Want to start saving more money? Here’s what an expert recommends

If you are looking for Save more money todayIt helps to rethink where you store – and how you do it.

In today’s high interest rate environment, making sure you’re saving in the right places can be especially beneficial. For many savers, this is probably one High Yield Savings Account With a competitive rate and easy access when you need money. Today’s best high yield savings account rates offer 4% to 4.5% APY or higher — that could earn you hundreds of extra dollars throughout the year.

On the other hand, how you save can depend a lot on your personal circumstances and goals. Maybe you prefer the set-it-and-forget-it approach to automatic transfers. Or maybe you’d rather track a thorough budget plan month by month. Below, we’ll talk about a strategy recommended by an expert, which you can implement today to get started Increase your balance.

But first, make sure you’re getting the maximum return by comparing the best high-yield savings rates available now.

A strategy to start saving more today

If you want to jumpstart your savings, make it a priority in your monthly budget.

“I advocate a ‘savings-first’ system where income is directed first into a high-yield savings account, then a monthly transfer to checking is set up for spending,” says Christina Guglielmetti, CFP, founder of Future Perfect Planning. ” “Specifics are something I often work with clients on, but I like the behavioral hack of separating income from spending money.”

Here’s an example of how this might work:

Say you earn $1,500 every two weeks through direct deposit. Instead of setting up direct deposit to go into your checking account, you send it to your savings account — for about $3,000 a month. When it’s time to pay your monthly bills, you can hand over what you need a Checking account To make payments, keep the balance to continue earning interest on the savings.

You can even simplify the process for specific expenses such as rent or mortgage, utilities, car payments, and more. Set up an automatic transfer to your checking account each month when those payments are due, since you can better estimate how much you’ll owe each month.

Be careful of one thing: check either one Transaction limits in your savings account. Some banks still impose a limit of six transactions (transfers or withdrawals) per month, so you need to make sure you stay under this limit or find an account with no limit.

Compare today’s best high-yield savings account rates and start saving more now.

More ways to save

In addition to the “savings-first” strategy, there are many small ways you can start improving your savings balance today.

First and foremost, make sure you’re using one High Yield Savings Account With a competitive rate. Some very top interest rates now Earn around 5% APY. If you’re not earning at least 4% APY today, you might be missing.

You can also use features added to your account Some high yield savings accounts, especially from Online Bank, offer online and mobile tools to make saving money easy. Automatic transfers, account buckets you can use to break down different savings goals, round-up savings features, and more can make small differences in your balance that add up over time.

Finally, look for ways you can increase your contribution Take a look at your spending over the past few months and see areas where you can cut back. Membership and monthly services are a great place to start. If you’re ready to save more money, it may be worth cutting unnecessary expenses to leave more to save at the end of the month.

Bottom line

If you want to start saving more money, a “savings-first” system can be an easy way to make sure you prioritize savings while meeting your other monthly financial obligations. To maximize the technique, make sure you use a High Yield Savings Account to get Best interest rate On top of the extra money you put in and grow your balance over time.

See how much more you could earn right now with today’s best high-yield savings rates.