Got a savings goal that you want to achieve quickly? Below are five ways in which you speed up the process of saving up money to help reach your goals faster.
Choose the right savings account
Putting your money into a savings account will help it to grow faster by generating interest on your savings. Some savings accounts earn more interest than others – by finding a high interest account, you can make more money each month off your savings. Spend time shopping around banks to compare interest rates. On top of physical banks, consider online banks (these can often have better interest rates than physical banks).
Try other investment options
While savings accounts are the most secure way to grow your money, other riskier investment options could allow you to potentially grow your money much faster. You could grow your savings by trying forex trading using a platform such as MT4, or you could try investing your money into stocks using a trading app. By doing your research beforehand, you can reduce the risk by making calculated investments. You may be able to further reduce the risk of loss by not putting all your eggs in one basket – by investing in multiple stocks or multiple currencies, you can reduce any losses if one stock or one currency falls in value.
Find more ways to earn more money
Earning more money could allow you to set aside more money to put into savings. This could involve working overtime or taking up a side hustle to earn a little extra on the side. Earning more does mean working more – it’s important that you don’t wear yourself out trying to achieve your savings goal faster and that you’re not completely sacrificing all your free time. Consider low effort ways of earning more money. This could include selling unwanted possessions on sites like Gumtree or completing online surveys to earn extra cash.
Find big ways to cut back
Another way to contribute more to your savings is to find ways to cut back your spending. By spending less on your car or less on groceries, you may be able to set aside more to put into your savings each month.
Also think about replacing your single-use items with reusable. Eco-friendly companies like goBambu offer reusables from coffee cups, makeup remover pads and beeswax food wraps. Items like these automatically take a number of items off your weekly shopping list and they should last for years to come, saving you money in the process.
As with working more to up your savings, you don’t want to be making too many large cutbacks, otherwise you’ll get very depressed. Find ways to make big cutbacks while still allowing some necessary treats in your life.
Save up with someone else
If you’re saving up to buy a house or go on a vacation, consider whether you can reach your savings goal faster by saving up with somebody else. A down payment on a house could be achieved in half the time by saving up with a partner or a sibling. It may not be possible to pursue all savings goals with someone else – some are likely to be purely personal, in which case only you can save up for them.