Here’s How To Build Up Your Savings FAST!

Photo by Braňo on Unsplash

A lot of the advice that I give on this page is about how you should start saving money right now if you haven’t already. Well, that’s the thing… If you haven’t already, how do you expect to save up money in any impactful way?

There’s a way to build up your savings fast if you’re in a situation where you’re seriously thinking about your retirement or something like that. So in this article, I’m going to give you some helpful tips and tricks on how to manage your finances to the point where your savings account will be in good standing in no time at all.

Pay Off Your Debt

One slight setback you might encounter is if you have any outstanding depth. Sure, many of us have a little credit card debt. Maybe we’re a few hundred dollars in the hole, but that’s not what I’m talking about.

You could always implement Elizabeth Warren’s 50/30/20 rule I’ve talked about in the past. As a refresher, it means that 50% of your income goes to your needs (bills, rent, etc.), 30% of your income goes to your wants (whatever you want), and 20% goes into savings.

If you’re trying to build up your savings fast, don’t put all that 20% into clearing out your debt. Don’t necessarily put it all into your savings though. Split it down the middle: 10% goes into savings and 10% toward paying off debt…