Increasing your savings is an important part of your overall financial well-being. It should be a top goal for all of us. Grow your savings by stashing away money on a regular basis. If you commit to spending less and saving more you will be well on your way to a healthier 2022. Here are 22 tips to help you boost your saving.

  1. Assess your monthly expenses. Look at your monthly expenses, both recurring and discretionary. What have you been doing with your money each month? Is there room for additional saving if you tighten your belt? We bet there is. There may be many recurring expenses that you can do without or things you can cut. It’s time to re-evaluate what you’re spending. If you’re like many people, your credit card may be getting hit each month for things like apps and memberships you no longer use, as well as other expenses. It’s time to cut the excess fat from your budget.
  2. Increase your monthly retirement contribution. Whether you contribute more to your employer-sponsored retirement plan or increase your IRA contribution, this is a great way to increase your overall savings. Learn more about IRAs.
  3. Start an emergency savings fund. This can be instrumental in the event of a costly medical emergency or repair.
  4. Take advantage of a cashback or rewards credit card. By using a rewards credit card, such as Guthrie Community Credit Union’s VISA with Scorecard Rewards, you can earn rewards on purchases.
  5. Get yourself a side gig. The only way to boost your savings may be to increase your income. A part-time job or side hustle may be a great answer for earning the money you need to save more.
  6. Put your mobile device to work with a savings app. Savings apps such as Digit or BUDGT can help.
  7. Automate savings. Use the set it and forget it mentality. This is important when it comes to enrolling in your employer’s tax-advantaged retirement fund that will automatically come from your pay. Do the same with other designated savings accounts. Just set up a recurring monthly transfer from your checking to your savings.
  8. Consider unsubscribing. If you’re tempted by emails and texts from your favorite retailers, it may be time to unsubscribe to eliminate the temptation.
  9. Sell unwanted items. We all have unused items lying around. Some may be brand new. Selling them is a great way to find money to save.
  10. Refinance your auto loan. Are you paying a higher interest rate than you should for your new vehicle? It may be time to look at the auto loans at Guthrie. Refinancing may be one more way to free up money each month to grow your savings.
  11. Refinance your mortgage. With mortgage rates at historic lows, mortgage refinancing can be a great way to save on monthly interest payments and reduce your monthly mortgage payment. Tap to learn more about mortgage refi and view rates.
  12. Look for ways to save on your utility bills. Is there a way to save on your electric bills or on transportation expenses? It may be as simple as turning down your home thermostat or investing in some LED lighting.
  13. Cut back on unnecessary entertainment expenses. How many streaming services do you really need?
  14. Save with a coupon app to boost your savings. Ibotta, Rakuten, and DO$H are just a few that can help you save some cash.
  15. Price compare with a grocery store comparison app. The basket app is a great place to start.
  16. Save on groceries by planning meals based on what you have on hand – Raid your pantry, fridge, and freezer to plan your meals this week. It will also help you cut down on waste.
  17. Look for lower-priced alternatives to high-priced brands. The quality of lower-cost or generic brands is typically comparable.
  18. Sign up for rewards and loyalty programs. Many of your favorite retailers may have them.
  19. Consolidate high-rate credit card debt with lower-rate. Check out Guthrie’s credit card featuring no annual fee and no balance transfer fee.
  20. Set up automatic bill pay. It will help keep your credit rating in good health and also save you from paying any late fees.
  21. Consolidate high-interest loans into lower-rate loans. Boost your savings by consolidating those high-interest loan balances into one, easier to manage, lower-rate loan. Whether it’s a low-rate personal loan or home equity loan, loan consolidation may be the answer to helping you save.
  22. Consider credit union membership. Joining a credit union can also mean big savings. Credit unions are not-for-profit and member-owned. Earnings are returned to members in the form of higher yield on savings, lower rates on loans, and lower fees. Tap to learn more about membership at Guthrie Community Credit Union.