Cutting back on expenses is a way to see instant saving without taking another job or asking for overtime. When you cut back you will be able to redistribute your leftover funds to either pay down debt or save. If you choose to pay down debt then it will enable you to save more in the long run. Cutting back on expenses is a lot easier then one would think not mention it is becoming “the thing to do”.
A second job
In order to accelerate the growth of your savings account you can take a second job. Taking a second job should be planned accordingly. Health is a major concern when taking a second job. You do not want your hard work to go undone because of health issues.
Asking for overtime
Asking for overtime is a good way to get in with your bosses and fluff your paycheck. If you work hard enough you may get a promotion. Overtime is a good way to reevaluate what you want out of your career. If you can’t handle working overtime you probably won’t enjoy a promotion. When you enjoy your job it makes it easier to grow your money because you won’t look for many outlets for work.
Selling items you do need
If you live a lifestyle of excess then you should sell your items as a opposed throwing items out. If want to make extra cash to either save or pay down debt selling unwanted things is the way to go. You can sell online or have a yard sale.
There are many ways you can make your saving grow. You have take savings seriously if you want your savings to take you seriously. Good luck!