5 easy ways to start saving more
Even if you start small, saving will eventually make a difference in your overall financial situation


Saving money is all too easy to push off. After all, those are funds you're stashing away for a later date, while this month's expenses are here and now. There's always something to spend money on.
But right now, "in the face of high interest rates, the rising cost of living and other financial challenges, saving money has never been more critical," said Forbes. Despite this, "almost half of Americans (49%)" expect to only "save the same amount of money or less in 2024 compared to 2023," with factors like "rising living costs" and "debt repayment" getting in the way.
While it might seem daunting to grow your emergency fund to the recommended three to six months of living expenses, you can start smaller and still make a difference in your overall financial situation. Read on for some easy tips to begin saving a bit more each month.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
1. Switch to a high-yield savings account
One simple way to increase your savings balance without allocating any more of your funds is by opening a high-yield savings account. While the standard savings account earns just a meager amount in interest, "consumers who are managing to sock money away have been stashing it in high-yield accounts paying as much as 5% interest," said NBC News.
That bump in interest rate can make a big difference in how fast your savings account balance grows. Here is a quick example as proof: If you had $1,000 in savings, "at the current interest rates, you'd earn only $3.30 per year with a regular savings account," whereas "a high-yield savings account would earn $35.57 to $45.94," said CBS News.
2. Automate savings account contributions
Sometimes the resistance around adding to savings is simply that doing it is one more thing to add to your to-do list. A solution? Automation. "By setting up automatic transfers from your checking account to your savings account each month (or via a company direct deposit), the money will accumulate over time with little effort," said NerdWallet.
Another possibility is to make saving part of your spending, also known as "saving in the background," said Forbes. With this approach often offered through savings apps, you can select "round-up transfer options to automatically send a portion of every checking account transaction to your savings account."
3. Start keeping closer track of your spending
Unsurprisingly, keeping better track of your spending and gaining an awareness of your expenditures can make a big difference in how you allocate your funds. Arguably the best way to do that is by making a budget, which effectively entails "comparing your income to your expenses and setting priorities for your spending," said NerdWallet.
Maybe by budgeting you will realize you are paying way too much for subscriptions that you're not using enough, or perhaps you will grasp just how much of your money is going toward transportation or dining out. You might also come to the realization that your current income is not enough to cover your expenses and contribute to savings. All of these realizations can serve as opportunities to make adjustments accordingly.
4. Try negotiating some of your bills
You generally cannot get out of paying your bills — but you may be able to find some wiggle room in how much you pay.
For instance, "a recent LendingTree report that found 76% of consumers who asked for a lower interest rate on one of their credit cards in the past year succeeded," with those who were successful getting "an average of 6.5 percentage points shaved off their rates," said NBC News.
Other areas you might be able to negotiate include "your phone bill and utilities," said NBC News. Plus, "there are even scripts available online if you're nervous or unsure what to say."
5. Chip away at high-interest debt
You are likely already well-aware that "debt payments can be a big burden on your overall budget," said NerdWallet. But, "if you can pay off debt more quickly — by making extra payments or paying more toward the principal balance when you can — you'll save on total interest paid and free yourself from that burden sooner."
That extra money can translate to more padding for your savings account.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Becca Stanek has worked as an editor and writer in the personal finance space since 2017. She previously served as a deputy editor and later a managing editor overseeing investing and savings content at LendingTree and as an editor at the financial startup SmartAsset, where she focused on retirement- and financial-adviser-related content. Before that, Becca was a staff writer at The Week, primarily contributing to Speed Reads.
-
Music reviews: Bon Iver, Valerie June, and The Waterboys
Feature "Sable, Fable," "Owls, Omens, and Oracles," "Life, Death, and Dennis Hopper"
By The Week US
-
Are bonds worth investing in?
the explainer They can diversify your portfolio and tend to be a safer investment than stocks
By Becca Stanek, The Week US
-
Elon has his 'Legion.' How will Republicans encourage other Americans to have babies?
Today's Big Question The pronatalist movement finds itself in power
By Joel Mathis, The Week US
-
Are bonds worth investing in?
the explainer They can diversify your portfolio and tend to be a safer investment than stocks
By Becca Stanek, The Week US
-
What are your retirement savings account options?
The explainer The two main types of accounts are 401(k) plans and individual retirement accounts (IRAs)
By Becca Stanek, The Week US
-
What is your net worth and why is it worth knowing?
the explainer Take stock of your assets
By Becca Stanek, The Week US
-
What to know before lending money to family or friends
the explainer Ensure both your relationship and your finances remain intact
By Becca Stanek, The Week US
-
The best time of year to buy a car
Some months — and days — are better than others
By Becca Stanek, The Week US
-
Considering quitting your job? Here's what to do first.
The Explainer Your job likely comes with a number of financial strings attached
By Becca Stanek, The Week US
-
The pros and cons of online-only banks
the explainer You can get your finances in order without getting off your couch
By Becca Stanek, The Week US
-
Do you owe taxes on sports betting wins?
the explainer If you gain wealth of any kind, you must pay taxes on it
By Becca Stanek, The Week US