'Revenge savings' can boost your bottom line, experts say — here's how to get started

So-called revenge savings marks a shift from splurging to saving more money

Some consumers are saving more based on their feelings and concerns the economy

But creating an intentional savings plan is key to success, financial advisors say

More than 4 out of 10 Americans, or 44%, say they've engaged in so-called vibe-based budgeting, according to a new survey by Intuit Credit Karma

In other words, they have adjusted their financial habits based on their feelings the economy, regardless of whether their financial situation has changed

Some of those surveyed point to rising prices and worries a looming recession as contributing to their vibes

Shaped by headlines, market swings and social media chatter, 61% of people surveyed reported feeling more anxious the economy than they did a year ago

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Here’s why in uncertain times: Here's what investors should knowPrivate equity wants a larger piece of workplace retirement plan assetsTheir feelings may also be fueling a surge in saving money, as "revenge spending" — the tendency to splurge after the pandemic — shifts to "revenge saving. ""If you're concerned the future, if you have some uncertainty, consumers may be looking to create that emergency fund or create that savings, because uncertainty means you want to be able to put your hands on cash if you need it quickly," said Charlie Wise, senior vice president of global re and consulting at TransUnion

Saving more money is a perennial resolution, but emotions shouldn't drive that habit, financial experts say

Instead, be intentional

These steps to turbocharge your savings: Take your 'money temperature'Start by taking a look at how you're spending and saving, and how comfortable you are with the balance of those habits

To get a good read on your situation, you should know how much money you have coming in and what's going out

Gather your pay stubs and your bills to dig into the details. "There are people that are way off track that are spending everything

And there are people that are the best rs in the world, and they're sometimes the most miserable," said certified financial planner Matthew Blocki, founder of Equilibrium Wealth Advisors in Pittsburgh

By taking "a 'money temperature' — if you utilize it correctly as a tool — you can reach the balance between living a good life today, securing the future and not having decision fatigue and not having regrets when you look back," he said

Use 'reverse budgeting' to focus on savingsVithun Khamsong | Moment | Getty ImagesReview your expenses, but don't account for every dime yet

Instead, experts say, ask yourself: What needs to be done to achieve your short-term goals, as well as long-term financial security

Earmark money for your savings goals first, then figure out how much you can afford to spend on necessary expenses and, last, how much you may have left over for "fun money. " By getting into the habit of paying yourself first — what's known as "reverse budgeting" — you build a budget based on your savings goals rather than your spending and expenses

Create separate accounts for different goalsChoose the appriate account for each savings goal

Aim for an emergency fund that can cover at least three to six months of household expenses, financial advisors say

A high-yield savings account can be a smart place for those funds

Blocki advises clients to maintain two checking accounts: one for fixed expenses and long-term savings, and the other to cover variable costs. "From that fixed account, we set up autopay for the mortgage and the car payments

We set up auto pulls into the 529 plans for the kids' college, and the auto pulls into their investment accounts for longer-term goals," he said. "Then it's just, it's on autopilot. " Periodically increase your savings rateStarting to and invest as early as you can — even if you don't have much to put aside — helps you harness the power of compounding

That means you're earning a return on your contributions as well as on interest or gains you've already earned

Planning for a recurring increase in your savings rate can be helpful

Do that with college and investment accounts as well, financial advisors say

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