Raise your hand if you want to grow your bank account. Whether you’re looking to upgrade your wardrobe, save money to buy your dream home, prepping for a big vacation, or want to grow your retirement, we all want more money. It may seem hard, but it’s actually not that difficult to set good habits to achieve your financial goals and increase your wealth. So let’s get to work and start increasing our funds now! Check out these five simple habits that can grow your bank account.
Make a Budget
Making a budget is a simple habit that can grow your bank account, and involves only three key steps. Firstly, track your income by listing all sources of money coming in. Next, identify and categorize your expenses, including fixed costs like rent or mortgage, utilities, and variable expenses like groceries and entertainment. Finally, analyze your income and expenses to ensure that your income covers your expenses and make adjustments as necessary, prioritizing savings and debt payments to achieve your financial goals. Regularly reviewing and adjusting your budget will help you stay on track and manage your finances effectively.
Tip: Make sure to be honest when it comes to entering your expenses. Don’t forget to add misc. categories like Starbucks, or food delivery services. Also, you can find great templates on Google Sheets and Excel.
Start Saving
Set aside a portion of your income each month and make it a habit to save regularly. Even small amounts add up over time, and having an emergency fund or savings buffer can prevent you from going into debt when unexpected expenses arise. You don’t need to start big. My dad used to tell me to put 10% of my paycheck away into an account that I didn’t have easy access to. 10% is a great start and won’t make you feel overwhelmed.
Tip: Automate Savings. Make use of automation tools provided by your bank or financial institution to automatically transfer a portion of your income into savings or investment accounts. This way, you won’t have to rely solely on willpower to save and can steadily grow your bank account.
Coupons/Sales
I’m not sure where the stigma of using coupons or shopping on sale came from, but it needs to go away. When I was in high school I was a cashier at a supermarket in a very wealthy area. I would witness families using coupons and would be in shock as their totals went from $300 to $150. Those moms in their tennis skirts and Gucci sunglasses had no problem whipping those things out and saving money, and neither should you. It’s simple math, things that cost less, save you more.
And look at it like this, nowadays, coupon codes, Black Friday, and Prime Day are just a part of life. So make this your new normal. It’s no one’s business whether you bought that TV on sale, or paid full price. Only the cashier and maybe the person behind you know the truth, so who cares and whip those coupons out!
Tip: When you’re in line at a store and the cashier asks for your email, this is your chance to score big. Create an email account entirely for store discounts, give the email to the cashier, and start saving that money! You can also sign up for store email lists when online shopping.
Negotiate Bills and Expenses
Contact service providers and negotiate better rates for services such as cable, internet, or insurance. Sometimes, simply asking for a discount or a lower rate can result in savings. I have a friend who does this with his cell phone provider every six months or so. He calls and asks what specials they are running, and just like that, he’s on a cheaper plan and saving money. You’d be surprised what you can get when you ask.
Generate Additional Income
Consider ways to generate additional income, such as taking up a side hustle, freelancing, driving for ride share or a food delivery service, becoming a mystery shopper, selling clothes/shoes on Poshmark, starting an OnlyFans, monetizing a hobby or skill, or getting into crypto/NFTs. Get creative and think outside the box. The extra money earned can be used to bolster your savings or invest in opportunities that can further grow your bank account.
Tip: Go on YouTube and look up ‘How to Make Money.’ Grab a notebook, press play, and put the tips into action.
