How To Increase My Savings per Month
In order to achieve your goals faster, besides learning how much to save per month, you can try to boost your savings. Here are a couple of ways on how you can do that.
- Track your spending – The first and most important thing is to track how much you spend on a monthly basis. This will help you track your finances and change accordingly. You can use some great apps for easier tracking like YNAB and Empower Personal Wealth.
- Pay off your debt – Paying your debt is one way to cut off necessary spending. Prioritize paying off debt with high interest rates first. Once you pay the debt you will have much more to save.
- Use automation – Automating your savings will remove the chance of accidentally spending money. Many savings accounts have the automation process available with automatic money transfer as well as the option to automatically transfer certain amounts of your income into savings.
- Some are better than nothing – If your salary cannot allow you to save 20% of your monthly income, start smaller. Small actions make your savings achievable and it is better to put even 5% of your income into savings than nothing.
- Start a side hustle – If your full-time job is not paying you enough, start a side hustle. You can do some freelance jobs start with some passive income jobs or even change your current job to a more lucrative one.
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