5 ways to build your savings

With National Savings Day approaching Oct. 12, this year’s “celebrations” may be more important than ever.

According to a recent survey from TopCashback.com, 30% of Americans have been saving more in the past six months.

Spending and saving overview

In the past six months, what best describes your approach to money?

· In the middle – Spend and save within your means. (62%)

· Save – Better to be safe than sorry. Aiming for long-term financial security. (30%)

· Spend – Money will keep coming. Enjoy what has been well-earned. (8%)

In the past six months, have you been spending more or less than you previously were?

· Less (42%)

· The same (32%)

· More (26%)

If you’re saving more, do you plan to continue this trend going forward?

· Yes (89%)

· No (11%)

Whether you are saving toward an emergency fund or your dream home, here are five tips to help you build your savings.

1. Actively contribute to your savings and budget accordingly. Allot for room in your budget to have a portion go toward your savings. To stay on track, consider adapting a budgeting tool like the 50/20/30 rule. Spend up to 50% of your after-tax income on essentials, such as housing and food; 20% on financial priorities such as debt repayments and savings and 30% on your wants, such as splurges.

2. Copy your employer’s 401(k) match to save more. Contribute enough to your 401(k) to get the full employer match. For example, say your employer matches 50% of what you put in – up to 5% of your salary. That means if you earn $60,000 a year, you must contribute $3,000 to your retirement plan to get the full employer match. And once you do, your employer would kick in another $1,500 toward your savings. It’s basically free money you receive from your employer after you make pretax contributions to your retirement plan. And remember your 401(k) contribution amount should be guided by your retirement savings goal, so faithfully contribute to allow your investment to grow and garner additional savings.

3. Add to your emergency fund. Whether it’s a bonus, extra change, holiday gifts or anything in-between, consider saving any additional cash that you may receive instead of spending it. Whether it’s a portion or all of the money you received, adding to your emergency fund can eliminate any future financial stress and frustration when something major occurs that you would typically need money for.

4. Be mindful of spending habits. Online shopping has become the norm for many and it’s important to always be on the lookout for ways to save and avoid fees. For example, if you find yourself paying for shipping, see if you can score in-store pickup to eliminate extra costs. Plus, be sure to layer on the discounts by using coupons and credit card rewards, and shop through a cashback site like TopCashback.com to earn a percentage of your purchase back in cashback on all qualifying purchases from stores like Zappos, Home Depot, Sephora and more.

5. Stop paying for convenience. Cutting back on daily coffee runs and takeout orders can save you major bucks. For example, your morning coffee runs can be costing you $15 a week, which means you could ultimately be spending $60-$75 a month just to satisfy your coffee habit. Instead, invest in a good coffee machine and make your own coffee every morning. And the money you would have spent on those daily coffee runs could ultimately be going to your savings.

Rebecca Gramuglia is a consumer expert at TopCashback.com.