Growing Your Savings When It Feels Like You’re Living Paycheck to Paycheck

Saving Money is a struggle that many people face daily. Figuring out how to grow your savings while living on a tight budget can feel impossible, but with a few adjustments, it is very possible.

  • Set a monthly budget and stick to it – This seems straightforward, but sometimes life gets in the way, and it’s hard to stick to a monthly budget. Setting a realistic budget that you can stick to will help you reach your goals. For more information on how to set your own budget and calculate a budget for your life, visit our website here.
  • Pay off your debt as much as possible – Being in debt is a stressor for many. Paying your debt off as quickly as possible will help in many ways. One being lowering your monthly expenses. Most debts that need to be paid off have a minimum monthly payment. Not having that monthly payment will open more of your budget to put more money in your savings. Also, not acquiring as much interest will lessen the amount of money you are paying and can add more money to your savings.
  • Open a higher-earning savings account – Putting your money into a higher yield account will help your money grow faster. There are many different savings accounts that you can use to grow your savings. To find out more about these accounts read our article on savings accounts here.
  • Lessen Frivolous Spending – It would be unrealistic to say to not spend money on anything that you want, but limiting this spending even a little bit will free up more money to put in your savings.

Learning how to manage your money will help open so many doors for you to save more money and set yourself up for financial success.

You are now leaving Guardian Credit Union

You will be linking to another website not owned or operated by Guardian Credit Union. Guardian Credit Union is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. We encourage you to review their privacy and security policies which may differ from Guardian Credit Union.

You will be redirected to

Click the link above to continue or CANCEL