Americans have boosted their savings in the past three months. Here’s how you can do the same

healthy saving account Balance may be the only thing keeping you through an upcoming financial crisis, whether it’s an unexpected home repair, the need for a new car, or the loss of your job. In fact, as a rule, it is a good idea to have enough money in a file emergency fund To cover living expenses from three to six months.

MassMutual has some good news when it comes to Americans’ savings. in a recent study, found that 35% of respondents saved at least $1,000 over the past three months, up from 30% of respondents who did so in July. Also, 37% of those surveyed said they intended to save more money over the next three months, up from 34% who said the same in July. Considering the expenses associated with the holiday season, that’s an impressive ambition.

If your goal is to increase your savings, a few basic steps may make it easier for you to achieve that goal. Here are a couple to focus on.

1. Stick to a budget to save more

What does budget have to do with saving money? Much.

When you follow a budget, you are more likely to meet your savings goals because you have a clearer picture of where your money is going each month. If you don’t have a budget, you might as well do it Think You can afford to spend $300 a month on spare time and still have money left to put in the bank. But if you realize, when creating your budget, that you can only spend $200 a month on leisure, you’ll know you have to cut back so your savings goals stay on track.

Create a budget It is a simple process. You can either list your expenses in a spreadsheet and compare your spending with your earnings, or you can use one of the Best budget apps to prepare yourself. The benefit of the latter is that many apps link to many of your bank and credit card accounts and update automatically, making it easy to track your progress.

2. Get a side hustle to boost your savings

Side hustle isn’t just a fad. It’s a great way to get you closer to achieving your financial goals.

If you don’t have much room in your salary to dramatically increase your savings, a side hustle It can help make up the difference. After all, that extra income won’t go to current bills, so you should be able to keep it all (minus your tax liability on those earnings) in the bank.

Best of all, there are so many side activities to choose from, so your second assignment doesn’t have to be stressful. If you want something flexible, you can find a job that you can do from home, such as data entry or writing web content. If you’re looking for more social work, you can pick up shifts in retail or find a restaurant that hires.

Boosting your savings can give you more than just financial protection. It can also give you peace of mind. Sticking to a budget and sticking to a budget can make it easier to increase your savings and enjoy the benefits that come with it.

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