3 Savings Strategies That Allow Me to Save More

One of my financial goals is to increase my savings. I like having extra money saved for emergency expenses and anticipated future costs. As a freelancer with a variable income, this allows me to be well-prepared for life's twists and turns. 

Over the last few years, I've had more success reaching my savings goals. I credit much of my progress to these savings strategies I've implemented. Do you want to save more? Read on for a few tips to try.

1. Keeping my savings in a HYSA

Where you keep your savings matters. You're making a costly mistake if you let it sit in your checking account. Why? Even the best checking accounts don't typically earn interest. 

Keeping your extra cash in a bank account that earns interest is wise because you can boost your balance without effort. But your bank's traditional savings account may not offer a competitive APY. 

A high-yield savings account (HYSA) is an excellent place to keep your savings. These accounts typically offer competitive APYs, which means you can earn more interest while your cash sits in the bank. Many HYSAs currently offer APYs of 4.0% or more. 

Keeping my money in a HYSA allows me to boost my savings balance without doing extra work and I save more money in the long run. Because of this strategy, I'll earn more than $1,500 from interest this year. That's a sizable stash of extra money that will make a big difference. 

Want to maximize the interest you earn? Check out our list of the top high-yield savings accounts to find the right fit for you.

2. Automating the savings process

Another money move that has helped me stay on track with my goals is embracing automation. Instead of manually contributing money to my savings stash, I let automation take the lead. This strategy helps me stay on track and avoid forgetfulness when life gets busy. 

You can likely set up automatic transfers through your online bank account. I did this through my bank's mobile app, but another option is to log in to your account through your bank's website. You can choose how often money and how much money is transferred from your checking account to your savings account. 

If you're like me and don't want to stress about remembering to transfer your money manually, this strategy is a game changer. 

Want to reach your savings goals sooner? Consider the Discover® Online Savings account, which offers a competitive 3.60% APY -- more than eight-times the national savings rate. Click here to learn more and open an account today. 

3. Contributing extra money when I can

While I automate the savings process to save time and eliminate stress, I occasionally make manual contributions to my savings account when I have extra to contribute. 

Remember how I said my income fluctuates because I'm self-employed? Sometimes, I have a great month where I earn more due to taking on more projects or prioritizing higher-paying work. If I can afford to, I'll add extra money to my savings to boost my account balance. 

This is yet another way I'm able to save more money. Every extra dollar I save adds up over time. If you're trying to increase your savings, consider making a few additional contributions throughout the year when you can afford it. 

Find ways to make saving easier

These are some strategies that have worked well for me. You don't have to follow the same techniques, but if you want to save more money, consider whether there are strategies you can implement to make saving money easier. Small changes can provide big results.