4 Ways to Bulk Up Your Savings Without Cutting Spending

by Christy Bieber | Published on Aug. 31, 2021

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Young adult woman counts cash at car wash

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It really is possible to increase your savings rate without changing your spending habits.

Chances are good you probably wish your savings account balance was a little bigger than it is. After all, many Americans have too little money set aside for emergencies or other financial goals, such as short-term and long-term purchases that cost too much to pay for with one paycheck.

But wanting to save more and being able to make budget cuts to do so are two different things. The good news is, there are some options available that could make it possible for you to sock away more money in savings without actually cutting down your current spending. Here are four of them.

1. Earn more

If you want to save more but don't want to reduce spending, the best and easiest approach is to earn more. After all, each extra $100 you earn is $100 more that you can save while still keeping your expenses at your current level.

Earning more could be done by asking your company for a raise next time you have a performance review or by looking around for a newer, higher paying job if you haven't done so in a while. You could also try to learn some new job-related skills that could lead to a higher paycheck. Or, like a lot of other people, you may have to pick up a flexible side job for a few extra hours a week to bring in spare cash.

If you can earn more than your current salary, you can save all the extra and still not have to reduce your spending to improve your savings rate.

2. Sell unnecessary items

Almost everyone has items they no longer need. Whether it's old video game systems or used furniture or electronics, chances are good that there's someone out there who is interested in paying for the possessions that are just cluttering up your home.

List items on online marketplaces -- just make sure you have a safe method for exchanging the item and cash, such as meeting at a parking lot next to your local police station to do the changeover. Once you've sold those items, you can put the money right into savings, thus converting your clutter into cold hard cash that can help protect you against emergencies or be used to finance purchases.

3. Bank your raises

Chances are good you'll get a salary bump at some point in your career. When that happens, you'll have extra money coming in. This is truly effortless, because all you have to do is keep your spending the same and redirect your extra earnings to your high-yield savings accounts.

4. Save windfalls or cash gifts

When someone gives you a birthday card with cash in it or you get a bonus at work, that money is an unexpected treat. Rather than spending it, why not just save it? Chances are, you most likely weren't counting on receiving it, so it shouldn't be factored into your spending plan. Keep your spending level the same, and you'll be able to fatten your nest egg.

Trying one or all of these tricks should help you achieve a bigger savings account balance and more flexibility in your personal finances without any impact on your spending habits at all. It's worth trying as many of them as you can.

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