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8 Planning Tips to Maximize Your Savings Account

Mar 24, 2013

Even though one of the most basic budgeting recommendations is to start a savings account, not all of us are doing it in the right manner. Some of us aren’t even putting any cash aside as well, which is a real concern. If you are though, here are a few helpful techniques that you can utilise to boost your bank balance, allowing you to actually see your savings grow over time.

An Interesting Point

The first step towards a larger bank balance is to look for a suitable high interest bank account. Since you are going to be leaving your money in the bank anyway, you may as well take advantage of an account that offers higher interest than usual. After waiting a lengthy period of time, you can watch the small additional amounts accumulate and grow.

Depositing Habits

Let’s say that you manage to cut down what you spend on your groceries or utility bills. What should you do with that extra money? The smart choice is to deposit any cash that you have saved directly into your savings account. After all, you are cutting down the money you spend for a reason. Don’t waste it, but deposit it away for the future.

Clearing Up the Clutter

Another way to gain some extra cash is to sell anything that you never use. If you have some old clothes, books or furniture lying around the home, pass it to a second hand dealer and earn some more money. Again, rather than spending this, you should add it to your savings account. In this way, you can turn your old goods into financial stability.

Extra Income on the Side

If you have time, you could even get an extra job for a boosted income. A website such as Money Vista can help you calculate the amount you need to save to reach your goals. Afterwards, you can find a job that increases your income enough to reach this target. This is a great way to boost your balance in a rapid manner as well.

Keep the Change

Another handy tip is to make room for a change jar at home. Every time that you get some spare change, place it in the jar instead of your wallet. Not only will this stop impulse buying using this cash, but the total will grow over time. When the jar is full, you can then take it to the bank and make a deposit.

Pay Rise Management

If you happen to get a pay rise in the future, try not to think of this as extra money to spend. After all, you survived well on the old wages, so why increase your expenses? Instead, you should deposit the extra monthly income directly into your savings account. In this way, you won’t spend it on frivolous things just because you feel like it.

Financial Bonuses

If you receive any sort of extra money - bonuses, commission or tax returns - you should also deposit this straight into your bank account. You don’t need to spend them. You have lived without them in regular months so there is no point in wasting the additional cash now. Storing it away for the future is a much smarter choice.

Credit Cards

If you still owe money on your credit cards, you should pay these off as soon as possible to reduce the amount of interest charged. Once you are debt free, you can continue to make your regular credit repayments except this time send the money to your savings account instead. You survived making these payments before so there is no reason to stop now.

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