It doesn’t have to be hard or take a lot of time to save money. Yes, you can grow your savings with very little work if you have the right plans and tools. Following through, automating tasks, and making a few smart choices at the start are all important. There are easy ways to make your money work harder for you, without having to stress about it all the time or keep an eye on it all the time, whether you’re just starting to save or want to improve the way you spend your money. Here are some easy ways to save as much money as possible.
Pick a savings account with a high yield
Picking the right account is the first and most important thing you can do to get the most out of your savings. Savings accounts at big banks usually have very low interest rates, sometimes almost none at all. But high-yield savings accounts, which are usually available from online banks or credit unions, give you a lot more money back. The yearly percentage returns (APY) on these accounts are 10–15 times higher than those on regular accounts. If you move your money to a high-yield savings account, it will grow without you having to do anything else.
Set up automatic savings
Automating the process is one of the best ways to save money without having to think about it. Set up your bank account to send money to your savings account every time you get paid. Larger goals can also be broken down into smaller moves that happen once or twice a week. These feel less scary but add up quickly. When you put money into savings regularly, you won’t have to worry about forgetting or spending it on something else. Without having to work at it every day, this habit builds energy and focus.
Split your money by using direct deposit
If your workplace offers direct payment, ask to have your paycheck split so that some of it goes straight into your savings account. This trick works like a secret: you won’t even notice when the money hits your bank account, which makes you less likely to spend it. In this way, saving just 10% of each paycheck can add up to a lot of money over the course of a year. This technique is great because it doesn’t need any work after it’s been set up.
Use compound interest to your advantage
If you want your savings to grow without you having to do anything, compound interest is your friend. When you put money into a savings account, the interest you earn is added to the balance. Over time, a bigger amount gets even more interest. For this effect to work better for you, you should start saving money early and keep doing so. If you don’t touch even small amounts for years, they can grow into big rocks. Leave your savings alone and let time do the tough work to get the most out of this reward.
Cut bank fees that aren’t needed
A lot of banks charge fees for things like going overdrawn, not keeping the minimum amount, or taking out too many payments. These fees can quickly drain your savings and make things take longer to get better. To escape this, pick a bank that has a savings account with no fees or that waives fees under certain circumstances. Carefully read over your account terms, and if you find that you’re losing money to secret fees, you might want to switch banks. One of the easiest ways to make sure your savings grow steadily is to keep them fee-free.
Add up the money and keep the change
There are a lot of round-up tools in modern banking apps that take the extra money from your purchases and put it into a savings account. If you buy coffee for $4.30, the app will round it up to $5.00 and put the extra $0.70 into your savings. Even though these small amounts don’t seem like much, they add up to big gains over time. It’s a great way for people who have trouble saving bigger amounts of money or who want an easy way to add to their main savings plan.
With recurring transfers, you can set it and forget it
Recurring moves are the best option if you’d rather not do anything. If you want to save money every week or month, set aside a set amount each time and forget about it. Start with a small amount that you can handle, like $20 a week, and slowly raise it if you can. No matter what size, uniformity is the key. Your savings will keep growing as long as the changes are made regularly. You won’t have to think or do anything each time.
Keep track of progress without worrying
You should keep an eye on your savings every once in a while, but you don’t have to. Plan a quick check-in once a month to see if you’re still on track and to look over your amount. A lot of banking apps come with tools that let you see how far you’ve come toward your goals. Keeping an eye on your savings will help you stay focused and make changes if necessary, but don’t let it take over your life. You can take it easy as long as your system is working and your money is making more.
Cash-back and rewards can help you
If you want to save more money with little work, use credit cards or apps that give you cash back. If you use these cards wisely and pay them off in full every month, they can help you earn extra cash that you can put straight into savings. You can now link a lot of apps’ points programs or cashback bonuses straight to your savings account. This way, you can make money and save it at the same time. It’s an easy way to get more out of the money you already spend.
Use more than one savings account
Putting your savings into different groups, or “buckets,” can help you stay on track and avoid thinking too much. For example, save money for an emergency fund, a trip, house fixes, and gifts in different accounts. Most internet banks let you set up and name more than one savings goal in the same account. This keeps you from using emergency funds for things that aren’t emergencies and makes it easy to keep track of your progress. It also gives your savings more organization without making you do anything extra.
Stay away from the urge to withdraw
Withdrawals that aren’t needed are one of the biggest problems with saving money. It can be too tempting to move money out of your savings account if it is linked to your debit card or easy to get to through the same app as your bank account. To keep this from happening, pick an account that only certain people can access or move it to a different bank. You won’t have to touch the money as often, which means your savings have a better chance of growing without being touched.
Once a year, look again and make changes
To save as much money as possible, you don’t have to change your plan all the time. Review your savings goals, interest rates, and account success once or twice a year. If your finances change or if a better way to save money opens up, you should make changes. This check-in every so often makes sure you’re still going in the right direction and lets you use any new tools or features that could help your growth. It requires little work but yields big rewards.
Let your money work while you take it easy
You don’t have to be an expert in money or spend hours making a budget to save money and see it grow. You can build a strong savings base that doesn’t need much daily upkeep if you do a few smart things, like setting up automatic payments, picking the right account, and limiting fees. Set things up so that they work for you, then let your money do its thing in the background. You’ll be shocked at how much money you can save over time with very little work.
