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Tips to grow your savings account in 2023

With inflation still a problem entering 2023, here are some proactive ways you can continue to grow your savings.

TOLEDO, Ohio — It's a new year, but rising prices from 2022 continue to affect consumers nationwide. 

While inflation is at the highest it's been since the early 1980s, many people — especially those living paycheck to paycheck — may be struggling to save any money at all. Inflation continues to outpace wage growth and savings rates, making it difficult for Americans to find room for saving.

Still, it's important to save — or at least avoid spending what savings you have. Until inflation starts to decrease, there are some strategies you can take to soften its blow on your finances, protect savings and develop better financial health overall.

It can be easy to spend your income and then run out of money for savings before you've even realized it. That's why it's important to plan ahead and figure out how much you can comfortably save from each paycheck, then put that amount into savings.

The amount you should save depends on a couple of variables, including your total income, household size and what savings goals you have.

Jim Burnor, a senior advisor at Croak Asset Management, said saving money often begins with simple steps. 

"Really get a good handle on exact dollar amount that you have coming in every month from your paychecks, and then compare that to what you have now," Burnor said.

He explained saving money is a matter of being proactive, using previous experience and data to plan ahead. 

"Try to look for areas where you can save. If you find you're spending $100 a week on going out to eat, try to curb that to $75 a week, or $50 a week and buy more at the grocery store. That way, it might cost a little bit more at a grocery store, but you still can take the excess money and apply it to your savings goal."

For more tips on how to save up or to contact a finical advisor click here.  

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