Saving money isn’t easy—especially when there’s always something to spend on. But if others can do it, so can you! Here are eight simple, practical tips from financial experts to boost your savings effortlessly.
1. Save First, Spend What’s Left (SFTS Method)
- Expert tip: Lou Cannataro (Cannataro Park Avenue Financial) advises: “Save first, then spend what’s left.”
- How? Set up automatic transfers to savings accounts (like 401(k)s or IRAs) before paying bills.
2. Aim for 25% Savings
- Expert tip: Arian Vojdani (MV Financial) suggests saving 25% of every dollar earned.
- Why? It’s a realistic goal that builds long-term financial freedom.
3. Save Small, Save Often
- Expert tip: Heather Roche (Discover) recommends smaller, frequent savings (weekly/monthly).
- Bonus: Consistency beats big, sporadic deposits—your balance grows steadily.
4. Increase Savings Gradually
- Expert tip: Arielle O’Shea (NerdWallet) says: “Boost savings slowly, like after a raise.”
- Key: Avoid shock to your budget by taking baby steps.
5. Pay Yourself First
- Expert tip: Benjamin Glaser (DealNews) treats savings like a non-negotiable bill.
- Pro trick: You’ll get creative with spending when savings come first.
6. Split Your Paycheck Automatically
- Expert tip: Brianna McGurran (NerdWallet) says: “Ask HR to divide your paycheck into accounts.”
- How? A quick setup with HR or payroll—effortless saving!
7. Use a High-Yield Savings Account
- Expert tip: McGurran also recommends high-yield accounts for better interest.
- Bonus: Direct-deposit part of your paycheck—no manual transfers needed!
8. Budget Like a Pro
- Expert tip: Glaser’s golden rule: “Have a budget.”
- Why? It cuts reckless spending and makes saving intentional.
Got Questions?
Drop them in the comments! I’d love to help you save smarter.
