Simple Ways to Save More Money in 2017

Survey after survey shows us that many Americans don’t even have enough money saved up to cover a necessary emergency expense, such as a car repair or an unexpected medical bill. Saving money is something that’s become difficult for many people in the years since the Great Recession. They’ve struggled to get themselves out of debt and even to find careers that allow them to make enough money to set some aside.

While most of us face headwinds that can make saving money a challenge, it’s something that’s essential to do not only to protect ourselves financially but also to enjoy that all-important peace of mind.

If you’ve made it your goal to save more money in 2017, the following are some tips that can help you achieve that objective.

Choose the Right Savings Account

Interest rates on savings accounts have been very low for years, but some options are still better than others. You want to choose a savings account that is going to help you earn money on your deposits, so make some comparisons. If you already have a checking account, it might be time to move your money elsewhere if you’re earning very little interest.

Some of the best options for earning interest on savings include accounts at online-only banks. Credit unions may also offer competitive interest earning opportunities.

Create a Side Job

If your day job doesn’t earn you enough money to set aside a substantial amount in your savings, you might think about taking on a side job. In the past, a side job might have meant waiting tables in the evenings or on weekends, but now people are increasingly going online to make extra money.

You might offer services as a freelancer, or you could even start an online business, such as a blog. You can monetize a website by doing SEO research and analysis, and while it may take some time to get up and running, once you have an audience you may find that you make more than you do at your day job.

Set Up Automatic Savings Deposits

One of the big keys to saving more money in 2017 is making it something that’s automatic and effortless. If you’re faced with the decision of saving money from your check every week or buying yourself a treat, you’ll probably choose the treat, so don’t give yourself the option.

Set up an automatic transfer of a certain amount of money each week that will go into your savings.

Avoid having your savings linked to a debit card, which can reduce the temptation to use that money when you don’t have to.

If it becomes automated and habitual, it will be much easier to stick with your savings goals.

Recognize and Eliminate Bad Financial Habits

As a final note, it’s going to be impossible to both save money and build a stronger financial future if you’re still clinging to bad habits. Consider using a budgeting app that will let you see where your money is going and where you can make changes.

Some of the biggest money mistakes most of us make include paying only the minimum on our credit cards, making late payments, and taking on too much debt. Work to avoid these mistakes and you can then not only strengthen your credit but also put more money aside.