savings

5 easy ways to pump up your savings

Link cash-back rewards to savings
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Link cash-back rewards to savings

Cash-back rewards are another way to pump up savings, especially for big spenders.

Take SmartyPig's prepaid cash debit rewards card. It lets you earn up to 10 percent back on everyday purchases at 9,000 local and regional retailers. That cash-back money is then applied to savings goals. Also, with the Fidelity Investment Rewards American Express card you earn 2 percent (May 2011 rate) cash back on purchases that is deposited into a cash account or brokerage account. "That's a great payout," McBride says.

Stay on top of your transactions, McBride says. "People with the biggest trouble saving are most inclined to trip up," he says. "If you pay your balance every month, it's a great way to get paid for everyday transactions."


 

 

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