14 Simple Strategies to Grow Your Savings Account

Don’t you wish your savings account was overflowing with cash? That is a dream so many of us have. It can be hard to save money, especially in the current state of the world. However, we have 14 simple tips and tricks you can use to help boost your savings account and achieve your dream of wealth. Try these hacks today and you can sit back and watch while the numbers on your bank statement go up and up!

Note: The content of this article is for informational purposes only and is not a substitute for professional advice. Always consult with a qualified professional for advice tailored to your individual circumstances.

Set Up Automatic Savings

One of the best ways to get more money into your savings account is to put it there consistently. Rather than manually adding money to your savings account when you happen to have extra cash, have part of your paycheck deposited directly into that account. Having a set amount of money automatically added to your savings account regularly will grow your account at an incredible rate! 

Set Goals

Think about your financial goals and write them down. Then, consider how to achieve these goals. You do not have to set significant, lofty savings goals if you do not want to. Achieving small, manageable savings milestones can be just as beneficial. Try to save $50 a month or get your savings up to $10,000 by the end of the year. Having a goal to focus on will help motivate you to save. 

Celebrate Your Savings

Anytime you reach one of your savings goals, celebrate! Give yourself a pat on the back, and make sure you recognize how hard you have worked. You will likely want to save more when you take pride in your savings. Saving isn’t easy, so if you’re successfully growing your savings account, you’re doing an excellent job! Consider adding a reward to your savings goals. If you reach that goal, you also get that reward. This can add even more motivation to your plan to save money.

Try a High Yield Online Savings Account

High-yield online savings accounts are offered from online, remote financial institutions. Without brick-and-mortar buildings to manage, these companies can offer higher interest rates on savings accounts. They are typically FDIC-backed, making them safe investments as well. Plus, you can still access your money anytime you need it. On top of all of that, you never need to go to a physical bank just to manage your account. You can do everything from the comfort of your own home.

Invest in a CD

A certificate of deposit (also called a CD) is a kind of savings account banks offer. A CD will pay you a fixed interest rate over a specified period. When you invest in a CD, you agree to lock your money away for the term of the CD, and in return, you earn a higher interest rate than when you use a traditional savings account. This fixed interest rate helps your money grow steadily without too much risk.

Consider Government Bonds

If you live in the US, you have probably heard of government bonds. It is time you buy a few! A government bond is a type of debt security that is issued by the government that will pay back the principal amount with interest over a set period. These bonds are typically considered low-risk investments because they are backed by the government’s creditworthiness and taxing power. The interest payments provide a steady and predictable income stream, meaning your money will grow steadily.

Join a Credit Union

Joining a credit union can be a very easy and smart way to save money and grow your savings account. Credit unions often offer higher interest rates and lower fees on savings accounts than traditional banks. They are member-owned institutions, which means they prioritize the financial well-being of their members. This typically leads to more personalized service and better terms on loans and accounts. 

Diversify Your Savings

Any financial expert out there will tell you not to put all your money in one place. By diversifying our savings, you will spread out the risk across multiple investments. If one investment performs poorly, the impact on your overall savings will be reduced as you have other accounts working for you. Diversification can provide more stable returns by balancing high-risk, high-reward investments with safer options that will help you grow your accounts.

Save Your Tax Returns

Many people in the US get excellent tax returns once a year. While taking these tax returns and spending the extra money is tempting, saving it is a much smarter idea. Since your tax return is technically extra money, you shouldn’t need it to cover your daily expenses. Rather than burn through your tax return money, put it into your savings account and then watch it grow! You will be happy you did. 

Debit Card Round-Up

Many debit cards have a round-up feature that will help you save money. The round-up feature on a debit card automatically rounds up every purchase you make to the nearest dollar and automatically puts the difference into your savings account. For example, if you purchase something that costs $3.75, the feature would round it up to $4.00. The extra $0.25 would be deposited into your savings. This little amount can add up quickly, especially if you shop often. It is a great way to build up your savings effortlessly. 

Cash Back Credit Cards

Lots of credit cards offer cash-back deals. Anytime you purchase something on your credit card, you will get a percentage of the purchase back as cash. Anytime you get cash back from a credit card, put that money into your savings. Try cashing out on your credit card rewards monthly and making a deposit into your savings regularly. Some credit cards even offer savings accounts that you can link to your card. Those cash-back amounts will go directly into the savings account, so you can just sit back, relax, and watch your money add up!

Talk to an Advisor

A professional financial advisor will help you save money creatively and efficiently. They are paid to find the best investment opportunities and reach your savings goals. An advisor will likely know more ways to save money than you could find on your own. Asking for financial help is a very smart thing to do if you are serious about saving money. Sometimes you have to spend money to make money! Paying a professional to manage your savings account may be worth it. 

Take Advantage of Company Match

Company match savings plans are a fantastic way to maximize your retirement savings, as they allow you to double your contributions without any extra effort. Whatever you put into your savings account, your company will put the same amount. It sounds like a no-brainer! By taking advantage of these plans, you’re essentially receiving free money from your employer, which can significantly boost your financial growth. Ignoring this opportunity means leaving money on the table, so it’s smart to fully capitalize on what your employer offers!

Refinance Your Loans

Refinancing loans can save you money by reducing your interest rate, which lowers your monthly payments and the total amount of interest paid over time. It may also allow you to consolidate multiple high-interest loans into one lower-interest loan, simplifying your payments and potentially securing a better rate. Refinancing can extend the loan term, making payments more manageable. You may also be able to shorten your loan term to pay off the loan faster and save on interest. Regularly evaluating your loan options allows you to take advantage of market changes, keep your finances in check, and save money.