Please ensure Javascript is enabled for purposes of website accessibility

15 Ways to Increase Your Monthly Savings

Author: Maurie Backman | April 19, 2021

Large pile of hundred dollar bills

Source: Getty Images

1 of 17

Boost your savings without breaking a sweat

Saving money takes discipline and hard work. The reward? Financial security. If your savings could use a boost on an ongoing basis, here are some key steps to take.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Previous

Next

A household budget written out on notebook paper

Source: Getty Images

2 of 17

1. Start following a budget

A budget will help you better manage your spending so you can eke out more money for savings. If you don't have a budget yet, look through the past year's bank and credit card statements to get a sense of what your various expenses cost you. Then, use an app or spreadsheet to map those expense categories out and track your spending in each one.

ALSO READ: Setting Up Your First Budget? Don't Forget These 4 Expenses

Previous

Next

Three savings jars full of cash and labeled House, Car, and Travel

Source: Getty Images

3 of 17

2. Set small goals and work your way up over time

Saving money can be overwhelming, especially if you have lofty goals, like a $1 million retirement nest egg. A helpful approach is to keep those goals modest to start with. Tell yourself you'll be happy saving an extra $50 a month for the next three months, and an extra $100 a month for the three-month period after that. If you gradually increase your savings target, you might face fewer setbacks.

Previous

Next

Hand typing into calculator

Source: Getty Images

4 of 17

3. Cut back on a series of smaller expenses

We all have things we spend money on that may seem insignificant but can add up over time, like the occasional store-bought lunch or digital content download. Being mindful of those smaller purchases -- and cutting back on them -- could put more money into your savings account or retirement plan.

Previous

Next

Stack of moving boxes

Source: Getty Images

5 of 17

4. Slash one large expense

If you want to make meaningful progress with your savings, then reducing one larger expense is a good bet. That way, you'll only have to sacrifice in a single spending category, but it'll make a big difference. You may decide your large expense to slash will be your rent (moving to a smaller home) or your car (trading in your luxury vehicle for a less souped-up model).

ALSO READ: 3 Excuses for Not Saving You Need to Stop Making

Previous

Next

Laptop computer with a pink ethernet cable forming a piggy bank, coming out of the back on a plain background

Source: Getty Images

6 of 17

5. Set up an automatic transfer with your bank

An automatic transfer lets you send some of your paycheck from your checking account to your savings account off the bat each month. Doing so will help remove the temptation to spend your earnings in full, thereby helping your savings efforts.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Previous

Next

401k plan sheet showing contributions and match

Source: Getty Images

7 of 17

6. Sign up for your employer's 401(k)

Saving for retirement is important, and 401(k) plans make it easy to set funds aside for the future. Once you enroll in your employer's plan, you'll have money deducted automatically from your paychecks each month so you don't even have to think about it.

Previous

Next

Jar of money labeled IRA sitting next to calculator

Source: Getty Images

8 of 17

7. Find an IRA with an automatic transfer option

It's not just 401(k) plans that make saving for retirement seamless. Many IRAs offer an automatic savings feature, so if you find one that fits the bill, you can arrange for money to hit your retirement plan without you having to do a thing.

ALSO READ: 4 Sneaky Ways to Force Yourself to Save Money

Previous

Next

Word Debt on chalkboard being erased

Source: Getty Images

9 of 17

8. Pay off your credit card debt

The longer you carry credit card debt, the more money you'll spend on interest -- money that could be going into your savings instead. Rather than continue that pattern, make an effort to knock out your balance so you can start saving more.

Previous

Next

Mortgage application with red Approved stamp

Source: Getty Images

10 of 17

9. Refinance your mortgage

When you refinance a mortgage, you trade your existing loan for a new one with better terms. If you're able to lower your mortgage's interest rate by refinancing, you could slash your monthly payments and bank the difference.

Previous

Next

Woman in sweater smiling as she uses a laptop in her lap with yarn nearby

Source: Getty Images

11 of 17

10. Get a side hustle

You may only be able to cut back on so many expenses. But if you boost your earnings with a second job, you'll have an easy way to grow your savings. Your side hustle can run the gamut from driving for a rideshare company to pet-sitting to taking a telemarketing gig. There are many choices to look at, so think about the sort of work that will be most manageable given your schedule.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Previous

Next

Person holding credit card in one hand and typing on laptop in other

Source: Getty Images

12 of 17

11. Use credit cards wisely

Overspending on credit cards could land you in debt. But if you spend wisely and moderately, you can rack up cash back for the purchases you'd already be making. That money can then be used to pad your savings.

ALSO READ: 3 Simple Ways to Track Your Credit Card Spending

Previous

Next

A 1040 tax form and a tax refund check

Source: Getty Images

13 of 17

12. Bank your windfalls

You may come into extra money during the year, whether it's a tax refund or a performance bonus at work. If you pledge to save all of that additional cash, it could have a huge impact.

Previous

Next

Man does push-ups at the gym.

Source: Getty Images

14 of 17

13. Cancel services you don't need or use often

There are probably at least one or two services you pay for each month that you can manage without. Maybe you spend $50 a year on a music streaming subscription you rarely listen to, or you fork over $60 a month for a gym you rarely visit. Canceling those bills could make a big difference in your savings efforts.

Previous

Next

Insurance policy document

Source: Getty Images

15 of 17

14. Bundle your insurance

If you own a car and a home, using the same company for both auto and homeowners insurance could result in some savings. You can also shop around with different insurance companies to see if there's a better deal to be had than what you're currently getting.

ALSO READ: 5 Financial Decisions That Paid Off the Most for Me

Previous

Next

Person holding remote against background of TV with streaming service on screen

Source: Getty Images

16 of 17

15. Learn how to stay busy for free

Many people spend lots of money just to avoid boredom, so if you find ways to stay entertained on the cheap, it could work wonders for your savings. Think about some of the things you enjoy doing and seek out lower-cost alternatives. If you like socializing, invite friends over for a potluck rather than meet up at a restaurant. If you love movies, stream some classics rather than rush to the theater for every new release. And don't forget that many outdoor activities, like hiking, can keep you busy for hours without spending a dime.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Previous

Next

A big messy pile of cash money

Source: Getty Images

17 of 17

Get ready to watch your savings grow

The more strategic you are about saving money, the more successful you're likely to be. Use these tips to boost your cash reserves -- and buy yourself the financial security you deserve.

The Motley Fool has a disclosure policy.

Previous

Next