You might think that savings accounts don't really help save much, even though their name suggests so. However, this is misleading. While they may not compare to other high yield options like mutual funds or stocks and shares, they can provide a safe, effective and risk free way of growing your money fast. Find out how to grow your money faster.
Savings accounts may not offer the potential returns of the share market or managed funds but they do offer a safe and effective place to grow your money risk free.
Here are the top 10 tips to making high interest savings accounts work for you!
1. Deposit credit amounts
If you have obtained some money due from another person, no matter how small the amount, deposit it into your savings account. Or if you have received a bonus or incentive from your employer, place this money into your savings account. Even though these maybe small your high interest savings accounts will multiply soon and earn you dividends.
2. Shop on a budget
If you love frugal things including your shopping experience, make sure to deposit this saved money into the high interest savings accounts. You can allocate this money on a regular basis.
3. Make a goal
You can also make a goal that you will deposit a minimum amount each week into your savings account. Doing this allows you to resist spending the extra money and instead allows the money to earn interest in your savings account!
4. Money gifts
If you have received some special holiday money gifts or some refunds then make sure to deposit these into your savings account too. This is extra money which can be very helpful in multiplying your high interest savings accounts!
5. The company you keep
You might have friends who love spending large amounts and don't think twice about it. However, you need to exercise control in not getting swayed by such persons. Ensure you stick to your plan of depositing money every month.
6. Shop for the highest rate
When looking for a savings account be sure to check for the best interest rate. Only go for the one which is giving you the highest returns as otherwise you won't be earning much in the process.
7. Keep a cap
It always helps to resist the urge to spend more. If you find yourself able to get by for 35 dollars in a day, try and stretch that dollar a little more. If you can save an extra 2-3 dollars good for you! You can deposit it into your high interest savings accounts instead!
8. Keep a tab on balances
In order to know if you are on track as far as multiplying your savings goes, make sure to keep a close watch on your outstanding balances in your high interest savings accounts. This will allow you to monitor your progress over time.
9. The savings strategy
You might have outlined a particular strategy to implement your savings multiplication process. If you have decided to deposit money whenever you receive any extra money, make sure you are consistent in following this strategy. It's the only proven way to multiply your high interest savings accounts.
10. Look for new methods
A little creativity goes a long way in multiplying your high interest savings accounts. Find other ways to deposit money into your savings account. Then practice it for a month. Then look for another way and so on.
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