Conn. (WTNH) — You’re told to put money aside for yourself each time you get paid, but inflation means fewer people are living with a savings account. We’re Stretching Your Dollar with four ways to change that.
From groceries to utilities, the rise in the day-to-day expenses is making it harder to put money into a savings account. However, you can always try a new strategy.
MSN has these tips:
- Try to automate your sav ings if you’re not already; even just a small amount per paycheck would make a differece over time.
- Incrementally boost rate — Even a small amount per paycheck would make a difference over time.
- Make sure you’re using the right account for your money and compare your bank’s savings accounts with high-yield accounts
- Bank any bonus money. This could count on a tax return or other’s you didn’t plan to have.
Easier said than done, but increasing your income and putting the added income into savings can help — that doesn’t have to be another job. Perhaps selling items while you’re doing spring cleaning or a small side hustle like walking your neighbor’s dogs to bring in a little extra.