When it comes to saving money, this year may look a little different from years past. The savings rate is lower than its peak of about 34% in April 2020, but Americans are still saving more than they did before the pandemic. This is according to the U.S. Bureau of Economic Analysis, which defines savings as the amount left over after spending money and paying taxes.

Unemployment is still elevated, however, and those who have lost income may be finding it more difficult to save. Either way, it’s important to have a savings plan.

Whether you are flush with cash, not sure how to save money or somewhere in between, here are the actions you can take now to maximize your savings.

Unsure how to save

If you’ve found it difficult to save money lately, try these tips to strengthen your bottom line:

Cancel high bank fees and other unnecessary expenses. “Businesses conduct financial audits for their expenses. Why not conduct a personal audit for yourself to cut spending?” says Michael Foguth, founder of the financial advisory firm Foguth Financial Group in Brighton, Michigan.

If you have a bank account that charges a monthly fee of $5, that adds up to $60 every year. Consider switching to a free account. Accounts like our Kasasa Checking account have no maintenance costs and no minimum balance requirements.

Another example: Say you signed up for a streaming service at the start of the pandemic because you were mostly at home. But now, if you’re not watching TV as much, you could cut the service to save money, Foguth says.

Weigh options to increase cash. Consider things like selling unused belongings to raise cash. For help with major expenses, such as rent and medical bills, reach out to community organizations. The government website usa.gov/help-with-bills is a good place to find resources. Even temporary cash boosts could help you unload debt and give you room to create a savings plan.

Saving a little at a time

Maybe you’re able to save occasionally but would like to save more. If you’re already putting the previous tips to use, try these action items:

Open a high-yield savings account. The average savings interest rate is a low 0.06% APY, but there are other accounts that pay many times more. With a high-rate savings account, your deposits earn more money while being safely parked in a federally backed bank account. For example, you can earn up to 3.00% APY* on your account balance with a Kasasa Cash Checking account.

Set up auto transfers to savings. Move money from a checking account to savings before you get the chance to spend it — on each payday, for example. If you are able to transfer just $25 into savings every two weeks, you’d stash $650 by this time next year.

Bank bonus money. Decide now to save any extra money you receive, such as a cash birthday gift, tax refund or stimulus money that you don’t need immediately for expenses.

Already saving, ready to maximize

Already have a savings plan and looking for ways to make the most of your money? If you’re using the previous tips, here’s how to make your money work harder:

Reevaluate spending goals. You may have some of your savings earmarked for a big ticket item. But for some people, the pandemic redefined what was important to them. Before you cash out, consider whether your previous goals match your current needs.

Economic conditions may also come into play. Alissa Johns, a real estate investor and small-business owner in Valparaiso, Indiana, and her husband originally set aside money to buy a new home in early 2021. But she says when they saw how tight housing inventory was and how construction prices were rising in the area, they chose to stay put.

Instead of moving, “we decided to refinance our current home loan and vacant land loan for lower interest rates,” Johns says. She adds that doing so allowed them to “decrease our monthly expenses and be able to put more money towards saving.” Parsons FCU has many loan options to help you refinance your home, car, or even student loans.

Maximize your emergency fund. Experts recommend having at least three to six months of savings set aside for emergencies. If you have some savings but haven’t hit that mark, keep plugging away until you reach your goal. If your emergency fund is fully funded, you could focus on long-term financial goals.

Check out rewards accounts. Consider getting more value out of your spending by using checking accounts and credit cards that offer perks or promotional offers. Our Kasasa Checking accounts, for example, offer cash back on spending or dividends on your account balance.

Top savings strategies may look different for people in different financial situations, but the most important step for anyone is to take action. Regardless of where you start, act now and you can put yourself in a position to increase savings this year and beyond.

The article Savings Tips for Newbies, Experts and Everyone in Between originally appeared on NerdWallet.

*Kasasa Cash APY = Annual Percentage Yield. APY's accurate as of the last dividend declaration date. Rates may change after account is opened. No minimum to open. If qualifications are met each monthly qualification cycle: (1) domestic ATM fees incurred during qualification cycle will be reimbursed and credit to account on the last day of monthly statement cycle; (2) balances up to $10,000 receive APY of 3.00%; and (3) balances over $10,000 earn 0.08% dividend rate on portion of balance over $10,000, resulting in 3.00%-0.35% APY depending on the balance. If qualifications are not met, all balances earn 0.08% APY and ATM fees are not refunded. Qualifying transactions must post to and settle account during monthly qualification cycle. Accounts closed mid-cycle before dividends are posted will not receive accrued dividends. Transactions may take one or more banking days from the date transaction was made to post to and settle an account. ATM-processed transactions do not count towards qualifying debit card transactions. "Monthly qualification cycle" means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher. Limit one account per SSN. Transfers between accounts do not count as qualifying transactions. Data and other wireless carrier charges may apply.

Kasasa Cash Back No minimum to open. First qualification cycle automatically qualifies for rewards. When monthly qualifications are met, you receive 3.00% cash back on debit card purchases that post to and settle account during monthly qualification cycle up to total cash back of $9.00 per monthly qualification cycle. Qualifying transactions must post to and settle account during monthly qualification cycle. Transactions may take one or more banking days from the date transaction was made to post to and settle an account. ATM-processed transactions do not count towards qualifying debit card transactions. "Monthly qualification cycle" means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. Domestic ATM fees, incurred during qualification cycle will be reimbursed and credit to account on the last day of monthly statement cycle. ATM receipt must be presented for reimbursement of an individual ATM fee of $5.00 or higher. Limit one account per SSN. Transfers between accounts do not count as qualifying transactions. Data and other wireless carrier charges may apply.