- A GOBankingRates report on President Donald Trump’s two-year anniversary in office found Americans are struggling to save, but there has been improvement.
- Regain control of your finances and the money that’s going out by auditing how you’re spending and how you can be saving.
- With simple tweaks like setting up automatic bill pay and canceling unused subscriptions, you can rack up your personal savings this year.
A GOBankingRates report on President Donald Trump’s two-year anniversary in office found Americans are struggling to grow their personal savings. However, there has been steady improvement over the years. The report pointed out that 69 percent of Americans had less than $1,000 in savings in 2016. That percentage dropped to 58 percent in 2018, but it still means more than half of all Americans had less than $1,000 in savings last year.
In an effort to line your pockets in 2019, here are some effective and simple ways to boost your personal savings this year.
Contribute to Your Retirement Accounts
If you’re not utilizing employee matching programs from your employer-sponsored IRA or 401k, you’re leaving money on the table. Max out your annual contribution if you can, and allow your employer to pick up the tab for (some) of your retirement years.
Automate Bill Payments
Life gets busy, so let automatic bill pay carry the burden of making crucial deadlines and due dates for your loans, credit cards, utilities and any recurring bills in your life. Missing a payment might be an accident, but credit card companies aren’t so forgiving when it comes to a seemingly innocuous blunder. In addition to a pricey late fee, creditors are working behind the scenes to dent your credit score and increase your interest rate.
Cancel Unused Subscriptions
Popular subscription services like Hulu, Netflix, Spotify and Blue Apron could be siphoning hundreds of dollars from you every year without your knowledge. Look through your statements with a fine-tooth comb to see if there are subscription services that you’re no longer using or have simply forgotten about. As for the subscription services you just can’t live without, check with roommates or family members and see if you can share or consolidate the costs.
Stay Cool During Stock Market Shake-Ups
It’s not in everyone’s nature to stay calm amid stock market volatility, but keeping your cool could mean the difference between long-term savings and short-term loss. Don’t lose sight of the fact that the stock market is cyclical and there’s a mathematical certainty that what goes down is bound to come up.
Negotiate Your Salary
With the country’s tight labor market and low unemployment, employees wield slightly more power over employers than they think. If you’re intimidated by the conversation, set a target salary range based on the market value for your skills and experience. Once you’ve organized your thoughts and have a list of reasons why that raise should be yours, practice your talking points with a friend or spouse until you feel confident.
Check out three ways you can save $1,000 in a month.
More on Saving Money
- Save More in 2019 With the Best Budgeting Apps
- The 15 Best and Worst Places to Live If You’re Trying to Save Money
- Less Than $1,000 in the Bank? Boost Your Savings With These 8 Simple Tips
- Watch: Treating Finances Like a Game Will Help Get You Rich
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