How to Boost Your Savings Rate (While Still Having Fun!)

Today we’ll go over how the two of you can boost your savings rate while still enjoying some fun now! 

Why Your Savings Rate Matters

Last week we talked about three key numbers to track and master your money and one of them was your savings rate. 

How much you save on your income can have an incredible impact on how fast you reach your big financial goals.

Here’s the thing, though, unless you have a stash of cash under in house or an inheritance coming up soon, that money is probably coming out of your budget.

So how do you become a super saver without deprivation? Can you boost your savings rate and still have some fun? 

I believe you can find that balance, but you need a plan and a system to set things up. 

This is why I’m glad Joe Mecca from Coastal Credit Union is back. He’s the quintessential saver and today he’s sharing how he’s grown his savings while still having some fun. 

In this episode, we’ll dig into:

• Finding out your current savings rate
• Tax-advantaged ways to save more to give you a double win
• path to notching up your savings 

Let’s get started!

Handy Tools to Increase Your Savings Rate

If you’re looking to get ahead with your finances as a family, here are key resources to check out!

• Best Budget and Money Apps: Personal Capital, Tiller, Mint, Zeta
• Grow Your Stash Faster: High Yield Savings with CiT Bank
• Manage Your 401(k) Easily: blooom
• Automatic Saving: Qapital
• Jumpstart Your Marriage and Your Money
• Simplify and Enjoy: Financial Freedom for Families
• 5 Days to $5K Course
• How to Achieve Financial Independence Through Big Wins

Thank You to Our Sponsor Coastal!

Support for this podcast comes from Coastal Credit Union! If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today.

They have competitive rates on checking and savings accounts!

Key Takeaways on Growing Your Savings Rate

Before we wrap up, I want to focus on a few key takeaways I got from preparing this episode. 

• Start as early as possible. Don’t worry about being about to sock away 20, 30, 40% of your income. Joe said it was closer to 3-5%, which is about where we began. 
• Pay yourself first. Automating those transfers makes it easier on you and you’re more likely to stay on target. 
• Minimize lifestyle inflation. Take any raises, bonuses, windfalls, or tax refunds and set aside a portion of that to go towards savings. You can still enjoy some fun now and save more, without missing that money. 

If you want to discuss this more, please come chat with us on Facebook in the Thriving Families Group. We’re supportive. We’d love to see you there!

Support the Podcast!

Thank you so much for listening to the podcast!

• Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
• Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
• Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere