Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

The Ascent Logo The Ascent Logo - Blue circle with an A in it and the ascent a motley fool company to the right of that

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of January 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of January 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for January 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of January 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for January 2021.

Get Started!

Loans

Top Picks
  • Best Loans of January 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of January 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • Biden's Unemployment Proposal Could Replace 86% of Lost Wages

    Personal Finance

    Biden's Unemployment Proposal Could Replace 86% of Lost Wages
  • U.S. Childcare Costs Are Crippling. Here's How Biden Plans to Help

    Personal Finance

    U.S. Childcare Costs Are Crippling. Here's How Biden Plans to Help
  • Stimulus Check Update: Biden Pushes for $1,400 Boost Not Just for the Jobless

    Personal Finance

    Stimulus Check Update: Biden Pushes for $1,400 Boost Not Just for the Jobless
  • Maxed Out Your Emergency Fund? 3 Other Places to Put Your Money

    Banks

    Maxed Out Your Emergency Fund? 3 Other Places to Put Your Money
  • The Ascent
  • Knowledge
  • Banking

6 Ways to Boost Your Savings in 2020

by Maurie Backman | Dec. 15, 2019

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

The new year is a great opportunity to ramp up your savings efforts so that you can reap the rewards later on. 

The start of a new year is the perfect time to resolve to do better with all things financial. If you're eager to save more money in 2020, here are a few key moves to make. 

Champagne glasses and a Champagne bucket next to a lucky horseshoe and a 2020 sign.

Image source: Getty Images

1. Stick to a budget

Without a budget, it's hard to keep tabs on how much you're spending or how much you can afford to spend. Rather than stay in the dark, carve out some time to set up a budget. Start by reviewing your bank and credit card statements from the past year. Figure out how much you spend every month and what you spend it on, and then compare that total to the amount you earn. If there's no room (or little room) left over for savings, then you need to go back through your expenses and identify a few that you should cut. 

2. Put your savings on autopilot

Saving money gets easier when you take the temptation to spend out of the equation. That's why it pays to automate your savings. You can do so by arranging to have money transferred automatically from your checking account to your savings account each pay period. Or sign up for your employer's 401(k) plan and allocate a chunk of each paycheck to your retirement fund. Some IRAs offer an automatic transfer option as well, so if you don't have access to a 401(k), you can go that route instead. 

Keep in mind that if you're behind on emergency savings, your first goal should be to sock away at least three months of essential living expenses before focusing on your retirement fund. But if you're good on near-term savings, you can shift your attention to your IRA or 401(k). 

3. Bank your raise

If you got a raise for 2020, you have a prime opportunity to boost your savings. The reason? That extra money in your paycheck isn't already earmarked for existing bills. As such, you should have no problem putting all of it into savings. And if you do it automatically as per our tip above, it will be even easier. 

4. Pay off credit card debt

The sooner you pay off existing credit card debt, the less money you'll throw away on interest. Or, to put it another way, the interest you would have paid to your credit card company is money you can instead put in the bank. If you're carrying multiple credit card balances, it pays to look into transferring them to a single card with a lower interest rate. This option is feasible if you have good credit, and you might even snag a 0% introductory APR in the process. 

5. Get a second job

The more money you earn, the more you'll have available to sock away. And that's where getting a second job comes in. 

Now you may be thinking, "Why would I want to take on another job on top of my main one?" But here's the thing -- in today's gig economy, you can turn a number of hobbies into an income stream. So although you may not want to grind away in an office on weekends, or spend your evenings waiting tables or fielding complaints at a call center, you should have no problem taking a pastime you enjoy, like cooking, crafting, writing, or web design, and exploring ways to make money from it.

6. Become a (part-time) landlord

Chances are that you'll go away from time to time in the upcoming year and won't need your home. If you're willing to put in a little effort, sites like Airbnb and HomeAway make it easy to rent out your home on a short-term basis. The result? More cash in your pocket, which you can then put into savings. 

Saving more money is a noble goal, and an important one at that. Follow these tips, and with any luck, your finances will take a turn for the better in 2020.

These savings accounts are FDIC insured and can earn you 12x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2021.

Two top online savings account picks

Rates as of Dec. 29, 2020 Ratings Methodology
Logo for CIT Bank Savings Builder
Logo for American Express® High Yield Savings Account
CIT Bank Savings Builder American Express® High Yield Savings Account
Member, FDIC Member, FDIC
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Open Account

On CIT's Secure Website.

Open Account

On American Express' Secure Website.

Read Review Read Review

APY: Up to 0.45%

APY: 0.50%

Best For: No monthly maintenance fee

Best For: High APY

Min. to earn APY: $25k or $100 monthly deposit for highest tier

Min. to earn APY: $0

About the Author

Maurie Backman
Maurie Backman icon-button-linkedin-2x

Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared broadly on major outlets such as CNBC, MSN, and Yahoo.

Share This Page
Blue Facebook Icon Share this website with Facebook
Blue Twitter Icon Share this website with Twitter
Blue LinkedIn Icon Share this website with LinkedIn
Blue Mail Icon Share this website by email

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Featured Offer

Amex_Savings_BlueBox_Double_Line_226x142.png

High APY and low fees

Open Account

Related Articles

Piggy bank surround by cash stacks image for Best Online Savings Accounts for 2021

Best Online Savings Accounts for 2021

Interest spelled out on a calculator image for Best CD Rates

Best CD Rates

Man holding credit card and looking at computer screen laughing with woman image for What is APY and What Does it Mean for Your Savings Account?

What is APY and What Does it Mean for Your Savings Account?

Couple looking at a paper bill together at a table worried image for Is it Time to Switch Banks?

Is it Time to Switch Banks?

Featured Articles

Best Online Savings Accounts for 2021

Best CD Rates

What is APY and What Does it Mean for Your Savings Account?

Is it Time to Switch Banks?


We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool