Simple strategies to help bolster your savings account

A plentiful savings account is one of the most important aspects of financial success. Without one, you could find yourself in trouble if you're suddenly hit with an unexpected expense. Covering such an expense can drain your checking account, and if you have no savings, you then may not be able to pay your bills. 

Fortunately, we have some strategies you can use to bolster your savings account:

Get creative with your taxes
Getting a tax refund each spring can provide you with a nice pick me up, but there are ways to manipulate your taxes so that you can receive this money throughout the year. According to Kiplinger, there is no reason to have more taxes than you owe taken out of your paycheck. By eliminating excess holdings, you could find yourself with additional funds to deposit in your savings account after each pay period. 

Cut unnecessary spending
Impulse spending is one of the biggest reasons people find themselves short of cash. You need to have the willpower to walk past your favorite clothing store without having to purchase new jeans. However, there are also daily costs that can be unnecessary. For example, if you buy a cup of coffee at the local cafe you could be costing yourself a lot of money each month. The more cost-efficient method would be to brew your coffee at home. According to Fox Business, bringing your lunch to work each day could also lead to significant savings. 

Automate savings
One of the biggest hurdles people face when saving is actually making it to the bank to deposit money into an account. If you fall into this group of people, there is a simple way around it - direct deposit. If you get in contact with your employer's human resources department, you can probably set your direct deposit to put a percentage of each paycheck in your savings account. This way you don't have to worry about making it to the bank or spending the extra cash on a luxury item. 

Don't carry a lot of cash
If you have cash it is best to keep it in the bank or an investment account. Carrying it on your person could tempt you to use it at the store, which can take away from money you would have otherwise saved. There are certain situations when cash is necessary, but there is no need to carry hundreds of dollars around.