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3 Ways to Put More Money into Savings

June 4th, 2013 Personal Finance

You might not be the best at financial management, but even the least money-savvy people find ways to put cash into savings when necessary. That being said, there are a few ways you can improve your own situation and ensure that your bank account is always prepared for the worst. Here are some key tips to getting yourself out of debt, managing your money wisely and making sure that you're putting cash into savings over time.

1. Eliminate debt If you have outstanding loan or credit card debt, it's critical to tackle these before attempting to revamp your savings strategy. NBC News recommends focusing on large debts you may have, such as your mortgage. Try to pay more than the minimum each month to reduce the amount you owe, and apply these same principles to credit card bills. The sooner you reduce your debts, the quicker you can get back to saving money. 

2. Get rid of bad habits It's no secret that smoking is bad for your health, but it's also detrimental to your bank account. See if there are any habits such as smoking that you can cut out of your life to give you more spare cash. This money can then go into savings and give you peace of mind.

3. Think of the investment Perhaps you're poor at saving money because you don't understand the pay-off. Learning to think of this process as an investment can motivate you to save more often, according to U.S. News & World Report. Sure, you might not have cash in your pocket today after you place it in your bank account, but it's going to a place where it will build up over time.

By using these three tips, you can make it substantially easier for yourself to manage money more efficiently in the future.