Have you just started your savings account and want to grow your savings quickly? If you are a working mom, then you surely need to learn the fastest ways to grow your savings.
You’ll reap huge benefits by starting a savings account.
Many people would tell you to start saving, but only a few would tell you about how to have Php100,000 on your savings quickly. There are realistic and practical ways on how you make this happen. Let’s look into 6 fastest ways to grow your savings.
1. Drop unnecessary spending
The first thing you need to realize is that you need to drop unnecessary spending to grow your savings quickly. You might realize that some of the dinners or lunches that you had in the restaurants were not necessary at all. You can surely save a few thousand by minimizing these expenses. Instead of watching a movie in the cinema every weekend, you can minimize it to 1-2 movies a month.
Dropping a few unnecessary groceries from your list and buying from generic brands instead of lavish brands could help you to increase your savings quickly.
2. Start budgeting
There is a very strong reason why every country, organization, and institution makes a yearly budget. This helps them in knowing what they have and how they would spend it. It helps to save you from carelessly spending money. You also need to start budgeting to know your expenses and spend wisely.
This way, you would have a reason behind every penny that you would spend. Read books, enroll to courses, and applying what you have learned are great ways for working moms to learn efficient financial management she could apply for her family’s budget.
3. Examine your monthly bills
Upon re-examining, you’ll know that few of your fixed monthly bills are just a waste of your money. It takes only a little effort to log in to your accounts and analyze how much you are benefiting from the services and how much you’re paying for it. You should re-examine fixed monthly bills like cell phone, cable, gym, internet, insurance, and a few others that you pay. Look out for cheaper services or drop a few of them if you aren’t using them.
4. Increase your income
Another quick way to grow your savings is by increasing your income. You can utilize your spare time to convert your hobby into an income stream. Like everyone else, you might have a skill or service to offer. Reach out to your community and neighbors and offer them your services at little cheaper rates. You can quickly increase your savings with the extra income you’re earning in your spare time.
Everyone of us are good in something. If you wanted to earn from something you love doing, write down the things you are good at and in the opposite, write at least 5 ways on how you can actually earn from it.
You will be surprised that there are ways on how you can earn from what you love doing the most. All you need to do it put it into action, sell, and start building your savings.
5. Save money in transport
If you own a car and use it for the daily commute, then there is a great chance to increase your savings by using public transport quickly. You can use public transport or ride-sharing service for the daily commute. This would help you to save the money that you are spending on fueling your car.
6. Instead of collecting, start selling
When you look around in your cabinet or house, you will find out a few luxury items that you don’t use at all. To recoup your money, you can sell your stuff on buy and sell wesbites. This a great and one of the fastest ways to grow your savings.
My Takeaways
As a working mom, one of the things that will make you feel secure is to have your savings. This will ensure that you will have the money you need when you needed it the most.
We have current expenses that upon closer look, we do not need. Drop those unnecessary expenses. When added up, you will be amazed that you can actually form a savings.
Do you know where you spent your money? Start creating a budget and see the difference of your previous spending habit.
Ultimately, there are a lot of things you can do to start creating your savings. All you have to do is how to do it and be committed on consistency.
Hassle-free family budget tracking?
