How can I increase my savings?

Having a robust savings account is a must for families in Georgia. Savings can act as an emergency fund during times of need and may even help you pay your mortgage when your income is lacking. Because saving money is so important, Bankrate.com offers the following advice.

Cut back on spending

The first step to saving is to cut your spending. Look at areas where you may be spending frivolously, such as eating out for lunch at work as opposed to packing your own. You can also review your recurring expenses to see if there are any areas that could be improved. If you have a phone plan, see if you can make changes to ensure your monthly bill is lower. You can do the same with things like cable packages, which often incur exorbitant fees.

Set a goal

Having a goal in mind regarding your savings will provide greater motivation. Think about what you’d really like to do with your money, such as paying for your child’s college education or building up your retirement fund. That way you have something to look forward to, which will offer more of an incentive when it comes to time to save your money each pay check.

Track spending

You also want to pay close attention to where your money is going. This entails continuously monitoring your bank account, which can be easily accomplished online. It’s recommended that you check your account at least once a day, as this can help you cut back on frivolous spending. Also, it’s a good idea to put money aside for saving as soon as you’re paid, as waiting until other expenses are settled is usually much less effective.

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