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We’ve all been there- you look at your checking account and the number staring back at you looks like a big old goose egg.
2020 was a rough financial year for many, and if there is one takeaway from the financial devastation it is that there are many creative ways to make and save money out there, but you have to seek them out and do it for yourself.
Below are a few simple things you can do today to save money and take control of your financial situation.
Shrink your Survival Cost
Have you ever sat down and looked at what you are spending your money on? If not do it now, and you may find a significant portion of your expendable income is going toward are non-necessities like Starbucks lattes, wine subscriptions, Netflix, and that one recorder app you bought on iTunes a year ago because you needed it that one time and forgot to cancel it…. Focus on the things that are instrumental to your survival and start to let go and peel off the other stuff that you really don’t need. Many banking apps provide a breakdown of where your money is going and a lot of money can be saved through an understanding of your spending habits.
Automate Savings
When the desire for savings and your will power don’t see eye to eye, create a format on your direct deposit where a portion is immediately allocated to a savings account. This way you won’t miss it when your paycheck comes through on your payday.
Make Your Money Work For You
Did you know on average savings accounts sit at only around 0.07%? If you’re fortunate to have some savings, or you’re working on building it up, consider moving that cash to a compound interest account, like this one from MPI Unlimited which leverages a few unique tactics to make your money accumulate much quicker than it would in a traditional account or Roth IRAs. Another good option would be to consider a high-yield banking account through your bank of choice.
The Takeaway
If you want to make headway and see improvements in your finances, it’s time to make some money moves. By tapping into some of the turnkey and low touch tips above, you can start building your savings and take control of your current financial situation and your financial future.
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This content is brought to you by Jamie Ann.
Photo: Shutterstock
