The holiday season is slowly approaching and while it’s a wonderful time of the year–it’s also a time where we spend a lot of money! In order to hit your financial goals, you must make a plan. If you budget your spending money and prioritize having a healthy savings account, it will make life easier. Once you have money saved up, you can utilize it to further increase your income. In this post, I’m sharing five money saving hacks to achieve your financial goals. Let’s enter 2020 with our bag secured!

1. Open a high-interest savings account

If you don’t know how much interest you’re making on your savings account, it’s time to find out. Most banks have an interest rate of 0.03%, that’s basically no growth! That’s why I recommend opening a higher interest savings account like Ally, Empower, American Express Personal Savings, Discover, or HSBC Online Savings account. Each of these accounts offer 1.7-2.2% interest. With this interest amount, you’ll actually see the money in your savings grow. Additional, I suggest creating separate savings accounts for different financial goals.

2. Save 25% of each paycheck 

Prioritize paying yourself first! Your budget must include saving. Whether that’s going into stocks, a retirement account, real estate or towards a personal fund, YOU NEED TO SAVE a certain percentage of your income. You’d be surprised how much you can save when you become disciplined and pay yourself like you would pay a bill. Set up automatic deposits and forget about that money except if you need it for an emergency, special occasion, or an investment. Create a long term plan to keep yourself focused on your end goal. For instance, if you save $1,000 per month for a year, you’ll have $12,000 or more by the end of the year.

3. Create multiple streams of income for yourself

Maximize your talents with a side hustle. When I realized I could sell products on Amazon, monetize my blog and Instagram with content I enjoyed making, it was a no brainer. Yes, this means I work a lot more than the average person but it also allows me to pay off my student loans, afford to travel the world, and buy assets. Because let’s be real, most of us are not making enough from one income to live the life we’ve imagined for ourselves.

If you’re not interested in building your own business as a side hustle. Use can also make money using apps like Drop, Dosh, or Ibotta, that allow you to receive cash back for products you’re already buying. Sell your clothes on Poshmark or Mercari, or sell items you don’t use on Let Go. Consider entering a challenge, such as a fitness challenge with a group on Spar to get paid for bettering yourself. You can run errands for people on DoorDash, Instacart or Shipt. Or you can pet sit using apps like Rover and Sitter City. If you eat out a lot you can make money by uploading your receipts on Seated.  I know plenty of people making hundreds to thousands of dollars using the apps I mentioned.

4. Set a realistic budget

The best budgeting technique for me has been recording where all my money goes. Yes, it can get tedious but it will save you money when you realize where each and every dollar you spend goes. Then you’ll start to realize that you probably shouldn’t be spending $500 at restaurants every month if you’re saving for your dream trip or to buy property.

I physically write down every single thing I spend money on daily in my planner. You can also do so in an excel sheet. After you’ve discovered patterns in your spending, set realistic goals for each lifestyle category such as shopping, bills, groceries, entertainment, etc.  I strongly recommend manually tracking your expenses because I believe it is the most accurate. Although, if you’d like to use a budgeting app there are plenty out there such as MINT, Clarity Money etc.

5. Determine what you’re saving for

Saving money aimlessly, paying down debt and life insurance policies won’t result in long term wealth. If your goal is to be wealthy, you shouldn’t just save your money forever and not utilize it. There are only two ways to build wealth. You either invest or start a business a business. We all have different goals and motivations. It is vital to determine yours then make a plan to conquer those goals. Your talents and skills earned you your money. Be intentional with it

Photo by @monifabrooks

Love these hacks?

Want to hang out in person?

Then you should come to Hansome & I’s brunch event. The Get Right Brunch is a networking social with speakers that are experts in their field centered around getting right financially, mentally, emotionally and physically over brunch and mimosas. Our event is taking place on Sunday, October 27th in Brooklyn, NY. Early bird tickets are on sale now. Click this link to learn more: