Having savings is a vital part of financial health. You want to have long-term savings, an emergency fund, short-term savings and maybe more, depending on your needs. So how do you get to where you want to be? There are a few ways to save quickly, and they aren’t even that difficult. Here are two easy strategies to boost your savings as fast as possible.
- Cancel Subscriptions and Cut Back
According to one study, the average consumer spends about $86 per month on subscriptions. Go through your subs and cancel any that you haven’t used recently. Once you have subs canceled, comb through your budget for areas where you can reduce spending. Use those extra funds to pad your savings. Remember, you can always add back subs and those expenses once your savings are in a better spot.
- Make it Automatic
One easy way to increase your savings is to set up an automatic deposit into your accounts. Each paycheck, make sure a certain amount goes into your savings before you even have a chance to spend it. Out of sight, out of mind. And speaking of automatic set your bills to autopay. Now bills won’t catch you off guard, and that will help you maintain your budget and boost your savings.
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Original article by Chris O’Shea and adapted in partnership with SavvyMoney.