Smart Ways to Save and Grow Your Money in 2026

Many people struggle to meet their financial goals, but that doesn't mean you should give up. In fact, most Americans are hopeful that next year will be better. If you want to improve your financial situation, there are some useful tools that can help you save, spend wisely, and manage your money more effectively.

Build an Emergency Fund

One of the most important things you can do is build an emergency fund. This is money set aside for unexpected expenses, like medical bills or car repairs. Experts recommend saving enough to cover three to six months' worth of expenses, but even a smaller amount can be helpful. A high-yield savings account is a great option because it offers higher interest rates than a traditional savings account while still keeping your money accessible.

Track Your Spending

Another way to take control of your finances is by tracking your spending. This can help you spot any charges you don't recognize or catch ongoing payments you might have forgotten about, like unwanted subscriptions. While you can create a spreadsheet to do this, budgeting apps make it easier by automatically categorizing your expenses and alerting you to anything unusual.

• Monarch offers a clean interface with a range of features for tracking expenses, setting budgets, and visualizing your overall financial health all in one place.
• PocketGuard is another option that helps you find extra money to save by showing how much money you have "in your pocket" after bills and other necessities.

Manage High-Interest Debt

If you have high-interest debt, especially from credit cards, it can quickly spiral out of control and make it difficult to move forward with your financial goals. Two popular strategies to manage and reduce high-interest debt are balance transfer credit cards and debt consolidation loans.

• Balance Transfer Credit Cards: A balance transfer credit card lets you move your existing credit card debt onto a new card with a low or 0% introductory interest rate for a set period, usually between 12 to 21 months. The Citi Simplicity® Card, for example, has a generous intro APR period for balance transfers and a lower balance transfer fee than other options.
• Debt Consolidation Loans: A debt consolidation loan is a personal loan used to pay off multiple debts at once and combine them into a single monthly payment, often with a lower interest rate than your credit cards. Avant is one option that is accessible to a wide range of borrowers, requiring only a 550 FICO score.

Improve Your Credit Score

A higher credit score can unlock better loan rates, credit card offers, and even improve your chances when renting an apartment. While good credit habits like paying bills on time and keeping credit utilization low help build your score, so can products like Experian Boost. This free tool scans your bank account for on-time payments on things like your cell phone bill, utilities, subscriptions, rent, and insurance, and adds those to your Experian credit report.

Maximize Your Retirement Savings

If you're already contributing to a 401(k), that's a great start — especially if you're contributing enough to get your employer's full match. Employer matches are essentially free money that can significantly boost your retirement savings. Another way to maximize your retirement savings is by opening an Individual Retirement Account (IRA). There are two main types: Traditional and Roth IRAs, and they work differently depending on your current and future tax situation. Brokerages like Charles Schwab and Fidelity are both excellent options for opening an IRA.

Save for Big Goals

Finally, if you're saving up for a big goal, like buying a home or funding a wedding, having a dedicated savings plan can help you reach your goal faster. One effective way to do this is by using a CD, which typically offers higher interest rates than regular savings accounts. CDs lock in your money for a set term — anywhere from a few months to several years — so you can earn more interest while avoiding the temptation to spend. You can choose a term that matches your timeline. For example, shorter CDs for goals within a year or two, and longer terms for goals further down the road.