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Posted December 17, 2020

According to a study by GOBankingRates, 45% of Americans have no money in savings while another 24% have less than $1,000.

Set a goal to save more money this year with these simple, yet helpful tips.


Budgets are the foundation to anything finance related. A budget also known as a saving and spending plan is simply a tool for allocating your income. It allows you to take control and dictate where it is you want your money to go in the future.

Aim to build yours in such a way that allows you to reach your goals like saving for retirement or buying a home.


Once you’ve determined your savings goal; it’s time to spring into action. When you receive income, you’ll want to pay yourself first.

Putting money in savings before doing anything else ensures we save what you want to save not what is left over. Instead, you are forced to make do with what money remains.


To avoid a disjuncture between what you want to do and what you do, it’s best to make saving automatic.

Set up transfers that align with your pay cycle or have a portion of your direct deposit go to a separate savings account. Make it easier for yourself by setting it and forgetting it.


If every dollar earned is accounted for, every dollar saved should be accounted for too. Determine what you want to save for, establish separate accounts, and name them. The idea is that when you do this, you give added meaning to your accounts making it harder to withdraw for unnecessary expenditures.

Work it

As they say, “work smarter, not harder”. Get the most for your money by carefully reviewing your savings options. You may, for example, choose to deposit funds in a high-yield account like a special savings account or a certificate that pays higher than a regular savings account. Explore options like our StartUp Certificate to start earning more.

Cut costs

Saving can be even simpler when you begin to reduce costs elsewhere. After all, every small expense adds up.

Start by reviewing policies, memberships, and subscriptions. Seek discounts or cancel services that are no longer used. Remember, saving just $50 a month is equivalent to saving $600 a year.

Additional tips:

  • Shop with a list to avoid spending more than needed
  • Cut out convenience including drinks on the go, eating out, expedited shipping, etc.
  • Pause before checkout; eliminating just two or three items helps
Generate income

There’s only so much we can do to reduce expenses. If the amount you’re able to save just isn’t enough, get back to the drawing board and consider different ways to bring in additional income.


  • Have a garage sale or sell items online using sites like Poshmark and Ebay
  • Make money off hobbies or skills you have, such as writing, social media, or web design
  • Consider teaching English or tutoring students, all from the comfort of your computer