5 money-saving tips to boost your savings

See how practical strategies — from setting clear goals and adjusting your budget to using technology and seeking professional advice — can help you put more in the bank.

After struggling to cover an unexpected medical bill and grappling with credit card debt, Kayla Sipes, now 31, and her husband realized it was time to get serious about building their savings. 

“We were living paycheck to paycheck and credit card bill to credit card bill, and we couldn’t keep it up,” says Sipes, who is now a motivational speaker who focuses on family finances. 

Sipes’ experience is all too familiar for many. In today’s economic climate marked by inflation, stock market volatility and a general sense of financial uncertainty, saving can feel like an uphill battle. 

Despite these challenges (or perhaps because of them), nearly one in three U.S. adults surveyed in February said that they increased their savings over the past year. 

Want to follow in their footsteps? Here are five easy strategies to get started. 

1. Define your life goals

Building an emergency fund and contributing to retirement accounts are essential goals for almost everyone. But the rest of your financial goals are often shaped by your individual values, lifestyle preferences and stage of life.

If you’re newly married, for example, you may be focused on saving for a down payment on your first home, while someone else might be saving for a dream vacation — without going into debt to pay for it. 

Clarifying these goals not only helps define your savings timeline but also motivates you to stay committed to your financial plan. In other words, understanding why you’re saving makes it easier to keep your eyes on the prize.

It’s also important to set goals that are realistic and achievable within your time frame. Break larger objectives down into smaller, manageable steps and adjust your expectations as needed. By setting clear, attainable milestones, you’ll avoid feeling overwhelmed and keep your momentum going.

2. Adjust your monthly budget

It’s easy for your spending to creep up over time, especially when prices keep climbing. To regain control, start by reviewing your credit bills or bank statements to identify where your money is going each month. This will help you spot areas where you can save. 

The easiest place to find savings is in your discretionary budget — the money you spend on things that aren’t essential. Consider setting limits on eating out, reducing the number of vacations you take each year or cutting back on streaming services you no longer use.

While it may be more difficult, trimming your nondiscretionary budget can have a greater impact over time. This might mean moving to a more affordable neighborhood, using public transportation for your daily commute or shopping around for more competitive insurance rates.

3. Make saving a habit

Deciding to save is hard; making it happen automatically is easy. Even if you can only spare a small amount each month, automating your savings can make a big difference. Set up an automatic transfer every month from your checking account to a dedicated savings account, like the U.S. Bank Smartly Savings® account¹. With relationship rates, you can earn more as you save more to quickly grow your money, along with tools to help you set savings goals, track your spending and manage your finances effectively. 

By moving your savings into a separate account, you’ll reduce the temptation to dip into those funds for everyday expenses. As your income grows, gradually increase your contributions to your savings plan. Aim to save at least 10 to 15 percent of your income for retirement, emergencies and other long-term goals. 

4. Use money-saving apps, fintech and money games

Digital age technology has revolutionized how we save. Automating your savings is just the beginning. With the help of modern apps and financial tools, you can simplify and enhance your savings strategy.

• Fintech. Beyond traditional banking apps, there’s a growing number of fintech innovations that can help you optimize your savings habits. Some apps allow you to track your budget and savings goals. Other popular tools help you plan for big financial decisions or allocate funds to different spending categories.

• AI-powered tools. For more tech-savvy users, AI-powered apps are a great option too. Some top contenders can review your full financial picture and offer advice in key areas, like building an emergency fund and retirement planning. Others can analyze your income and spending habits to find small amounts you can set aside. 

• Games. For those who need a little extra motivation, gamified budgeting and savings apps are the way to go. These make money management feel less like a chore and more like an entertaining quest — think building a personalized simulation city as you track your spending or completing fun, illustrated challenges to help you track your money. 

5. Bring in a pro

When saving for significant financial goals — whether it’s retirement, college tuition or a major life event like a wedding — seeking expert advice can be extremely beneficial. A financial professional can help you craft a personalized plan that provides clear direction and actionable steps. 

Building up your savings is a long-term process, and having a knowledgeable guide can help you avoid costly mistakes, stay focused on your objectives and ultimately reach your financial milestones with confidence. 

Sipes, for one, was able to regain control of her finances and build a solid foundation for her future. She paid off $26,000 in debt over the course of four months and then built a $20,000 emergency fund. Now she and her husband are putting 15 percent of their earnings toward retirement and are under contract for their dream house with a 30 percent down payment. Way to go, Sipes!

Learn how to save more by tracking your spending patterns and explore how Bank Smartly Savings and U.S. Bank Mobile App can help you achieve your savings goals.