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Compassionate Eye Foundation/David Oxberry/OJO Images/Getty Images October 12, 2022 Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Bankrate logo The Bankrate promise
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Saving money is currently top of mind for many consumers, as at a 40-year high and have some wondering what’s in store for their finances in the near future. And with Oct. 12 being National Savings Day, it’s a great time to reflect on building your nest egg to help weather any financial storms that may come your way. Increasing your savings can provide the peace of mind that you’ll have the funds to cover the unexpected, whether it’s a or . It can also ensure you’ll have the money to meet your financial goals. Here we’ll go over some essential strategies that can help you kickstart your savings today. 1 Open a high-yield savings account
Many large brick-and-mortar banks offer savings accounts that pay a rock-bottom annual percentage yield (APY) of 0.01 percent. You’ll often find much higher rates, however, at online banks and some credit unions. currently pay APYs of up to 3 percent, for instance. Depending on your savings balance, the difference in interest earnings could be hundreds of dollars per year. Adults spend an average of only two-and-a-half hours researching the best savings vehicles for their financial goals, a recent found. Here’s how that compares to other common activities, according to the survey: Time spent researching the best savings accounts: 2.48 hours Time spent drafting a fantasy football team: 3.22 hours Time spent holiday shopping: 6.34 hours Time spent on weekly household chores: 6.19 hours Some savers are reluctant to close low-yielding brick-and-mortar bank accounts where they’ve had their money for many years. If you want to hold onto such accounts, you can still take advantage of higher rates by opening up a separate, high-yield savings account elsewhere and funneling some of your savings there. 2 Reduce everyday expenses
The increasing has affected everything from the cost of gas and groceries to rent, utilities and insurance. Your wallet has undoubtedly taken a big hit, yet there are several practical ways you can bring down your daily expenses: Cook at home: Time devoted to planning, shopping for and preparing your meals is well spent since it’ll cost you a fraction of what you’d pay on restaurant food. Find sales and buy generic: Plan your meals around what meats, fruits and vegetables are on sale in a given week. Don’t be afraid to switch from brand names to generic items; you can always switch back if a generic product doesn’t meet your standards. Find the best gas prices: Download an app like GasBuddy or Gas Guru to find the lowest prices at the pump in your area. You may also want to consider joining a that rewards you for filling up at certain gas stations. Cancel unnecessary subscriptions: Look at your recurring monthly bills and cancel anything you don’t need or use. This can include everything from streaming services to gym memberships. Cut the cord: It may be worth canceling cable if you’re paying for many channels you never watch. Services that offer a la carte channels — such as Sling or fuboTV — can be a cheaper way to watch your favorite shows. Avoid impulse buys: If you have the urge to purchase a new item, wait a couple of days before pulling the trigger. You might realize the stress of having to pay for the item outweighs any benefits it would bring. can help you monitor your everyday spending and reduce costs significantly. You can make your budget using an electronic spreadsheet, pencil and paper or a handy . Devote line items to all of your expenses, including housing, transportation, food, utilities and entertainment. Leftover money can go toward savings or debt repayment. 3 Boost your income
In addition to cutting daily expenses, you may be able to pad your savings more by finding ways to increase how much money you bring in. For instance, an activity you enjoy can make for a lucrative — such as making videos, cooking, tutoring, dog-walking, sewing, yard work or fixing things. A side hustle is work you do in addition to your primary job, and it can be done during evenings, on weekends or whenever you have spare time. Another way of boosting your income is by at work. When doing so, be sure to arm yourself with successful performance metrics or other information to back up your request. If you’re considering switching jobs to make more money, data shows that this may be your means of seeing the . 4 Increase debt repayment
The sooner you pay down your mortgage, student loans or credit cards, the less you’ll end up paying in interest for each of these. can save you thousands of dollars in the long run, and the freed-up money can go toward your emergency fund or other goals such as travel, a new vehicle or a child’s education. Methods of debt repayment include: The : This builds momentum by paying off your debts from the smallest to the largest balance. As you eliminate more and more debts, you’ll increase the amount you can pay to the remaining ones. The : This prioritizes debts in order of interest rate, so you’ll pay off the debts with the higher rates before the lower ones. This can save you a lot in interest, which in turn helps you eliminate your debts more quickly. Debt consolidation: Combining some or all of your debts into one can help when it’s hard to keep up with various payments and due dates. can be accomplished by taking out a personal loan or a balance transfer credit card. 5 Automate your savings
Funneling money into a high-yield savings account can be made easier when you automate your savings. One way to accomplish this is setting up a percentage of each to go automatically to your savings account. This ensures money is funneled to your savings regularly, and chances are you won’t miss it all that much each paycheck. Another way to put your savings on autopilot is to do recurring transfers from your checking to your savings account. Banks that offer this service usually allow you to set it up through their website or mobile app. Bottom line
There’s no time like National Savings Day to think about ways to and improve your overall finances. The best ways to start often include opening and regularly funding a high-yield savings account, paying down debt, and finding ways to cut costs on everyday expenses. Following a basic budget may be key in getting your spending under control, and building up your emergency fund. SHARE: Karen Bennett is a consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Related Articles