If a payday loan has been your answer to keeping your finances afloat after the holidays, you should take some time this Easter to think about how you can keep eggs in your basket year-round. Here are 4 smart savings strategies that can help you grow your nest egg.
Easter falls nearly 2 weeks from this year's U.S. tax deadline (April 17th). If you've already filed your taxes and are expecting a refund, now would be a good time to get a head start on your savings. Of course, having that extra chunk of change might tempt you to splurge on something fun, but stashing it away is by far the best option for your tax return dollars. You'll thank yourself down the road.
When it comes to savings, there are several smart options you can take advantage of. Tax-advantaged accounts can vary greatly, but they all have benefits attached to them, which could put more money in your pockets either now or later. Tax-advantaged accounts open the door to bigger savings through tax-free benefits. Click here for more information on tax-advantaged savings options.
Saving money only works if you stash it away consistently, so to make this job easier, consider automating your savings. Your bank could help you set up an automatic monthly (or weekly) transfer from your checking account to your savings account. All you need to do is select a fixed amount and the date it should come out. Because it's automated, you can build up a sizable savings account without ever lifting a finger. Start small and figure out how much you can consistently afford to save. Setting aside a little bit of money now can mean huge returns in the years ahead.
Sometimes, it's not enough to save money for the sake of saving money. What are you saving it for? What are your plans? Where would you like your finances to be in 5 years? Ask yourself these questions and establish some firm financial goals. To start, set a few attainable short-term goals that you can easily reach within the next year. For example, how much money would you like to have saved by the New Year? Doing this will keep you motivated to stick to your plan and keep your savings growing.
Use these savings tips to your advantage. Let your tax refund be the motivation you need to start considering all the options that are available to make your saving efforts worthwhile. You may want to consider taking a couple hours out of your day to sit down with a financial advisor. With just a little bit of know-how and effort, you can do big things for your finances. Once your tax refund arrives, take that first step and put it away into savings. You'll be happy you did.