7 Proven Ways to Supercharge Your Savings Today

What are you saving money for?

A European vacation? The kids’ college tuition? An emergency fund? Or maybe you’re dreaming of the perfect retirement.

For many of us, saving money is a difficult — or seemingly impossible — chore. But it doesn’t have to be that way.

“If you have trouble putting money aside in a savings account, maybe the solution is to stop struggling and put things on autopilot,” says Money Talks News founder Stacy Johnson.

Here are seven tips to get you going:

1. Pay yourself first

Pay yourself
marekuliasz / Shutterstock.com

Payroll deduction is among the best fixes for struggling savers. With this approach, you have money automatically taken from your paycheck and transferred to a savings account or retirement account. Your employer may even allow you to directly deposit paychecks into multiple accounts.

Also, send any additional income from raises, bonuses, cash awards or other windfalls straight to savings. If your air conditioner breaks down or it’s time to take that cruise, you’ll have a nice sum of money waiting for you in the bank.

2. Round up your savings

Debit card
wavebreakmedia / Shutterstock.com

Some banks, including Bank of America, have programs that automatically round up debit-card purchases and then transfer the extra amount into your savings account.

For example, say your tall vanilla latte costs $3.50. Under this system, the bill charged to your debit card would be rounded up to $4, with the extra 50 cents deposited into your savings account.

Just 50 cents a day would build to a painless $182.50 over the course of one year.

3. Save your change

Savers
wong sze yuen / Shutterstock.com

The low-tech version of the round-up program is to stash away your spare change at the end of each day. Keep it in a jar, mug, glass or piggy bank. When the container is full, turn that change into a bank deposit. Stacy says he turbo-charges this plan by stashing singles as well as coins.

Coinstar will exchange your coins for an electronic gift card from merchants like Amazon. That won’t raise your savings account balance, but it will give you the opportunity to save your spare change for a special item.

4. Pay with cash

Paying with cash
Atstock Productions / Shutterstock.com

Using cash automatically leads you to spend less compared with when you use plastic. Studies have shown that people spend more when they rely on credit cards instead of cash.

Why? If you’re worried about schlepping back to the ATM to reload your wallet, you’ll be less tempted to spend more cash than you have on hand. Also, you’ll stick to your shopping list and resist in-store temptations to buy more items than you originally intended.

5. Use rewards credit cards

Rewards credit card
Myroslava Gerber / Shutterstock.com

If you must use a credit card, use one that offers cash back or rewards. That way, you’re earning cash or equivalents without effort.

You can check out who’s got the right card for you by using Money Talks News’ credit card search tool.

6. Bank your discounts

Piggy bank
Micolas / Shutterstock.com

What do you do with all the money you save buying bargains? Check your receipts. Most of them now conveniently tell you how much you saved on a sale item compared with its regular price, or how much you saved by redeeming coupons. Add the savings up.

Did you buy a cheaper generic and save a bundle over a name brand? Track the difference.

Make it a habit to reward yourself by placing the amount you saved from bargains into your savings account.

7. Automate your transfers

Happy saver
Andrey Arkusha / Shutterstock.com

Check with your bank or credit union about how to set up automatic transfers from your checking account to your savings account. This is another way of making sure you pay yourself first. In some cases, you can even set up sub-accounts and label them for special goals, such as “college fund” or “new car fund.”

Now that your savings are on automatic, relax and watch your balance grow.

Do you have more ideas for supercharging your savings? Share them in comments below or on our Facebook page.

Maryalene LaPonsie contributed to this report.

How to find cheaper car insurance in minutes

Getting a better deal on car insurance doesn't have to be hard. You can have The Zebra, an insurance comparison site compare quotes in just a few minutes and find you the best rates. Consumers save an average of $368 per year, according to the site, so if you're ready to secure your new rate, get started now.

Read Next
Don’t Trash These 11 ‘Disposable’ Items — Reuse Them
Don’t Trash These 11 ‘Disposable’ Items — Reuse Them

Are you throwing away money? Consider giving these things a new purpose.

