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Advice For Building Savings Balances

There are two ways to increase savings balances. One way is to earmark more income from your existing paycheck to savings and the other is to increase your income.  Look at some of the many ways to spend less money every month and earmark those funds to your savings accounts. Small changes can add up quickly. Your reward will be a growing savings account balance and increased peace of mind should an emergency occur.  Follow these recommendations from the financial experts for increasing your bank balance.

Take a close look at your monthly expenses. Forgoing that cup of designer coffee four days a week could add up to $1,000 to your savings balance each year. Consider brown bagging your lunch three days a week to save upwards of $1,500 per year. Shop sales and use coupons.  Before making an impulse purchase online, wait 24 hours to see if you indeed want/need that item.  Remember the purchase of things only brings pleasure for a very short time. The investment in experiences buys memories that won’t go out of style, break or get lost. Memories last a lifetime.  If you’re paying a housekeeper, cut back the schedule in half. This can save upward of $1,000 per year. Take advantage of the amazing savings offered by Groupon coupons and invest in an iRobot to take care of the floors. They are great fun and a terrific time saver. Look at the few hours spent cleaning house each week as exercise. Download an audible book or your favorite music and the time will fly by.

If you’re saddled with credit card debt but would also like to begin a rigorous savings plan, consider a part time job. Earmark your earnings from your part time job to pay off any debt.  Savings from changes in your daily lifestyle can be sent directly to your savings account. Follow these recommendations and they’ll not only soon become habit, but your bank balances will grow while your credit card balances will decrease. Good luck to you in gaining a new financial freedom!

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