We all try to save money but it never seems to be quick enough. So how can you grow your savings account quickly?

Tips to Growing Your Savings Account

1. Get a savings account that actually pays you a real interest rate. We’ve all set up those accounts, you know the ones where you get free checking and free savings but you have to keep a minimum balance in your savings and that savings account has a return of like 0.01%. I know I have. I finally got frustrated and moved my accounts to a bank that actually pays me to use my money. That’s what they really do with your money. Did you know that? They use your deposited money as leverage to finance loans. And what do you get in return? Fees! I recommend HSBC Direct. You get an interest on both your checking and savings accounts.
2. Cut spending. Go through everything in your life that you spend money on and ask, “is this necessary?”. Cut your tv bill, for one. I’m fortunate to have a fantastic PBS channel here in Arizona. So I don’t miss not having cable or satellite tv anymore (8 years this month). That’s a nice chunk of almost $200 a month going into savings and not out the door to pay the bill.
3. Pay off any and all debt. Yep, you need to do it sooner rather than later. So you might as well start now. Credit card companies are hurting as much as we are in this economy and this has put them in negotiating terms. Anything that you are paying interest on, call the servicer and see if they will negotiate. If they tell you no because you are a responsible, pay-on-time, kind of person [i hate to say this] but go late one month maybe two and call them back. They’ll be ready to negotiate if they think they won’t get their money. Time to play hardball.
4. Follow through and Cash those rebate checks Do you know why companies are so willing to hand out rebates rather than just discount you at the time of purchase? Because 90% of people never follow through with sending in the receipt, getting the rebate and cashing the check. 90%!
5. Bank your raise. Next time you get a raise, put that extra income in your savings account every pay day. You got by this far without, keep doing the same and put your raise in the bank.
6. Save your payments. When you pay off something like your car, or a credit card; put that extra cash in your savings account.