Five Simple Tips to a Healthy Savings Account | Money Hints

It seems as if there has never been more of a need to stay on an extremely strict budget than there is today. And that tight budget makes it seem like it is almost impossible to save money for a vacation, wedding, home, car, or just to save money period. There are simple ways to start building up that savings account. By following these few creative tips on saving, you will be surprised at the increase in your savings account at the end of a year.

1. A new kind of piggy bank

As kids it was all about saving money in an awesome piggy bank that was of our favorite animal, or television character. Some had the regular porcelain piggy. They would get filled up nice and plump with coins, dollars, fives, or anything that could be stuffed in there. Breaking them open was the best part to see all the money that was built up.

Create a new piggy bank using a jar. Put all of your unused coins into the jar daily. Coins are all over the place (car, counters, purses, wallets, pockets, etc.). Add dollar bills to the jars as well, maybe even five dollar bills. Every time the jar fills up take it to the bank and deposit it directly into your savings. By the end of a year hundreds of dollars could be made up of unused coins.

2. Save your savings

This tip is for the savvy shoppers out there. For those of you who use coupons on items, shop the discounts, or get loyalty rewards at your local grocery store, put the amount of money you saved into your savings account.

If you are a frequent shopper at your grocery store, chances are you have a loyalty card.

The next time you get your receipt after your purchase look at how much you saved on that trip. Put that amount into your savings account. It will not break your budget because you would have spent it if you did not have a loyalty card there. Make a point to do this will all purchases that you save on. The amounts will add a lot of cushion to your savings.

3. A little extra help

Some months you just need a little help to make ends meet. Take out a small loan for large purchases that are essential. There are many loan companiesthat offer small to large loans quickly, giving you the necessary amount of money you need fast.

When you finish paying off the small loan, continue to make the same payments but put them into your savings account instead. This will add a little more money into your savings account each month which will create a big difference at the end of the year.

4. Cash only

When you are going out to shop bring cash only. Also, only bring enough cash to make the necessary purchases for that day, helping you stay on budget. You will also be able to take the left over coins from these purchases and put them away in your savings. This way you are knocking out two ways to save and stay on budget in one.

5. Don’t be impulsive

Try to stay away from impulse shopping. Make sure all your purchases are thought out and are necessary. This will keep you from straying away from a budget and spending money out of excess. Practice need versus want when you have the urge to splurge on items. It is difficult but will ultimately keep more money in your pocket or savings account in the long run.

Saving money does not have to be difficult when on a tight budget. These five simple tips can be added to your monthly routine eventually giving you a nice cushy savings account.

Check out some additional money saving tips that are slightly unconventional here.

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