3 Ways You Can Save More Without Having To Make A Budget, Even As Inflation Ticks Up

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• As inflation ticks up, you may be experiencing more pressure on your wallet.
• Saving money should still be a focus even when economic conditions aren't the best.
• There are ways you can save without having to follow a strict budget.

Growing your savings over time is an important part of money management, even when economic conditions aren't ideal for consumers.

The consumer price index, which is widely used to measure inflation, rose by 2.9% year over year in December. This is the third consecutive month where inflation has gone up, which means continued pressure on people's wallets.

Saving money doesn't necessarily mean following a zero-sum budget or crunching numbers if that doesn't work for you.

We spoke to two financial planners about savings strategies you can use if you don't want to make a budget. This can help you with growing an emergency fund if you don't already have one or setting yourself up for the future, even when spending presents challenges to do so.

1. Making savings goals

Setting a savings goal is one way of focusing on financial priorities. Britta Ferguson, CFP® professional, senior vice president, and financial advisor at Wealth Enhancement, says goals can help you distinguish between wants and needs.

For example, let's say you're saving for a trip but have a habit of getting coffee. You have to figure out what matters more. That doesn't necessarily mean giving up one thing for another in every instance, but choosing one as your priority and another as something you'll contribute to less often.

It's also a good idea to develop both short-term and long-term savings goals. Fergurson points out that one challenge people have when saving money is they focus on saving for retirement but if they're in their 20s or 30s they aren't going to use that money for some time.

"If you want to get married, want to buy a house, just have additional savings, whatever that might be, then not putting all of your eggs in the retirement savings basket and diversifying some retirement, some into non-retirement will allow you to be able to achieve goals throughout different time periods," Ferguson says.

Emergency savings should be kept somewhere liquid like a high-yield savings account or money market account.

Some of the highest savings account rates available right now are on Pibank Savings (4.75% APY), Openbank High Yield Savings (4.75% (vary depending on location) APY) and Quontic Money Market Account (4.75% APY). Keeping short-term savings and emergency money in an account that pays more than the average savings account interest rate is beneficial because you'll earn more interest over time, which lets your savings grow even more.

For long-term goals that are longer than five years, investing is likely the stronger option. You can open a brokerage account. If you need help figuring out what to invest in, you could speak to a certified financial planner.

2. Auto-saving

Another strategy you can implement is setting up your accounts so you're automatically transferring or depositing some money to your savings each month.

It's best to keep savings and spending in separate accounts."Oftentimes when people see money in their checking account, they assume every dollar is spendable," says Ferguson.

Taking the added step of contributing to your savings each month is also a wise decision.

"What happens is behaviorally, you become addicted to seeing that grow, and that is a very positive shift for most people. By the time you're in three months, four months, six months, that is not something you want to let go, because it generally starts to accumulate, and you start to see some interest on the account," says Eric Franklin, CFP® professional, managing principal at Prospero Wealth.

Various banks have early direct deposit features, which could make distributing money even more convenient, since you'll have access to your paycheck sooner. This feature is more common in checking accounts, but if you set up automatic transfers, you'll still be able to benefit from the perk.

3. Set rules around purchases

There are also ways to curb spending without having to follow strict budgeting.

Franklin suggests setting rules to protect yourself against impulsive behavior. For example, you can set a time delay for larger purchases or create a list of purchases you plan to make in order of priority.

"You're accounting for what you need as the No. 1 item on your list before really looking at number 6," explains Franklin.

Ferguson also points out that month-to-month expenses can vary, so you can set monthly goals as well. For example, one month you could set the objective that you aren't going to do any want-based shopping.

Especially with current economic conditions, having a structure that works with your money management approach is important.

"The way to combat inflation is to be disciplined and make sure that you're not spending on desires or things that surprise you when you're there, as opposed to your needs and necessities," says Franklin.

Don't know where to start? Consider a financial advisor. 

Finding a financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Start your search now.