15 Underrated (But Simple) Money Moves That'll Boost Your Savings

You’re on a budget, saving money, and trying to do all the smart financial things. But there are a few next-level money moves you can make today that can help you build wealth .

Whether you’re looking to reduce your spending further, maximize your savings, or invest in the future, here are 15 underrated ideas to contribute to your financial well-being.

1. Get a high-yield savings account

If your hard-earned dollars are still languishing in an account with an interest rate that starts with zero, it’s time to switch banks. Rates on savings accounts are frequently topping 4.00% — sometimes more.

For money you plan to park for safekeeping (like your emergency fund), a high-yield savings account makes it easy to earn passive income.

2. Check your subscriptions

We’re all guilty of letting subscriptions we no longer need or want drain our bank accounts. Do a purge every few months and cancel the offerings you don’t use.

And if you just signed up for a service with a free trial, set a reminder in your phone to cancel the subscription before you get charged.

3. Shop around for insurance

Insurance companies know that applying for insurance coverage is time-consuming and annoying. They bet that you’ll put up with rate increases rather than go through the trouble of getting quotes.

If your company raises your rates, don’t hesitate to look for the best car insurance rates that fit your needs and budget.

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4. Rent or borrow expensive stuff

If you need an expensive gown, a power washer, or a snowboard for a one-time event or project, don’t fork out the money to buy it if you can rent it instead. Ask a friend or use peer-to-peer lending apps like Yoodlize to borrow what you need.

5. Make an extra mortgage payment

This is a great strategy, especially if you get paid biweekly. Based on how biweekly paychecks fall, two months of the year will give you three paychecks instead of two.

If you use them to make two additional mortgage payments, you will cut six years off of your 30-year mortgage.

6. Take care of your physical health

This doesn’t sound like financial advice, but it is. Healthcare accounts for about $5,400 of the average American household’s annual spending.

While we can’t control every aspect of our health, eating healthy, drinking water, getting regular exercise, and limiting your alcohol and tobacco consumption are great first steps to help you spend less of your money at the doctor’s office.

7. Ask for a discount

Asking for a discount may feel uncomfortable, but you may be surprised at how often companies will give you one for all kinds of reasons.

This can include a first-time customer discount, a loyal customer discount, a markdown on damaged or open-box items, etc. Remember — if you don’t ask, the answer is no.

8. Educate yourself on finances

Knowing the ins and outs of personal finance makes you more likely to make good money moves (like saving for retirement and following a budget) and less likely to fall into traps like payday loans or credit card debt.

With hundreds of books, podcasts, YouTube videos, and blogs on the internet, you can find nearly anything you’d want to know about money with a quick search.

9. Save your "savings"

Every store loves to tell you how much you “saved” by shopping its sales, but how many times do you actually put the money you didn’t spend into a savings account?

This can add up quickly, and you shouldn’t feel the pinch if you were planning to spend the money anyway.

Apps that round up purchases to an even dollar amount and save the difference, like Acorns or Qapital, can automate the process.

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10. Automate everything

Say goodbye and good riddance to late fees. The more you can automate paying your bills, saving, and investing, the better off your finances will be.

This means you only have to decide once (when you set up the payments), and you don’t have to rely on your willpower each time a bill is due.

11. Calculate prices in hours of work

The next time you consider making a big purchase, calculate how many hours of your life (based on your hourly wage) you had to work to earn it.

This is a very revelatory exercise as it helps you determine whether what you’re spending your money on is worth the effort.

12. Separate checking and savings accounts

It’s easy for money to wander between accounts if they’re linked. If you’re seriously committed to growing your savings , stash it in a different bank than you use for your checking account.

This makes it harder to get to, though not impossible when you truly need your emergency fund.

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13. Contribute enough to get your employer’s 401(k) match

If your employer matches your 401(k) contributions , do all you can to put in enough to get the whole match. This money is free for the taking and could be the best return you’ll get on your investment dollars.

14. Ask for a raise

Inflation has pushed prices up, but it has pushed wages up as well. If your pay has stagnated and your job performance is good, gather your courage and ask your boss for a raise.

Put together a few talking points beforehand on how you’ve benefited the company and brought value as an employee so you can make a case for yourself.

And remember — even if the boss says no, you’re not getting paid any less than you are now.

15. Check your credit report often

The items on your credit report (inquiries, payment history, number of accounts, etc.) determine your credit score, which in turn determines the interest rate banks will offer when lending to you.

The difference between a good credit score and a great one can translate to thousands of dollars over the life of a loan, such as a car note or mortgage.

Ensure that your credit report is error-free so you can get the best rates possible and avoid throwing away money .

Bottom line

Despite what you might think, many smart money moves are measured in millimeters, not miles. Small, consistent financial wins add up quickly, boosting your peace of mind and helping you get ahead financially .

There’s no need to be overwhelmed by a lengthy financial to-do list; choose one or two from this list that you can try today.

Money tips that can work for everyone

No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.

Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.

Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.

Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).