![]() If you want to start saving more money, a "savings-first" system could be a simple way to ensure you prioritize saving while still meeting your other monthly financial obligations. If you're set on saving more money, it could be worth cutting back on unnecessary spending to have more left to save at the end of the month. Subscriptions and monthly services are a great place to start. Take a look at your expenses over the past few months, and look for areas where you might be able to cut down. Automated transfers, account buckets you can use to break out different savings goals, round-up savings features and more can all make small differences in your balance that add up over time.įinally, look for ways you might be able to increase your own contributions. ![]() Some high-yield savings accounts, especially from online banks, offer online and mobile tools to make saving money easier. You can also make use of your account's added features. If you aren't earning at least 4% APY today, you could be missing out. Some of the very top interest rates now earn near 5% APY. In addition to the "savings-first" strategy, there are plenty of small ways you can begin to improve your savings balance today.įirst and foremost, make sure you're using a high-yield savings account with a competitive rate. Set up an automatic transfer each month to your checking account when those payments are due, since you can better anticipate how much you'll owe each month. You can even simplify the process for fixed expenses such as rent or mortgage, utilities, car payments and more. When it's time to pay your monthly bills, you can transfer what you need to a checking account to make the payments, while leaving the rest to continue earning interest in savings. Instead of setting up the direct deposit to go to your checking account, you send it to your savings account instead - for a total of around $3,000 each month. Say you receive $1,500 in income via direct deposit every two weeks. "The specifics are something that I often work through with clients, but I like the behavioral hack of separating earnings from spending money." "I advocate for a 'savings-first' system where income is directed to a high-yield savings account first, then a monthly transfer to checking is set up to pay expenses," says Cristina Guglielmetti, CFP, founder of Future Perfect Planning. Below, we'll talk about a strategy one expert recommends, which you can implement today to start boosting your balance.īut first, make sure you're getting the highest return by comparing the best high-yield savings rates available now. Or maybe you'd rather track a thorough budgeting plan month-to-month. Maybe you prefer the set-it-and-forget-it method of automated transfers. How you save, on the other hand, can depend a lot on your individual circumstances and goals. ![]() Today's best high-yield savings accounts offer rates of 4% to 4.5% APY or even more - which can earn you hundreds of extra dollars throughout the year. For many savers, that's likely in a high-yield savings account with a competitive rate and easy access when you need your money. In today's high interest rate environment, it can be especially beneficial to make sure you're saving in the right place. If you're looking to save more money today, it helps to rethink where you save - and how you do it. ![]() A high-yield savings account paired with a great savings strategy can help you get the most from your money.
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