Double Savings: Simple Ways to Grow Your Money Faster

Ever wished you could make your savings work harder? You don’t need a magic formula – just a few smart moves and the right accounts can push your stash toward double its size. Below you’ll find clear steps you can start today, plus tools that keep you on track.

How to Double Your Savings Fast

First, boost the interest you earn. In 2025 several banks actually list rates around 7% for savings accounts. Those numbers are rare, but they exist, and they can shave years off the time it takes to double your money. If you can’t find a 7% deal, look for high‑yield accounts, credit‑union offers, or short‑term GICs that beat the typical 0.5%‑1% rate.

Second, add more cash each month. Saving $1,000 a month might sound steep, but the math shows it adds up quickly. Even if you start with $100 a month, raise it by $50 every three months. The extra contributions compound the interest you already earn, getting you closer to double faster.

Third, combine accounts. Keep a portion of your cash in a high‑interest savings account for easy access, and park the rest in a low‑risk investment like a TFSA or a short‑term bond fund. This mix lets you capture higher returns while still having liquidity for emergencies.

Fourth, cut expenses that don’t matter. Review your budget and spot items that can be trimmed – that could be a streaming service you barely use or a pricey coffee habit. Redirect those dollars straight into your savings bucket.

Best Tools to Track Your Progress

Using a simple spreadsheet works, but a budgeting app can automate the process. Look for apps that let you set a “savings goal” and show a real‑time chart of how close you are to doubling. Some apps even let you link your accounts, so interest earned appears automatically.

Another tip: set up automatic transfers. Schedule a fixed amount to move from your checking to your high‑interest account each payday. You’ll never forget, and you’ll watch the balance climb without effort.

Finally, celebrate milestones. When you hit 25%, 50%, or 75% of your target, treat yourself with a low‑cost reward. It reinforces the habit and keeps motivation high.

Putting these steps together – chase the best rates, increase monthly contributions, mix account types, slash unnecessary spending, and use tech to monitor progress – creates a powerful engine for double savings. Start with one change today, and watch your money grow faster than you expected.