Smart Ways to Grow Savings Quickly

If money grew on trees, it would probably do so slowly, like leaves unfurling one at a time. You can’t rush Mother Nature, so it’s a good thing that money doesn’t grow on trees and there are smart ways to grow your savings quickly. Here are some money-savvy tips. 

Use financial apps to pinpoint unnecessary spending.

Budgeting apps are usually set up in a way that makes you categorize your spending, which allows you to see clearly how much you spend on groceries, transportation, shopping, and other types of expenditures. When you’re prompted to organize your expenses this way, you get a clearer picture of what may be draining your finances unnecessarily. Identifying those items and adjusting your budget allows you to divert that amount into savings instead. 

Look for everyday savings.

Examine your daily habits and see how you can save just by making small adjustments. Some examples include bringing baon to work instead of eating out, walking to nearby destinations instead of spending on parking and gas, and creating handmade gifts instead of buying from department stores. These changes even come with non-financial benefits like adopting a healthier lifestyle, saving the planet, and making meaningful relationships because of your thoughtfulness and care. 

Reduce the frequency of spending.

Saving doesn’t have to mean sacrificing your little luxuries like subscribing to streaming services or having a freshly brewed cup of coffee every day. But there are ways for you to enjoy the same perks while being smarter about your spending. Instead of paying for your subscriptions monthly, you may be able to save more with an annual plan. Consider investing in a coffee machine rather than buying from cafes daily. It’s the same principle as buying in bulk – you may spend a bigger amount up front, but reducing the frequency of spending offers big savings in the long run. 

Come up with a credit-only savings account.

It’s common to maintain only one savings account where money goes in and out regularly. But this makes it harder to save, as it can be tempting to keep spending your available balance. Try opening a separate savings account in a different bank. Doing so gives you the opportunity to build a relationship with a new bank, as well as become more mindful about transferring funds unnecessarily since the service fees for interbank transactions are higher. Ideally, you would maintain the credit-only savings account by funding it regularly, whether it’s by automating your payroll account to send a specific amount on schedule or being intentional about funding it yourself.  

Take advantage of high-interest savings accounts.

If you already have a significant amount of savings, it can grow quickly when you place it in a Salmon Time Deposit account at the Rural Bank of Sta. Rosa Laguna. A minimum investment of PHP50,000 can grow by 6% per annum, which means you earn PHP3,000 in interest in one year. This is a lot when you consider that the interest rates of most regular savings accounts fall under 1% per annum. The rates are even better if you have more than PHP500,000 – you can earn 8.88% per annum when you lock in your investment for one year, so if you invest a million pesos, you earn PHP88,000! 

Grow your savings quickly by opening a Salmon Time Deposit account today! Visit our website to learn more.