10 Ways to Increase Your Savings
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The idea of building up your savings can be overwhelming, particularly if you already feel restricted financially. However, no matter where you’re starting from, there are always ways in which you can build upon your wealth! It’s about approaching the situation from a place of expansion, awareness and empowerment. In this article, I’m going to offer 10 ideas on how to increase your savings today.
Be intentional with ‘New Found Money’
I mentioned that this is about expansion and abundance. What I like to call ‘New Found Money’ is a perfect example of this and one of the easiest savings strategies available! New Found Money is where you can find extra money in your current cash flows that you can then allocate to one of your savings buckets. Or, where you find yourself with unexpected extra money such as a raise, bonus, tax return or inheritance. I’m now going to share a few specific examples of how to use New Found Money to build your financial independence.
Redesign your cell phone package
So many cell plan providers tie us into contracts that we sign up for and don’t really take the time to work out if we actually need or benefit from what we’re getting. Month after month that money is going out, and it’s highly likely that you can find a better value plan that serves you just as well. You could easily save a substantial amount and put it towards one of your savings intentions instead. A quick tip; it’s in a cell provider's interest to keep their customers so if you do find a better deal, don’t be afraid to call them and advise that you will be going elsewhere if they can’t match the offer!
Stop auto charges on subscriptions that you no longer use
Many of us make monthly payments on our cards for monthly subscriptions that we rarely use. These include gym memberships, online courses, streaming services and a number of others. These are renewed automatically - often for amounts such as $14.99 a month and it can go on for years without us being aware! Take some time to go through all of these subscriptions and charges and stop the ones you no longer use or that aren’t aligned with your current goals. By stopping these charges, you’ll be surprised at how much you’re saving! The important thing here - as with all of these savings strategies, is to be highly intentional about then implementing a system where the money you’re saving is being deposited into your savings account on auto-pilot instead.
Pay off your 401k loan
How to increase your savings today? Become your own bank. An example of this is putting your efforts into paying off your 401k loan and once that is paid, having that same amount of money automatically be deposited into your emergency reserve account. Next time you need to make a large payment for a house repair for example, you’ll have the money there ready and you won’t need to rely on someone else or a financial institution.
In fact, applying this savings strategy to all your current loans and debts is one of the most effective paths to true financial independence. Once you pay off a debt, shift that same payment towards one of your financial intentions instead. Another example is your car payment. Once that is paid, make the same payment to your savings to cover a new car payment in the future. I can guarantee, once you start to build momentum with this, it becomes incredibly empowering. It ignites the energy of abundance and you’ll soon find even more money flowing to you in the most unexpected of ways!
Redesign your current debts by finding better rates
Again, this one is about doing some research and not being afraid to call your banks and talk to them about your debts. By structuring your debts in a way that’s more aligned to your current financial goals, you’ll be surprised at how much you can save. A great resource is
www.creditcards.com
Try Groupon
Groupon and other experience saving websites can be a fantastic way to try new things such as spa/beauty treatments or going out to dinner at a lower cost. I suggest you really have fun with this one! Think about all the experiences you typically like to do in a month and swap them out for Groupon alternatives. Use it as a way to try completely new things! Not only will you save a substantial amount of money you’ll also be opening yourself up to new adventures!
Be smart about your shopping
One thing I personally do, which has saved me a huge amount of money, is to shop in the grocery store on the perimeter. So this will mostly be your natural produce, fruits and vegetables, fresh fish, fresh meats, etc. Not only are these foods much healthier than all the processed foods, but they are also much cheaper. You can then put that money into your savings to insulate you from what’s going on in the macro economic environment. Remember, you can live a life of your own design - you don’t have to buy into societal norms and shopping this way will offer far more benefits to your health and bank account!
Challenge yourself to hold money
So many of us have subconscious fears about keeping money. Perhaps you’re someone who just can’t help but spend money when you have it? If so, that is an indicator that there is likely an underlying emotion around this. I expand upon this much more
in this video.
Again though, having that awareness is the key to creating powerful change. Something I challenge my clients to do who find this is a barrier for them, is to take out cash and put it in their purse or wallet. However, they’re not allowed to spend that money. It has to stay put. When you’re proactively building that money saving muscle, your mindset towards how you choose to spend begins to shift. I encourage you to try the same and see how increasing your sense of awareness about holding your money feels!
Create more income
Finding ways to increase your current income is a great savings strategy and doesn’t have to mean starting a global business empire! Perhaps you could take on some freelance work that you already do in your day job (and potentially earn more!), sell your art on Etsy, promote your healing services and charge accordingly for them, publish an online course or book or rent out your spare room on Airbnb. Great creative and have fun with it! If you have a deep heart desire to start your own business, use this drive to increase your savings as an opportunity to create momentum!
Sell your unwanted items
Most of us have items in our homes that are unused and creating clutter but that someone else would probably pay for! Take some time to clear out your belongings and list your unwanted clothes, electrical items, books or anything else you find on sites such as eBay. Not only could this immediately add a couple of hundred dollars to your savings account, but by creating more energetic space in your home, you’re opening up the channels of abundance and making room for more manifestation to take place!
These 10 savings strategies not only show you how to increase your savings today, but also teach you how to build your money saving muscle. You’ll be on the way to your goal of becoming your own bank, which is the true path to ultimate financial freedom.
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