What are some ways to improve my bank deposits?

 First of all.

Lets breakdown what a bank deposit is in its typical sense.

It involves the individual who holds an account with the financial institution to make deposits (put money) into their bank account. This can be done using a variety of methods such as; bank transfer, cheque or in cash by visiting the bank branch in person.

Lets try and answer the question.

There are a few options that you should consider.

1. Based on the income you receive each month, how much of this can you put away for savings?

Rule of thumb is to try and save at least 50% of you income, if possible.

Although this is not always possible or simple to achieve as you first need to understand where your money is going.

To help better understand where your money is going.

You can create a simple and easy to follow budget planner that you can use each month detailing what you spend your money on throughout the month.

Mine looks something like this!

Try to keep is simple and easy to follow.

For the above I have a actual and budgeted view as this allows me to track if I over spend on something. Also this allows me to determine at large how much I can save at the end of the month which for you is a good starting point.

Next!

Consider reducing or get rid of things that you do not need to spend money on. For example I used to spend £200–300 each month on shopping which after reviewing my budget planner this was quite excessive and I reduced it to £100 saving myself an addition £200 each month.

This extra £200 saved could then be deposited into my savings account.

Please note that with any plan you must be resilient and focused and must follow it for it to work.

2. Save your spare change

Yes, I said it.

Save your spare change.

This is something I have recently been doing more of and it really does help. It is based on the MoneyBox concept but slightly tweaked as I deposit the savings from spare change into my savings account instead of an investment.

The concept goes something like this.

Effectively you accumulate the spare change you have raked up at the end of each month for your everyday purchases to the nearest pound and deposit it into your savings account.

This goes for anything you spend money on, for example if I buy a cup of tea or coffee and let's say for arguments sake it costs £2.50 (London can be expensive). £0.50 would have been accumulated towards my savings account at the end of the month.

It is a very effective way to save money and it constantly reminds you that you to save.

Again!

This can be applied to everyday transactions.

I have been able to save a extra £30 a month which does not sound a lot but if you work it out over 12 month that is £360. A great and simple way to increase/improve your bank deposits and you can use it towards something meaningful like money towards an holiday or buying company shares.

3. Speak to your bank

Finally!

You may want to speak to your bank about options. They may well have products which might be beneficial to you. Check if they have any savings accounts with high interest rate.

However, before you sign anything.

Please read the terms and conditions, as some products may not give you the flexibility you need and there may be a lock in period where you are not allowed the touch the money or you may get charged for withdrawing the money early.

I hope this helps, good luck!