Building up your bank balance is something that anybody can do if they are determined enough. You don’t need to get a better job or anything to build up your bank balance; in fact, there are some small but effective things you can do if this is something that interests you.
Read on for 11 things you can do today to build up your bank balance:
Change Your Mindset
First of all, you need to change your mindset if you’re going to build up your bank balance. Changing your mindset is key because the more positive and grateful you are around money, the more of a chance you have of earning it and keeping it. If you’re in a negative mindset where you don’t think that you deserve money or something along those lines, then it doesn’t matter how much you earn, you’ll never seem to have it. Like there’s a hole in your pocket!
Create A Better Budget
Take a look at your budget and see if there are some changes you can make. Are you spending too much in one area and not enough in another? Are you paying yourself first and leaving yourself plenty of cash to save? You could probably save more if you really tried, so take another look and see if there’s anything you can change.
Find Ways To Make More Money On The Side
There are likely lots of ways you can make money on the side, but you probably don’t want to have to spend even more time making money than you currently are. That’s fine; there are plenty of ways you can make passive income, and all you have to do is put in the work initially to get your idea off the ground. Just make sure you look at UltimateTax bank products to ensure that you’re not doing anything you shouldn’t be doing and that you’re paying what you owe on what you earn.
Building up your bank balance means being smart about what you spend. In other words, you need to be willing to make some sacrifices and spend less. Take a close look at your spending and get a good idea of where you can cut back. For example, if you buy a fancy coffee every day from your local coffee shop, cutting that out could save you a minimum of $120 per month. That’s a lot of money!
Keep Your Fives
Make a pact with yourself to keep all of the fives you get your hands on and put them in a jar. You could even pick a coin and put those away whenever you get those too. Be vigilant, and don’t be tempted to spend them. To help you, get one of those money boxes that you can’t open until you break them.
Make One Swap Per Week
Every week, make a swap to see if you can save money somewhere. When it comes to your food shop, for example, buy a supermarket brand instead of a big brand name. More often than not, you’ll find that the cheaper one is just as nice and you’ve saved some cash that will really add up over time.
Use Cashback Sites
Whenever you think about buying something, first check a cashback site online to see if you could be saving money on your purchase. There are lots of cashback sites out there, so all you have to do is make sure you’re using a legitimate one and sign up. Then, you go to the cashback site whenever you’re going to make a purchase and click through to the place you’re going to buy something from.
The site should then track available cashback on whatever it is you have purchased. It can take weeks or months to get your cashback cleared, but if you allow your account to build up, you can get a decent amount of money back on what you would have spent anyway.
Get An Account With Better Interest
Take a look at your bank account and see if there isn’t a way you could be getting better interest on the money you’re depositing in there each month. It takes a while for interest to make a difference, but as long as you’re using a bank account, it’s definitely worth looking into.
Set Up A Direct Debit
Saving money can feel like a hassle sometimes, especially when you might want to spend the money you earn on other things. However, by setting up a direct debit you really don’t have to think about the money you’re saving. You won’t have to question whether you really need to be saving the money or not. You can then watch your savings build up and enjoy the rest of your money however you like.
If you don’t have financial goals, then it’s unlikely you’re going to be truly doing anything that is going to help you to build up your bank balance. However, by setting yourself some achievable goals, you’ll remember why you’re putting money away and be more likely to do it. Write your financial goals down and put them in places you can see them. If they’re always somewhere you can see them, you’ll never forget them and be tempted to spend your cash on something else.
Make Smart Investments
Investing your money is one of the only true ways to begin building wealth – don’t worry, you don’t need to already have a lot of it to start. If you’re not quite sure what you have to do, download an app that tracks your purchases and rounds them up to the nearest ten before investing the money. This is a great way to dip your toe in the water and get used to it before making riskier investments yourself.
Which of these 11 things will you try out today to build up your bank balance? Leave a comment!
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