Want to meet your savings goals more quickly? Below are just a few ways to speed up your savings.
Find ways to earn more
The more you earn, the more you can contribute to your savings. It’s possible that you may be able to take on more hours at work to save up money more quickly. Alternatively, you could start a side hustle.
A few side hustles could include selling clutter, selling crafts or selling services (such as writing or photography) on the side. You’ll have to sacrifice some of your free time to pursue your side hustles, but it could enable you to meet your savings goal sooner.
Start making cutbacks
If you can’t earn more then the next best solution is to spend less. By cutting back on certain expenses, you can put more money into your savings each month.
A few ways to cut back could include driving less regularly (so that you spend less money on fuel), eating out/eating takeout meals less, cancelling unused subscriptions, cutting your energy usage or cutting down on an expensive unhealthy habit (such as drinking or smoking).
Choose a high interest saver
You can accumulate extra money on top of your savings by putting your money into a high interest savings account. By comparing rates offered by banks, you can find the account with the highest interest rates. In order to earn your interest each month, there may be conditions that you have to meet such as paying a minimum contribution each month or not taking out any money.
Consider investment options beyond savers
While a savings account can guarantee a return on your savings, it may only be a very small return. In order to make a bigger return, it could be worth considering other forms of investment.
Putting your money into stocks could be one way of increasing your return. While you may be lucky to make a 3% return in a savings account, the stock market can easily make you a 10% return or more if you invest in the right stocks. You could do this through a trading app or you could get help from a stockbroker.
Investing in cryptocurrency could be another option. Cryptocurrencies are constantly fluctuating in value – by putting your savings into a cryptocurrency that is rising in value, you can then sell it for a big return. Make sure to choose a crypto provider that is trusted and that charges low fees. Forex could be a more secure option crypto using real currency.
Such investment options can be a little riskier so bear this in mind when getting involved.
Contribute unexpected earnings to your savings
Just received a tax rebate? Or perhaps you’ve been given some money for your birthday that you weren’t expecting? Instead of spending these unexpected earnings, consider putting them towards your savings. They could further help you to reach your goal more quickly.