How can you increase your savings? (Even during COVID-19)

Whether you’re trying to save for a large purchase, college for your children, or simply want a safety net during disasters, putting aside money can become a reality for anyone - even now.
family adding to a savings bank

How Can I Increase My Savings?

The current pandemic and economic crisis have quickly reminded us of the need to become better prepared for unforeseeable events. Part of being prepared includes saving enough to survive several months of a reduced income. Despite the financial troubles looming around us now, it is still possible to increase one’s savings and be more prepared during any upcoming crisis. Here are several ways that you can start saving now:

  1.  Cut Unnecessary Spending. During COVID-19, it’s easy to become a pleasure-buyer who makes unnecessary purchases simply for entertainment or because of boredom. While it can be a temptation to hit Amazon for a fun shopping spree during this dismal time, you must work to cut these expenses and instead start putting the money toward your savings. 
  2. Take on Side Jobs and Do Freelance Work. With many people suffering from a cut in work hours or a layoff during the corona crisis, it can be difficult to even think of saving money. If you’re struggling to have extra money for savings, you can consider taking on side jobs and doing freelance work to help boost your income and increase your savings. During COVID-19, non-traditional jobs such as grocery delivery, lawn mowing services, and online positions can make it possible to earn money to save while also maintaining a safe social distance. 
  3. Reduce Your Debt Load. For many people, saving money is impossible because they are constantly pouring all their income into their debt. One of the best ways to increase savings is to reduce your monthly bills. While you may feel trapped by overwhelming payments, a Chapter 13 or Chapter 7 bankruptcy can work to either eliminate your debt entirely or else help you get more manageable monthly payments. When your monthly payments go down, you can start putting your extra income toward your savings and things you need. With bankruptcy, not only will your savings start to grow but your debt will also be constantly decreasing.  

Whether you’re trying to save for a large purchase, college for your children, or simply want a safety net during disasters, putting aside money can become a reality for anyone. By increasing your savings now, you can watch your dreams become a reality and feel a sense of financial security.

At our offices, we understand the need for a secure savings plan. We will work with you to help you pinpoint areas where you can reduce your debt through bankruptcy. Contact us today to learn more about increasing your savings and developing a secure financial future! 

The attorneys at Sadek and Cooper Law Offices have handled thousands of Bankruptcy cases in Philadelphia and the surrounding counties of Montgomery, Delaware, Bucks, and Chester. We are also licensed in the State of New Jersey. Contact us today to schedule your free consultation at 215-545-0008. 

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