8 Money Moves You Can Make This Week To Grow Your Bank Account
Growing your bank account doesn’t require a raise or some complex financial plan. The fastest financial wins often come from small, intentional shifts you can start this week.
Financial experts offer eight tips on how to build savings momentum almost immediately, without overhauling your entire life.
Check Out: Try Doing These 5 Subscription Hacks That Can Help You Save Money Without Missing Out
Read More: 5 Signs You’re Losing Money Every Month — and How To Find the Leaks
Audit Your Spending From Last Week To Find Fast Wins
Before you try to earn more or cut too strictly, “The first thing you need to do is face the music,” said Andrew Gosselin, a CPA and senior contributor at Save My Cent. “Sit down…and analyze your spending profile. Check the previous month to see which purchases you are making and which you could avoid.”
However, rather than getting hung up on specific purchases, look for patterns, suggested David Kang, founder and COO at Keeper Tax. “Sort transactions by their frequency and category and analyze for recurring costs.”
Then, immediately move a set amount, no matter how small, into savings to create some momentum, Kang urged.
Keep Financial Literacy Month going — learn how the MoneyLion app helps you track, manage and move your money in one place.
Cancel Subscriptions and Cut One Recurring Bill
After you take a closer look, Kang said to cancel unused subscriptions and renegotiate just one recurring bill, such as insurance, phone or internet. “These changes promote permanent savings instead of just one-time financial assistance.”
Use the 72-Hour Rule To Stop Impulse Spending
Cutting spending does not mean cutting everything, Gosselin explained. “Impulse purchases are the ones that keep coming back, so you need to ask yourself, ‘Do I really need this?’ If you still want it after 72 hours, then you can buy it.”
Mercelyn “Kerry” Francis, CEO and founder of Clever Hustle Wallet, suggested identifying your needs versus your wants to “alleviate the feeling of self-sabotage.”
Automate Your Savings and Bills This Week
Be sure to automate savings and bill pay “while your judgment is not clouded by shiny things,” Gosselin said.
Additionally, when you set up an automatic payment for your savings, Francis said “it makes saving easier, and you get into the habit without forcing your brain to remember.”
Create a Simple Daily Budget Challenge
Instead of trying to overhaul your entire budget, Gosselin recommended keeping a daily budget. “Set it and try to stay within it.”
If you can do that for an entire week, then, he said, “Raise the bar a little and pick one item each day you will not spend money on, and move that amount into savings.”
Find Extra Cash Without Starting From Scratch
Earning extra income doesn’t mean adding a new side hustle. Gosselin said there are many overlooked income opportunities, such as “seeing if there is room to increase your income by working a bit extra” or selling items you already own.
Francis suggested only picking up side hustles that don’t require huge outputs of time, such as those that “can be done after work or on lunch break.”
Prioritize Stability Before Investing
Growing your bank account starts with protecting what you already have. “In the short term, I would focus first on preventing damage,” Gosselin said. “That means keeping bills paid, avoiding overdraft fees and stopping high-interest debt from growing.”
Investing is important, but it should not come before basic stability if your weekly cash flow is still shaky, he added.
Make One Habit Shift That Saves Money Immediately
Sometimes the fastest way to grow your bank account is simply to stop spending for a few days.
Francis said, “Choos[e] not to go out for days to avoid spending on things, and prioritiz[e] inside activities. Remov[e] food delivery apps and choos[e] to do home-cooked meals.”
These short-term resets can quickly translate into real savings within a single week.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: