It is time to make your bank account rich.
Saving money is a great challenge. This is a reality. This reality will even be harder and more challenging in the future.
It does not mean that your salary will not grow and that your ideas will not help you save more money as time proceeds, but you have to start devising specific strategies from now on.
In this regard, it is an eye-opening fact that people think of saving money from daily expenses and controlling the budget with lifestyle choices. While it is perfectly fine for a lot of people, it may not be ‘enough’.
To make more money in your financial spheres, all you need to do is look elsewhere or, more appropriately, look beyond.
This starts when you pay attention to your bank, and the savings account you have created in it.
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Banking Tricks that Mean Inflated Savings
Andy is one of the neighbourhood folks we visited to learn something about effective banking tricks while he opened up with us. He took out a 10000 pound loan bad credit for the purpose of debt consolidation from us. On visiting him to get an idea of the debts he had and to verify them, we came to know his smart banking hacks.
He said to us that being conscious of modern-day banking practices and using strategies to ‘use your bank account as your personal piggybank’ may be of good use to save a good amount of money.
He said:
“Statistics say that we need to improve our economy. Using the same idea, we can say that we can act according to the statement if only we start saving money with priority. Now the point is saving money is not a one-way route and you can do it by multiple procedures. One of them is using your bank account as a primary storage unit rather than pouring some coins or adding cash in your wallet.”
Speaking with Andy, we have got to know the following points, which might help you make more savings using your bank account.
- Unexpected Money? Learn How to Use It
- Give Your Wallet a Break
- Try Using an Online Payment App
- Or an Online-only Bank?
- How about a Money Market Account?
- Make a Goal and Stick to It
- Start a High-Yield Savings Account
- You Can Automate Your Savings
It is time to read more about them.
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Unexpected Money? Pay It to Yourself
You may get an amount of money that is unexpected to you. Maybe your family or friends gifted you cash money of 500 pounds on your birthday.
A hike from your employer may not be unexpected. But it is still an amount of money you will enjoy.
Whenever you get money in this way, you can pay yourself first. Save at least 80% of the money in the bank account. You can use the rest of the money, which is the 20%, in whatever way you like.
With this habit, you put the money in the best use. You enjoy a part of it knowing the large portion of it is saved in your bank account
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Give Your Wallet a Break
Yes, there are probably discounts.
Then you find a limited period offer.
Or that pair of running shoes in the supermarket? It looks pretty appealing, right?
These are called impulse purchases, which mean you get tempted to buy a product without actually knowing what value the product has in your life.
Most of the time, impulse buying results in throwing the product off in one of those large cardboard boxes in the garage.
Instead, control your expenses. Take a vow, particularly at the weekends, not to spend a single penny from your wallet. Keep this vow firmly for 72 hours (3 days).
If impulse purchases distract you, ask yourself a question about whether or not the object you want is really the thing you need.
Put the saved money in your bank account.
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Try Using an Online Payment App
When you take an Unsecured loans for bad credit direct lenders only UK, you know that your borrowing will be the safest.
Similarly, online money transaction applications such as PayPal can help you make a secured transaction by end-to-end encryption.
But that is not the thing we are looking at.
These applications offer you redeemable rewards, and some of them are cashback offers.
Put whatever cashback you get with them in your bank account. You’ll discover the difference later.
But keep on doing so.
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Or an Online-only Bank?
If you start an account in an online-only bank, then you can use it as a secondary savings account or an account for emergency savings.
Many banks offer special rewards where they might offer you a refund of the minimum deposit amount.
Added to that, you might earn cashback offers. You can use all the extra money you are earning from these options to inflate your main savings account.
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How about a Money Market Account?
A money market account is an alternative to your savings account or to the online-only account we talked about.
Although some banks may charge a high-interest rate, a money market account can work well to save some extra cash.
These accounts, unlike traditional ones, come with a debit card and check writing.
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Make a Goal and Stick to It
A good option is to make your financial management come to life by setting small but affirmative goals.
You can start off by saving 5% of your salary each month (or of food costs…maybe of utility bills), whatever costs and then keep going on increasing the rate.
The money you save must reach your bank account at the end of each month.
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Start a High-Yield Savings Account
If you want to make a smart move, then this account can help you.
Yes, high-yield savings accounts will indeed require a bit of extra money from you. But, in return, in will earn a high-interest rate that’s going to help you a lot in making more money.
Usually, you don’t earn much interest with your savings account. A high-yield savings account can give you this facility.
There is another alternative, though.
A deposit of certificate works just fine for earning more money using money. Although the annual rates of these certificates are a bit high, you can still use them to earn money.
You deposit the money, which you cannot break by the time that has been set. You will earn an amount from your bank at regular intervals during this time.
You can directly transfer the money you earn in this way to your personal savings account.
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You Can Automate Your Savings
Although this system works fine in loan repayments, particularly for the long term loans for bad credit uk no guarantor direct lender, it can again work surprisingly to help you save money in your bank account.
You can also do this in reflection on the previous point.
Automate a percentage or an amount of money from your checking account to your savings account on each payday. You can also choose other plans that you prefer.
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To Conclude
The idea of a good savings account starts when you continue to inflate it.
Now that you have got some ideas to do so, it is time you sit down with a pen and a piece of paper or a spreadsheet.
A good income is coming your way…this time in your savings account.
