13 Simple Changes for Investment Management That Will Inflate Your Savings Like Never Before

Having savings is pretty important. During emergencies, having some money to pull from can be a lifesaver. Despite this, most Americans have less than $1,000 in their savings. It isn’t easy to build a hefty savings, especially as the cost of living rises. Understanding investment management can help you make smarter financial decisions and grow your savings over time.

Still, some simple changes can make all the difference. To compile this list of simple changes, we focused on actions that can be done quickly. These are truly simple changes that can apply to most people and align with investment management strategies to maximize financial growth.

Take a look at this list of 13 simple changes. See if you agree with us that, if applied, these changes can increase your savings dramatically and give you the peace of mind that comes with having that financial cushion.

Switch to a Hysa

Did you know you can earn money with a high-yield savings account (HYSA)? An HYSA is a savings account where you can earn interest. Rates vary but can be higher than 5%.

This is a lot, considering most traditional banks only offer less than 1%. If you have a regular savings account, you’re likely only seeing deposits slightly above a penny.

Delete Unnecessary Subscriptions

Subscriptions add up quickly. Sure, $20 a month sounds harmless, but that’s $240 a year. So what happens when you have four subscriptions set at $20 a month? Suddenly, you’re out $960 a year.

A lot of the time, we don’t even realize we’re being charged for an old subscription. I know I’ve forgotten to cancel free trials way too many times. Add it to your savings account instead of spending on a monthly payment.

Opt-in for Round-up Savings

I’m lazy, and I hate having to manually transfer money to different accounts. Thankfully, plenty of banks have a round-up savings option.

For each purchase, the round-up amount is transferred to your savings. This simple change can save you anywhere from $5 to hundreds of dollars each month.

Participate in Savings Challenges

Saving money is tough, and finding the motivation alone can be challenging. But who says it has to be boring?

Participating in savings challenges is one simple but fun change you can do to elevate your savings account. The sky’s the limit with these challenges. Personally, I like using the cash envelope system. I put in $10 each week for six months.

Review Spending Habits

How can you save without knowing what you spend? Reviewing your spending is another way to increase your savings.

Find places you can cut back on. Do you spend a lot on food? Have you noticed any overdraft fees? These are all things to consider when saving.

Transfer Leftover Funds After Your Paycheck

I started doing this recently and won’t go back. If you’re privileged enough to have money left over right before your next paycheck, transfer the leftover to your savings.

Even if all you have left is $10, this adds up quickly. Any little bit makes a huge difference.

Automate Your Savings

If you have a stable income, I recommend setting up an automatic savings transfer at least once a month. It’s even better to transfer 10% of your paychecks to your savings account.

Let’s say you make $3,000 a month. About 10% of this amount is $300. Saving $300 in a year is $3,600. There is a lot you can do with $3,600.

Treat Yourself

So, what does treating yourself have to do with saving money? Treating yourself is a great motivator.

I’m a goal-oriented person. When I meet a goal, a small reward helps me want to keep going. It doesn’t have to be an expensive reward. For instance, you can plan a trip to your favorite park each time you reach another $100 in your savings.

Meal Plan and Prep

It’s jaw-dropping how much money we overspend on groceries. Be honest, how many times have you had to throw away moldy fruits or vegetables?

To save money, consider meal prepping. Instead of buying a large haul of groceries, buy ingredients you’re missing for a meal. Meal planning and prepping is such a money-saving combination.

Stay away From Stores

I’m a frequent swiper. Even when I don’t actually want to buy anything, I find myself swiping my card. If you’re like me, stay away from your favorite stores.

You can even turn it into a game. Each time you don’t spend money on your days off, put $20 into your savings account.

Create a Budget

Saving without a budget is nearly impossible. This tip can be time-consuming, but it is worth it.

Before deciding an amount to save each month or check, budget your bills and living expenses. Then, you can see what is left and decide what to do with it.

Lower Your Energy Bill

Electric bills are painful to pay. One way to elevate your savings account is to cut unnecessary expenses. This can be wasted electricity.

Small steps go a long way. Each time you leave a room, turn the lights off. When you’re done using an appliance or a charger, unplug it.

Automatic Bills

Late fees are avoidable. This is money you could be saving instead of wasting.

To avoid paying late fees, put your bills on an automatic cycle. I suggest investing in a planner so you don’t forget they automatically come out.

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41 Shocking Ways You’re Throwing Money Down the Drain

There are many ways to increase the money in your bank account. Many people start by looking at ways to make more money. And, of course, that is a great solution. But it isn’t always the easiest. A better, easier way may be to examine your spending habits. By tracking your spending and seeing where every dollar goes, you’ll likely find several instances of spending money you don’t have to. It could be little things that add up or recurring monthly expenses that are an utter waste of money.

Once you eliminate your bad spending habits, that money can go toward your emergency fund, paying off debt, or other essential things. Here are the 41 biggest wastes of money to look out for: