7 Ways To Kickstart Your Savings - Refresh Financial

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7 Ways To Kickstart Your Savings

savingsSo, you’ve decided you’re going to be a saver. You’ve spent enough time broke and living paycheck to paycheck, that you’re ready to sacrifice a few instant pleasures in favour of long-term security. You’re ready to tuck a chunk of cheddar away each month and watch it grow. It’d be nice if you had a decent amount to start with, though, wouldn’t it? It’s a lot more encouraging to look at a savings account with $1000 in it than one with just $10. So, how can we kickstart our savings so we begin ahead of the game? Here are a few ideas:

1. Use your tax refund

Not all of us get a very sizeable tax refund, but those who do can opt to use the entire amount to get a head start on saving money. It makes for a great foundation to build upon, even if it’s just a couple hundred dollars.

2. Windfall

If you’ve won a small amount of money with a lotto ticket or maybe you’ve inherited a chunk of cash, pop it in the long-term savings account you’re going to set up to start saving. Sure, you can have some fun spending it, but those feelings will be fleeting. Choose long-lasting good feels instead and start your savings with it.

3. Garage sale

I know you have a lot of junk. I know you do. I can picture your garage teeming with toddler toys your now-eleven-year-old used to love. I know you still have your grad dress tucked away in your closet and that food processor that takes up half your kitchen but you never use. Sell it! Sell it all and use the proceeds to set the pace for your money saving goals.

4. Bonuses

If you get a yearly bonus from work, take that chunk of money and use it to begin your monthly savings. It’s kinda like getting your boss to start you off on the path to financial well-being!

5. Spend less

This is definitely a lot harder than it sounds and it requires a lot of willpower and motivation, but everyone is capable of it. Just pinpoint where you might spend more than you absolutely have to and cut down to the bare minimum for one month or maybe two. Use the money you’ve saved to start off your savings account.

6. Find a temporary gig

Income boosters are more and more possible these days with the many ways to earn money on the internet growing rapidly. Find yourself some easy, short gigs using Craigslist or Upwork or maybe even Fiverr. Use the cash you earn to launch your savings.

7. Start a credit building program

Unlike a secured credit card, you do not need to come up with any cash to get started. Once you’ve paid your program all off, you not only have a better credit rating, but you also have a chunk of cash to lay the foundation of your new commitment to saving money. If you want more information about Refresh's credit building program, click here.

No matter how you start your savings, the important thing is that you do start it. Saving money is crucial to a secure financial future and surviving what curveballs life throws at us. It doesn’t matter if you start with $10 or you start with $10,000 - what matters is that you start.

Are you a saver? Let us know in the comments!

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