This Is the Best Used Car You Can Buy
This Is the Best Used Car You Can Buy

This car combines reliability, safety and long-lasting value.

10 Ways to Nail Savings on Your Remodeling Project
10 Ways to Nail Savings on Your Remodeling Project

Here’s how to save on your next remodeling project with discounted materials and more tips and tricks.

The Most Common Reason That Older Adults Fall Down
The Most Common Reason That Older Adults Fall Down

The good news: It’s possible to avoid potentially devastating falls.

13 Affordable Products for a Better Night’s Rest
13 Affordable Products for a Better Night’s Rest

These Amazon products can help you finally catch 40 winks — or more.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
Social Security Checks Likely to Grow This Much in 2021
Social Security Checks Likely to Grow This Much in 2021

The federal government recently released a key statistic that gives clear insight into what next year’s COLA will be.

This Gas Station Scam Is Victimizing More Drivers
This Gas Station Scam Is Victimizing More Drivers

For the second straight year, a growing number of Americans believe they’ve fallen prey to this scam.

21 Things You Should Always Buy at a Dollar Store
21 Things You Should Always Buy at a Dollar Store

Dollar stores have great bargains on both everyday and occasional purchases.

7 Ways to Boost Your Credit Score Fast
7 Ways to Boost Your Credit Score Fast

Your financial security might soon depend upon the strength of your credit score.

7 Unusual Ways to Declutter Your Home
7 Unusual Ways to Declutter Your Home

Tired of possessions weighing you down? Here are seven ways to declutter painlessly and effectively.

This Is the Most Popular Age for Claiming Social Security
This Is the Most Popular Age for Claiming Social Security

Both men and women are most likely to start receiving Social Security benefits at this age.

6 Things You Should Never Buy at Trader Joe’s
6 Things You Should Never Buy at Trader Joe’s

We love Trader Joe’s for plenty of reasons. But think twice about this handful of products.

Don’t Toss These 7 Household Items — Sell Them
Don’t Toss These 7 Household Items — Sell Them

Here’s how to earn cash as you give new life to these unwanted items.

6 Legal Documents Retirees Need — but Don’t Have
6 Legal Documents Retirees Need — but Don’t Have

Few retirees have these documents that are crucial to their golden years — especially during a pandemic.

19 High-Paying Jobs You Can Get With a 2-Year Degree
19 High-Paying Jobs You Can Get With a 2-Year Degree

These jobs pay more than the typical job in the U.S. — and no bachelor’s degree is required.

5 Awesome Places You Can Retire Overseas on $2,000 a Month or Less
5 Awesome Places You Can Retire Overseas on $2,000 a Month or Less

In this week’s podcast: tips on retiring overseas — from someone who’s been helping American expats for decades.

Eat This Food If You Want to Avoid Alzheimer’s Disease
Eat This Food If You Want to Avoid Alzheimer’s Disease

One type of food associated with the Mediterranean diet offers especially large benefits.

11 Expenses That Quietly Drain Your Wallet
11 Expenses That Quietly Drain Your Wallet

It’s scandalously easy to overspend in these areas of your life.

Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?
Could You Give Up These 7 Expenses to Save Thousands of Dollars a Year?

You could save more than $30,000 by setting aside these costly expenses for just one year.

10 Deep Discounts Available on Amazon This Friday
10 Deep Discounts Available on Amazon This Friday

These items are all steeply discounted — but the deals won’t last long.

9 Dumb Ways You Are Ruining Your Home Value
9 Dumb Ways You Are Ruining Your Home Value

Homeowners, beware these mistakes that can drive away potential buyers.

18 Amazon Purchases That We Are Loving Right Now
18 Amazon Purchases That We Are Loving Right Now

These practical products make everyday life a little easier.

7 Tips for Building an Emergency Stockpile
7 Tips for Building an Emergency Stockpile

A pandemic or natural disaster could leave you reliant on your existing food supply. Is your pantry prepared?

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.