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Even if you have a robust savings account, it never hurts to build it. Fortunately, there are many steps you can take to help you cut back on expenses and increase your savings even further. Not only will this money help you achieve important goals, like buying a house someday, it’ll also help you in the event of an emergency.

How Can I Boost My Savings?

1. Start a Side Job

If you have the extra time, work a side job, and place these earnings directly into your savings account. Dog walking, babysitting, or freelancing are all easy ways to increase your income and savings. You can also ask your supervisor if you can work overtime to help the team with a big project or catch up on work.

2. Cancel Your Cable

Savings AccountCable packages can be expensive; however, most streaming services are available for less than $15 a month. Opting for this entertainment method will ensure you can watch TV while saving cash. If you want to keep your cable service, contact your provider to ask how you can scale back the package to make it more affordable.

3. Divert Savings Automatically

Even if you have money left over from your paycheck, you may be reluctant to place it into your savings account and want to spend it. Get around this mental obstacle by automating your savings. Set up your account so that 20% of your paycheck automatically transfers into your savings. This keeps the money out of your easy-to-access checking account.

 

If you don’t have a savings account, set one up by contacting the team at Hawaii County Employees Federal Credit Union in Hilo. These professionals will help you meet your financial needs and goals. They also feature virtual branch services, making it easy to understand and track your finances at all times. Learn about enrollment online, or call (808) 935-2969 to schedule an appointment.

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