Maximize your savings
Financial goals/Manage spending and save
Edited by: Amy Kalin, Senior Editor, Credit & Debt
This date may not reflect recent changes in individual terms.
Get ideas for saving more, and learn ways to earn more on your funds.
Image: Maximize-your-savingsEditorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.
How can I save when money is tight?
Saving money might seem impossible if you don’t have much breathing room.
But you may not have to put savings completely on the back burner.
Ask yourself:
Where do you spend your money?
You might find unexpected room to save by digging into where your money goes. If you haven’t yet, create a budget and start tracking spending.
Where can you make tweaks?
Small shifts, like cutting back on meal deliveries or sharing a streaming subscription with roommates can open up saving potential. Get tips for saving more.
If you are saving, could your money grow faster?
You can earn more interest on your savings with a high-yield savings account. Learn how high-yield savings accounts differ from traditional savings accounts.
Reality check
Image: true falseA: False. If you have no savings, a single surprise expense can push you deeper into debt. A buffer (even a small one) can protect your debt payoff plan. You can start an emergency fund with tiny automatic savings transfers at first (even $5 to $10 or $20). Then, build momentum whenever you can. Gradually increase both debt and savings payments over time.
How much to save in an emergency fund
Most experts say you should aim to save three to six months’ worth of living expenses in an emergency fund.
Image: Circle + Icon@2x-2Step 1: Add up your monthly essential expenses and debt payments
Image: Circle + Icon@2xStep 2: Multiply by three to set your emergency fund goal
Image: Circle + Icon@2x-1Step 3: If the total is overwhelming, break it into milestones, starting with a goal of a few hundred dollars — and build from there.
Image: Maximize-your-savings-2Small changes that add up
Saving can be a challenge, but there are ways to make it easier:
Plan meals ahead of time.
Planning meals, including takeout, can help you stay on budget and avoid impulsive decisions.
Review your subscriptions on your account statements.
You may be surprised to find you’re still paying for services you don’t (or rarely) use.
Use the 30-day and 24-hour rules.
Purchases you want to make don’t always seem like necessities when you wait. Give yourself 30 days to think before buying for big purchases, and 24 hours for smaller ones.
Automate your savings.
Set up automatic transfers from your checking to your savings on every payday — even $5 or $10 per paycheck adds up faster than you’d expect
Image: build creditEarn more on your savings
Not all savings accounts are created equal.
- Traditional savings accounts usually don’t pay much interest on your money.
- High-yield savings accounts earn more interest, which can make it a better choice for growing savings
The account’s annual percentage yield, or APY, tells you how much you can earn on your money over a year. It can be fixed, meaning it doesn’t change, or variable (changes with market conditions).
Traditional savings accounts
- Typically earns a lower APY (average is .39% as of January 2026)
- Typically offered by traditional banks
- Funds accessible via ATMs and bank locations
High-yield savings accounts
- Typically earn a higher APY (around 3%–5%) that can vary based on market conditions
- Often offered by online banks or credit unions
- Access to funds varies by bank
Estimate savings growth
Use our Savings Calculator to see how much more interest you could earn with a higher APY.
Got questions? We have answers.
An emergency fund is cash you set aside that you can easily access for a financial surprise, like an urgent, unexpected repair. It is meant to cover true emergencies, not planned goals like a car or retirement. Building it through a budget and steady deposits can bring peace of mind.
How much you should save from each paycheck depends on your lifestyle and goals. A common guideline is to cover necessities first, leave room for some “wants,” and dedicate a portion for savings and retirement. If money feels tight, start with what you can and automate deposits on payday.
Aim to pay down debt and also save by starting small. First, make all minimum payments to avoid fees and or late payment marks on your credit. Next, create an emergency fund by starting small, auto-saving even $5 to $20 per month. Increase your auto-save and pay more than the minimums when you can, prioritizing your highest-interest debt.
A high-yield savings account is a savings account that typically pays a higher APY or annual percentage yield (more interest) than a traditional savings account. When comparing options, look for a no-fee account with no minimum deposit requirements and a competitive APY.
Aim to keep your emergency fund somewhere safe, easy to access, and separate from everyday spending so you’re less tempted to use it for non-emergencies. Common options include a dedicated bank or credit union savings account (possibly a high-yield savings account), or a prepaid card that you load with a set amount.