6 Ways To Build Your Savings Account in 2024 (2024)

When you take a look around and brace yourself for the daily dips of your economic standing, sometimes you want a safe port in the storm to store your money. Yes, there will always be higher-risk investment opportunities to pursue, but no matter your future financial picture, you’ll need to start with some basics. Having a deposit account where you can earn interest at the financial institution, bank or credit union of your choice goes a long way toward reaching your savings goals.

See: 3 Things You Must Do When Your Savings Reach $50,000

6 Best Ways To Build Your Savings Account

Whatever the Federal Reserve has in store for you in 2024, it’s always good to have a savings or emergency fund you can rely on. It’s recommended that you have a least three to six months’ worth of expenses covered in at least one of your savings accounts. Here are some great ways to put some more money into your savings account:

1. Avoid impulse buying and stick to your budget.
2. Don’t pay someone else for a DIY project.
3. Buy generic instead of name brands.
4. Go green to save green.
5. Plan out your meals weekly.
6. Make your money work for you.

1. Avoid Impulse Buying and Stick To Your Budget

Sticking to your budget may seem more easily said than done, but impulse buying is one big culprit in tipping the scales from saving to spending. Before going to a store, write out a specific list of items you need. If you see something you want to buy that is not on the list, do not put it in your cart. Here are some signs that what you’re about to purchase is an impulse buy:

• You are shopping for retail therapy and trying to elevate your mood by buying something you don’t need.
• You found a really good deal that makes you feel like you’re saving money instead of spending it on something that wasn’t in your budget.
• Many ads prey on your fear of missing out or that items will be sold out before you can buy them. Remember that this is a ploy and supply and demand will always factor in.
• If you are always planning for the worst-case scenario, then you may have developed a tendency to stockpile or even hoard. This is not to say you can’t have reserves, but if your resources are plenty backed up, you don’t need to keep adding to the bounty.
• You may overestimate how much you use a product, so you consistently buy it, and it either sits in your closet or goes to waste.

2. Don’t Pay Someone Else for a DIY Project

There will always be a reason you need to outsource expert technicians for issues such as plumbing or roof repair. However, you may be selling your own potential skill set short by not first trying other, more manageable projects by yourself. A DIY project can put money you were going to give to someone else right back in your bank account.

Money-Saving Tip

YouTube is a great resource for DIY tutorials for beginners. It has something for nearly every project you’re looking to take on, whether it’s cutting your own hair or changing your oil.

3. Buy Generic Instead of Name Brands

Don’t get suckered into buying something just because that brand has more of a marketing budget. Most generic-brand items, especially when it comes to grocery items, are nearly identical in make or ingredients to their more expensive name-brand counterparts. Making this simple switch can save you hundreds of dollars a year, which is a smart money move to make toward your savings goals.

4. Go Green To Save Green

One nice thing about making better choices for the environment is that it can also save you tons on utility bills. Conserving your energy and cutting back on water usage can help pad your monthly savings. Developing new habits such as the following is a great way to start saving:

• To save money in the long run, you can update or upgrade your appliances to newer versions that are more energy-efficient or less wasteful.
• Don’t leave electronics plugged in when you aren’t using them.
• Buy energy-efficient or LED lightbulbs that last longer.
• Set your washing machine for cold water cycles for your laundry.
• Turn off any lights you don’t need or aren’t using when you leave the room.
• Any air leaks or gaps should be sealed to better insulate your house and reduce wasteful air conditioning or heating costs.

5. Plan Out Your Meals Weekly

Planning out your meals per week not only keeps you from wasting money on eating out at restaurants but also helps you keep to your budget at the grocery store. Write out all the ingredients for the grocery list for every recipe you’re planning and only buy those things. Having this strategy in place also keeps you from impulsively wasting money on takeout.

6. Make Your Money Work for You

Saving money is important for a variety of reasons, but how you save it, or even grow it, may have more opportunities than you think. You want to ensure that the account you keep your money in is earning interest. Compound interest can multiply your money much faster than just storing dollars in the shoebox under your bed.

Money Tip

Research which bank offerings come with the highest APYs and keep your money in a high-yield account. These could include a high-yield savings account, money market account or CD.

Final Take To GO: Best Saving Account Features

If you’re looking to start putting money into a savings account, you want to make sure you find one that best fits your banking needs. The interest you earn in that bank account can cushion a lot of financial blows. Here are some key features to consider when comparing your options before opening a bank account:

• Annual percentage yields
• Minimum balance requirements
• Monthly maintenance fees
• Minimum opening deposits