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Simple ways to boost your savings

by , 21 November 2014

Unless you're exceptionally self-disciplined and frugal, you probably have a difficult time saving money on a regular basis. The less you earn, the less you feel encouraged to save, but that doesn't mean that those who make plenty of money are big savers.

Everyone has a hard time saving because, let's face it, being frugal isn't fun. Even if you consider yourself more of a spender, don't get discouraged because everyone can learn to boost savings with a bit of determination.

Follow these steps and watch your savings quickly increase.
 
1. Automate savings and keep them in a separate bank account
 
The simplest way to save more each month is to set up automatic transfer of a certain amount into a separate savings account, preferably right after you get your paycheck, to avoid being tempted to spend that money on something else. This way, you’re likely to forget you even had the money in the first place.
 
2. Forget about those bonuses and salary increases
 
Congratulations on your salary increase or performance bonus, but instead of spending it frivolously on items you can do without, why not think about your financial future for once and deposit those amounts into your savings account? You’ll be doing your future self a great favor.
 
3. Give yourself weekly allowances
 
If you can’t keep your hands out of your wallet, then force yourself to be more disciplined and give yourself a weekly allowance. This way, you won’t fall into the trap of impulsive buys and reckless spending because you’ll have to stick to a certain amount.
 
4. Reward yourself for saving
 
In order to stay motivated to save, give yourself small incentives whenever you reach a savings goal. For instance, after you’ve managed to save enough money to cover three months’ of expenses, reward yourself with a nice meal at your favorite restaurant or a new outfit.
 
5. Save all your spare change
 
It might sound insignificant, but in time, all that spare change will add up. Save up all your spare change in a coin jar or piggy bank and deposit it in your savings account at the end of the month.

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Simple ways to boost your savings
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