One of my financial goals is to increase my savings. I like having extra money saved for emergency expenses and anticipated future costs. As a freelancer with a variable income, this allows me to be well prepared for life’s twists and turns.

Over the past few years, I have been able to achieve more of my savings goals. I attribute much of my progress to the savings strategies I implemented. Do you want to save more? Read on for some tips to try.

1. Keep my savings in a HYSA

Where you keep your savings is important. You’re making a costly mistake if you let it sit in your checking account. For what? Even the best checking accounts generally don’t earn interest.

It’s a good idea to keep your extra money in a bank account that earns interest because you can increase your balance effortlessly. But your bank’s traditional savings account may not offer a competitive APY.

Our picks for the best high-yield savings accounts of 2024

Capital One 360 ​​Performance Savings APY 4.00% Pricing information Check the Capital One website for the most up-to-date pricing. The Advertised Annual Percentage Yield (APY) is variable and accurate as of October 23, 2024. Rates are subject to change at any time before or after account opening. Member of the FDIC.	APY 4.00% Pricing information Check the Capital One website for the most up-to-date pricing. The Advertised Annual Percentage Yield (APY) is variable and accurate as of October 23, 2024. Rates are subject to change at any time before or after account opening.	Min. earn $0
American Express® High Yield Savings APY 4.00% Pricing information Annual percentage yield of 4.00% as of November 9, 2024 Member of the FDIC.	APY 4.00% Pricing information Annual percentage yield of 4.00% as of November 9, 2024	Min. earn $0
CIT Platinum Savings APY 4.70% APY on balances of $5,000 or more Pricing information 4.70% APY on balances of $5,000 or more; otherwise, 0.25% APY Min. earn $100 to open an account, $5,000 for maximum APY Member of the FDIC.	APY 4.70% APY on balances of $5,000 or more Pricing information 4.70% APY on balances of $5,000 or more; otherwise, 0.25% APY	Min. earn $100 to open an account, $5,000 for maximum APY

A High Yield Savings Account (HYSA) is a great place to keep your savings. These accounts typically offer competitive APYs, meaning you can earn more interest while your money sits in the bank. Many HYSAs currently offer APYs of 4.0% or higher.

Keeping my money in a HYSA allows me to increase my savings balance without doing any extra work and I save more money in the long run. With this strategy, I will earn over $1,500 in interest this year. This is a significant additional pool of money that will make a big difference.

Do you want to maximize the interest you earn? Check out our list of the best high-yield savings accounts to find the one that’s right for you..

2. Automation of the savings process

Another financial initiative that has helped me stay on track to achieve my goals is adopting automation. Instead of manually contributing to my savings, I let automation take over. This strategy helps me stay on track and avoid forgetting when life gets busy.

You can probably set up automatic transfers through your online banking account. I did this through my bank’s mobile app, but another option is to log into your account through your bank’s website. You can choose the frequency and amount of money transfer from your checking account to your savings account.

If you’re like me and don’t want to worry about having to transfer your money manually, this strategy is a game changer.

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While I automate the savings process to save time and eliminate stress, I occasionally make manual contributions to my savings account when I have extra to contribute.

Remember how I said my income fluctuates because I’m self-employed? Sometimes I have a great month where I earn more by taking on more projects or prioritizing higher-paying work. If I can afford it, I will add additional money to my savings to increase my account balance.

This is yet another way for me to save more money. Every extra dollar I save adds up over time. If you’re trying to increase your savings, consider making a few extra contributions throughout the year when you can afford them.

Find ways to make saving easier

These are some strategies that have worked well for me. You don’t have to follow the same techniques, but if you want to save more money, ask yourself if there are strategies you can implement to make saving easier. Small changes can yield big results.