If you're wondering how to save money fast, you're not alone. Many people struggle with making savings a part of their regular money management. Learning how to build your savings quickly may seem challenging, there are five simple steps you can take to save money quick and painless.
Keep reading to learn five fast money-saving tips.
According to some reports, almost half of all Americans are not able to regularly save any money. The slow pace of saving may be one reason why many people feel discouraged and give up on saving altogether.
But there are steps that you can take to start saving more money immediately.
1. Switch to a credit card with cash rewards or other perks. You're going to use your credit card anyway; you might as well get money back or other perks for your spending.
2. Limit invisible expenses. Your small daily expenses can add up quickly, like your regular trips to the coffee shop. Give up a little bit of convenience and see your savings pile up fast.
3. Switch from cable. Consider canceling your expensive cable package and sign up for a lower cost online streaming package. The same programs for a fraction of the cost equals instant and painless savings.
4. Lower your utility bills. Lower your heat in the winter and raise the A/C setting in the summer. Turn off unnecessary lights and switch the TV off when no one is watching. Fix leaky faucets. Your utility bills will drop each month.
5. Look for bargains. Look for grocery store specials and stock up when items go on sale. Plan your weekly menu around the store specials. Practice the same money-saving principle when shopping for shoes and clothes. Buy sale items only. Adopt frugal shopping habits and keep an eye on your savings; you may be surprised.
After taking small steps to reduce your monthly spending, consider another recommendation from financial experts: put your new-found savings into a high yield savings account from Synchrony Bank.
In addition to our award-winning customer service, customers also find that we have no minimum balance or monthly service fee. Our accounts are FDIC-insured up to $250,000 per depositor for each ownership category. Opening a high yield savings account with Synchrony Bank is easy and quick.
Call Synchrony Bank at 1-844-345-5789 or visit us online to learn how to save money fast today.
The Motley Fool: https://www.fool.com/retirement/general/2015/10/25/the-average-american-was-able-to-save-this-much-mo.aspx
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.