Grow Your Savings in 5 Easy Steps
Are you looking to get into a habit of saving? Ready to add your next $100k to your savings account? Have a big goal, like a home purchase or an exciting trip that you are saving up for?
Saving money is a valuable habit and yet, it can be challenging to actually put in place and stick with! In this blog post, I am going to share with you the Money Bliss approach to growing your savings in five easy steps.
Take the steps outlined below today, so that you can see your money grow and grow in the months and years to come.
Step 1: Open up a high interest savings account
Your first step is to research high interest savings accounts. Then, choose one that will allow your money to grow at 3-6%.
A high interest savings account is a low-risk way to begin growing your money.
Step 2: Determine your monthly profit
Next, you want to look at your monthly profit and loss and determine your average monthly profit. Subtract your expenses from your income and that’s your profit.
If you are currently not keeping a profit or your profit is less than what you would like, keep reading. I can help you with that!
Step 3: Automate your savings
Next, set up an automatic monthly transfer from your checking to your savings account. Set the transfer to 100% of your monthly profit.
Over time, as your profit grows, you will have to adjust this number. While you’re doing a savings sprint, add as much money to your savings account as you can.
Step 4: Find additional money to add to your savings
Here’s my favorite step: Find extra money to add to your savings!
Here are a few ideas:
Go through your monthly expenses and determine which ones you can cut, reduce or replace.
Increase your income through your job or business.
Sell unused items in your home.
Take on a side job or project to make more money.
Think about any money owed that you can request back.
Find any loose money around your home that you can deposit in your savings account.
Growing your income and reducing your expenses is easier said than done. If you are ready to make a lot more money this year, book a free strategy call with me.
Step 5: Let your money grow
Now, you have to let the money sit and compound over time. Even a small interest rate makes a big difference in the long term. Keep finding ways to increase your monthly profit and add as much money to your savings as you can. Wealth is not about how much money you earn, it is about how much you keep.
Lastly, consider using your savings for two things:
Invest in low-risk opportunities that provide a higher return than your savings account. Are you comfortable with your money being less accessible and grow a little faster? Then go ahead and move part of your money to a different investment.
Invest in trainings or coaching that will help you increase your income in the years and decades to come. Investing in yourself provides unparalleled returns. If there are skills or know-how you want to learn, definitely use some of your money in savings towards that.
About Hanna Bier:
Money Coach Hanna Bier has helped over a thousand women from across the world heal their relationship with money and step into a world of financial freedom. Known for her bestselling book Wealth From Within and her client-favorite program Money Bliss, she supports ambitious women in becoming the powerful creators they are here to be.
Ready to be in touch? Claim one of the few free strategy calls Hanna offers each month.
