Simple Ways to Build Your Savings Account

If you’re putting yourself through school, even with the help of scholarships and grants, it’s easy to feel like you’re hemorrhaging money—especially if you know that you have student loan payments waiting for you after graduation. Building your savings account, then, may not be your top priority. It’s important to have some money stashed away, though. You never know when an unexpected expense is going to pop up, like needing to buy new tires or having to pay for an emergency appendectomy, and you need to be prepared.

Build Your Savings Account: These tips will help you grow your savings slowly and steadily throughout the year. You’ll be surprised at how much you can save just by choosing to try out one or two. Open a separate savings account: Shop around for the best savings interest rate and make sure the bank has a good reputation. Start with small goals: Think something along the lines of $1 or $5 a week and then reevaluate each year to raise your goals. Start a change jar: Not everybody carries cash, but if you do, empty your pockets into your change jar every time you come home. Do the 52-week challenge: The first week of the new year, put $52 into savings. The next week, put in $51, then $50, and so forth. The final week of the year you’ll only have to put in $1. Sell anything you don’t want: If you have gently used items, list them on Facebook Marketplace, Craigslist, Ebay, or host a yard sale. Choose something to sacrifice: Whether it’s a night out with friends or an online shopping spree, put whatever amount you would’ve spent into your savings account. Deposit side hustle earnings: It’s like that your odd jobs aren’t consistent enough to regularly contribute to your bills, so you aren’t going to miss that money. Deposit unexpected money: We all have birthdays and graduations; sometimes these celebrations come with monetary gifts, all of which can easily be deposited into your savings account. Deposit what you don’t spend: Deposit the money you would’ve spend on an impulse purchase into your account. This is a fun way to keep yourself from buying products you don’t need. Set up an automatic transfer: Each time you receive a paycheck, as your bank to transfer a percentage or a set amount into your savings account. Earn cash from purchases: Most credit cards offer cash back rewards; transfer this balance to your savings account at the end of each month. Treat your account as a bill: When you do all of your bill pay, include a fixed amount for your savings account too.

Text and design by: Anna Palmer

None of these tricks are going to grow your bank account by thousands and thousands of dollars, but even saving $500 or $1,000 total will help you out down the line. Having an emergency fund is kind of like insurance; you hope you don’t have to use it, but if you do, you thank your lucky stars that you’re prepared.

What’s your favorite trick to save money?

About Anna Palmer

Anna grew up loving everything that involved art and creativity. She received a scholarship to attend Memphis College of Art where she studied graphic design. Graduating with a Bachelor of Fine Arts, Anna worked as a graphic designer until she decided to expand her skill set by studying advertising and marketing. She thought knowing how consumers think would help maximize her design skills. She then attended Portland State University where she earned her second degree, a BS in advertising management.

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