Building your savings will give you more financial freedom and allow you to treat yourself to things like new clothes and vacations. Having some money saved will also mean that you have an emergency fund to cover any unexpected costs, for instance, if your home or vehicle needs urgent repairs. Luckily, there are countless ways to save more each month and improve your financial position. Anyone can grow a savings account with smart spending and the right financial plan. With that in mind, read on for four easy steps to boost your savings: 

Step 1: Calculate your disposable income

The first step to building a savings account is to review your current outgoings and work out how much disposable income you have. Start by listing out all of your expenses, including fixed costs such as rent, utilities, and other direct debits. You should also make a note of the amount you spend each month on other items such as groceries, clothing, and social activities. Compare your monthly outgoings against your incomings, i.e., your salary. You should then be able to calculate how much disposable income you have available each month. Ideally, you should deposit any disposable income into a savings account and avoid spending it on unnecessary items. 

Step 2: Set up a savings account 

Having a separate savings account will help you manage your finances more effectively and adopt healthier savings habits. Seeing your savings go up each month should also motivate you to be responsible with your spending and make an effort to build your savings. You can easily set up a savings account by contacting your current bank and asking to open a separate savings account. According to experts at, “the best savings accounts offer zero service fees and high interest rates.” Once you have opened a savings account, set up a direct debit so that part of your income automatically transfers into your savings account each month. This will help you avoid the temptation to overspend and go over your monthly budget allowance. 

Step 3: Reduce your monthly outgoings 

The easiest way to boost your savings account is by reducing your monthly outgoings. Fortunately, there are plenty of simple ways to lower your expenses and save more each month. For example, try to avoid eating out whenever possible and prepare meals and snacks at home. You should also cancel any ongoing expenses that you no longer need, such as a gym membership or magazine subscriptions. Taking advantage of coupons and discount codes can be another easy way to cut your expenses and increase your savings. For instance, Best Buy Coupons could save you significant amounts on electronics and other home items. 

Step 4: Increase your savings contributions 

Increasing the amount you put into your savings account each month will have an obvious effect on how much money you have saved. You should always try to put extra money into your savings account if you get a bonus or win money, for example. If you get a raise at work, increase the amount you deposit into your savings account each month rather than just increasing your monthly outgoings. Another beneficial way to save is to make  sound investments that will make your money grow over time like a 401k. Find out which one is right for you by looking at sites similar to, and take the initiative to set it up as soon as you can. 

Your financial future is looking brighter already!