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How to Grow Your Savings Account Even When You Think It’s Impossible

So, you think that it is completely impossible to save money in your current situation? You might be extremely keen to save a little each month but something is holding you back.

This is a more common situation than you might think, but that isn’t much help to you, is it? What you need is some good, solid advice which helps you put away the cash you want to see build up over time.

Spend a Few Dollars Less Each Day

The simplest way to save more money is to spend less. Sorry, is that a bit too simplistic for you? It is easy to think that there has to be something more complicated involved in it but spending a little less every single day is by far the best way to start. There are numerous ways to do this and we have looked at many of them in the past on here; from walking to work to making sandwiches for your lunch to using all sorts of other money saving tips. There is no shortage of ideas for spending less, so what are you waiting for? If the thought of living like a peasant for the rest of your life is what puts you off then it is time to change the way you look at things. Being frugal doesn’t have to necessarily mean living badly. One idea which you might like is that of changing what you save money on each day. This could mean cycling to work on Monday, taking a homemade lunch on Tuesday, going without your usual coffee on Wednesday and so on. Once you start making a saving each day you will begin to see the potential for putting aside a lot of money each month.

Don’t Even Think About It

You don’t miss what you never had. If you have a certain amount of cash going straight into your savings account every month then you could build up your wealth quicker than you think. The first couple of months might be tough but if you can get through them then you will find it easier from then on in. The key in getting this right lies in making sure that you set the level of the monthly savings right. Make it too low and you will get frustrated at not seeing your savings grow. Make it too high and you won’t make it to your next payday without running out of cash.

Look After Your Household Bills

You will easily shave a few dollars off your household bills just by paying a little bit more attention to them. For example, unplugging your electrical equipment instead of leaving them on standby doesn’t just increase your tree hugging credentials; it also helps you spend less on electricity bills. Turning down the heating or the air conditioning a notch is another simple way to spend less at home. Now all you need to do is ensure that every dollar you save on these bills goes straight into your savings account. After all, you were budgeting to pay the higher amount, so it is only right that you put away whatever it is you have saved by being more sensible in your approach.

Check Out Your Loans and Cards

Could you save money just by moving to a different sort of credit card, by paying off your card balance or by moving to a loan with a better rate? It is easy to let things like this slide month after month without paying any attention to them. However, it could mean that you pay out more than you need to month on month. Just a few minutes could free up some extra money for you to put into your savings account every month.

What other simple money saving tips have you got to share?

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10 Responses to How to Grow Your Savings Account Even When You Think It’s Impossible

  1. Great suggestion to evaluate your everyday expenses and see where you can save. We’ve been cooking more and eating out less and the savings really add up!
    Dee @ Color Me Frugal recently posted…Saturday Morning Fever Roundup #6My Profile

  2. Adam Kamerer says:

    I think the biggest trap many people fall into is worrying that they don’t earn enough money to save anything. And it’s not always easy, especially when you’re underpaid for your field and struggling to get by on a meager income. I try to encourage people to put away at least a few dollars, though, if only because it keeps them in the mindset of thinking for the future.
    Adam Kamerer recently posted…How To Resolve Couponing Disputes With Cashiers And ManagersMy Profile

  3. Those are great tips, I think you could add earning more there. Having multiple sources of incomes can really help a person save money fast.
    Money Saving Dude recently posted…10 Steps To Improve Your Finances This YearMy Profile

  4. kammi says:

    Once when I was low on cash many years ago, I hunted all over my apartment for all the coins I had, because I remembered we had such a container growing up. It turned (on three occasions) to be $80 each in total when I counted them up. Many times, people will think that their 1 cent pieces don’t add up to anything, but they do (it only takes about 20 minutes to count them up and can be a fun activity for the family), and coins can be a great source of money that you can put away, especially if an entire family cultivates that habit.

    • Robert Bell says:

      I did this once as well Kammi. I didn’t find a fortune but it was enough to make life a bit easier until I got paid

  5. moneystepper says:

    Great tips Robert – thanks. Household bills are forever increasing (consistently above inflation in the UK) and so addressing these early in the New Year is essential if people haven’t already.
    moneystepper recently posted…Property Price Predictions for the UK in 2014My Profile

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