National Savings Day – 4 Tips to Grow Your Savings Account

Saving money is not always easy, but Americans seem to be getting better at it. According to a recent survey by Bankrate, 31 percent of American adults have enough to cover their expenses for six months or more, which is the highest number Bankrate has ever reported. However, roughly 25 percent of Americans still don’t have any savings at all.

October 12th is the first National Savings Day and in honor of the new unofficial holiday, here are a few money saving tips:

  1. Eliminate Non-Essential Spending.

Although many of us like our daily dose of caffeine in the morning, the cost might not like us. For example, the average Starbucks drink costs around $5. This means that cutting the habit now could result in approximately $1,300 in savings by this time next year – not to mention the health benefits of cutting out so much sugar. The same goes for other non-essential expenses like cable, although this option might not be for everyone, many people are cutting-out cable altogether and switching over to alternatives such as Netflix and Hulu.

  1. Live a Healthier Lifestyle

On that note, living a lifestyle that includes nutritious meals and plenty of exercise can help you save on medical costs, and both life and individual health insurance plans. Additionally, substituting  take-out and pre-packaged foods with homemade meals made from fresh ingredients can add up to a significant amount of savings (in both money and calories).

  1. Drive Safely & Re-Evaluate Auto Coverage

Safe drivers not only reduce the risk of an accident and the associated costs, but may be eligible for reduced car insurance rates. Talk with your auto insurance provider and consider raising your deductible to lower the monthly bill. Also, if you have an older car, you may want to re-consider your collision coverage.

  1. Raise Your Credit Score

Having a good credit score, will allow you to save on interest rates on home and auto loans which add up to thousands of dollars. Additionally, having good credit gives you access to the best credit cards, lower car insurance rates, and better cell phone plans.