5 Things to Do to Boost Your Savings
Who doesn’t like seeing their money multiplying in their bank account? While for some people, saving is a necessity; for others, it’s a habit. Nonetheless, it’s a habit worth cultivating. Here are 5 ways to boost your savings.
1. Don’t keep the cash lying around
By hoarding the cash in your house, you are simply letting go of the opportunity of earning some extra money. Smart people don’t just accumulate the cash in their house but put them in the bank and enjoy the benefits of the interest they get on it. So set aside the amount of cash you require for your daily needs and put the rest in the bank and allow it to grow.
2. Opt for automatic deductions
Link your insurance, pension schemes or monthly/yearly premiums to your account and make them automatically deductible. Most of us can get lazy and hesitant when it comes to dropping in some money from our salary for future savings. This way you won’t have to worry about putting in the money for your investments on time and the money will be regularly deducted from your account without you having to deal with it.
3. Stop smoking
Cigarettes don’t just burn your lungs but they also burn holes in your pocket. Just add up the price of the number of cigarette packets you buy in a month or a year and you’ll be surprised to see how much you spend on smoking. Try to cut down on your smoking habits and you’ll surely be saving a lot of money.