You’re likely reading this page because you want to save some money for a specific goal. For instance, you might be planning a once-in-a-lifetime vacation, or you’re thinking of treating yourself to that dream car you’ve always wanted.
Whatever your savings goals, you will undoubtedly want to save up the money you need as quickly as possible. The thing is, how can you turbocharge your savings goals when it looks likely it’ll take you a long time to build up the pile of cash that you need?
Take a look at these tried and tested methods of saving more money quickly so that you don’t have to spend a lifetime saving the money you need:
Enter Some Prizes to Win Money
You might be thinking that such an exercise is a waste of time, especially as you have to pay money to enter competitions where you could win cash prizes. The thing is, there are many ways you can win cash without needing to pay a cent.
For example, did you know you can open up a prize-linked savings account, so each time you save money, you could also win some without doing anything? Also, you could automatically get entered in cash prize draws when you buy stuff like groceries.
Remember that you won’t be in with a chance of winning a prize fund if you don’t enter competitions!
Get a Better-Paid Job
There’s no denying that the salaries paid for some jobs are awful. Low-wage jobs are unlikely to give you plenty of disposable income, so if you’re working hard for little financial reward, it’s time to get a better-paid job.
A quick Google search will reveal several jobs where the work involved is similar to what you do now, yet you get paid a fairer salary for your hard work. When you earn more money, you can save more cash towards your savings goals.
Top tip: make sure you work on your resume so that you’ve got the best chance of getting considered for better-paying jobs that interest you.
Only Consider High-Yield Savings Accounts
These days, it’s not unusual to see that most savings products on the market offer pitiful yields. Still, that doesn’t mean all savings accounts give you a paltry return; you just need to take the time to research the best high-yield savings accounts on the market.
For instance, some savings accounts guarantee you higher interest rates if you agree to leave your money “locked” into the accounts for longer. It’s a brilliant idea if you don’t want to access the money until you’ve reached your savings goals.
Depending on how much you save each week or month, you could be thousands of dollars better off by simply switching to a provider that offers higher interest rates.
Put All Extra Cash Into Your Savings Accounts
One final way to turbocharge your savings goals is by putting away any extra money you earn each month. For example, if you’ve been given a bonus at work, save that money instead of spending it. Doing so means you’ll reach your savings goals quicker.
