Three Easy Ways to Boost Your Bank Balance

Who wouldn’t like a little more padding in your bank account? Just think what you could do with that money.

Here are three easy ways to boost your bank balance. Do just one of them (or better yet, all three) and you’re practically guaranteed to see your savings account grow.

1. Track your spending.

I know, I know. You hate tracking your spending. You may not even balance your checkbook. But hear me out. Even if you just write down what you’ve spent each day and that’s it, you’ll gradually reduce your spending. (Which means more money for your bank account.) The Birdy has a great free version that helps you do this via email, or you can use good ole pen & paper.

Tracking your spending this way is kind of like going to the Cheesecake Factory and getting a Caesar Salad with Chicken, and then looking at their nutrition chart and noting that it’s got 1510 calories. You’re probably not going to order that again, unless you really love their caesar salad. And if you do, at least you’ll no longer be fooling yourself that you’re eating “light” by having a salad. Instead, you’ll know exactly what you’re really doing, and you’ll probably avoid following that salad up with a 1970 calorie Monte Cristo, Classic Style and a 1530 calorie Hot Fudge Sundae.

It works the same way with money. You’ll stop wasting it when you realize what you’re really doing with it. Instead, you’ll start boosting your bank balance so you can use it where it really matters to you.

2. Wait 24 hours or longer to buy things.

I went to the mall the other day and saw some sugar gliders for sale. These pictures really do not due their cuteness justice. They are adorable. And I wanted one, BAD. But — leaving aside the fact that no one should ever impulse-buy a pet — I wasn’t about to buy one without thinking it through first. And it turns out that you can’t travel with them easily, they need a massive amount of daily attention, and they’re noisy at night, which my light-sleeper husband would surely not appreciate. So, no sugar gliders for me, at least not at this stage of our lives (and without a soundproof room.)

But I apply the same “wait 24 hours or longer to buy things” rule generally too, because many, MANY times the things we buy are impulse buys. Impulse buys are things we didn’t want at all before we saw them, and probably will quickly forget about if we leave without buying them. So go ahead and leave without buying them, at least for 24 hours. Your bank account will thank you.

And if you still find yourself obsessing over them later, well, go back and get them if you’ve got the money. There are almost no one-of-a-kind deals out there that you’re going to miss using this method. But there’s a lot of junk that you’ll leave behind and never miss.

3. Set up automatic transfers.

Yes, it’s that tried and true automatic transfers suggestion. But why is it tried and true? Because it works!

So if you haven’t done it yet, run, don’t walk, to set up an automatic transfer or three into your savings account. Or even better, have some money direct-deposited straight from your paycheck into your savings account(s). (Most companies who offer direct deposit will allow you to split it up into more than one account.)

You choose what you want to save for: your emergency fund, your Lotus Elise, etc. — whatever floats your boat. You probably won’t miss the money at all, but you WILL enjoy the fruits of your automated smartness when you’re ready to use it for its intended purpose.

What are you waiting for? Get started with boosting your bank balance today.