5 easy ways to start saving more

Saving money is all too easy to push off. After all, those are funds you're stashing away for a later date, while this month's expenses are here and now. There's always something to spend money on.

But right now, "in the face of high interest rates, the rising cost of living and other financial challenges, saving money has never been more critical," said Forbes . Despite this, "almost half of Americans (49%)" expect to only "save the same amount of money or less in 2024 compared to 2023," with factors like "rising living costs" and "debt repayment" getting in the way.

While it might seem daunting to grow your emergency fund to the recommended three to six months of living expenses, you can start smaller and still make a difference in your overall financial situation. Read on for some easy tips to begin saving a bit more each month.

1. Switch to a high-yield savings account

One simple way to increase your savings balance without allocating any more of your funds is by opening a high-yield savings account . While the standard savings account earns just a meager amount in interest, "consumers who are managing to sock money away have been stashing it in high-yield accounts paying as much as 5% interest," said NBC News .

That bump in interest rate can make a big difference in how fast your savings account balance grows. Here is a quick example as proof: If you had $1,000 in savings, "at the current interest rates, you'd earn only $3.30 per year with a regular savings account," whereas "a high-yield savings account would earn $35.57 to $45.94," said CBS News .

2. Automate savings account contributions

Sometimes the resistance around adding to savings is simply that doing it is one more thing to add to your to-do list. A solution? Automation. "By setting up automatic transfers from your checking account to your savings account each month (or via a company direct deposit), the money will accumulate over time with little effort," said NerdWallet .

Another possibility is to make saving part of your spending , also known as "saving in the background," said Forbes . With this approach often offered through savings apps, you can select "round-up transfer options to automatically send a portion of every checking account transaction to your savings account."

3. Start keeping closer track of your spending

Unsurprisingly, keeping better track of your spending and gaining an awareness of your expenditures can make a big difference in how you allocate your funds. Arguably the best way to do that is by making a budget , which effectively entails "comparing your income to your expenses and setting priorities for your spending," said NerdWallet.

Maybe by budgeting you will realize you are paying way too much for subscriptions that you're not using enough, or perhaps you will grasp just how much of your money is going toward transportation or dining out. You might also come to the realization that your current income is not enough to cover your expenses and contribute to savings. All of these realizations can serve as opportunities to make adjustments accordingly.

4. Try negotiating some of your bills

You generally cannot get out of paying your bills — but you may be able to find some wiggle room in how much you pay.

For instance, "a recent LendingTree report that found 76% of consumers who asked for a lower interest rate on one of their credit cards in the past year succeeded," with those who were successful getting "an average of 6.5 percentage points shaved off their rates," said NBC News.

Other areas you might be able to negotiate include "your phone bill and utilities," said NBC News. Plus, "there are even scripts available online if you're nervous or unsure what to say."

5. Chip away at high-interest debt

You are likely already well-aware that " debt payments can be a big burden on your overall budget," said NerdWallet. But, "if you can pay off debt more quickly — by making extra payments or paying more toward the principal balance when you can — you'll save on total interest paid and free yourself from that burden sooner."

That extra money can translate to more padding for your savings account.