It will be easier to save money if you make it a priority. Take some time and figure out what you’d like to save money for, is it retirement, a house, car, college, that dream vacation? Figure out how much it will cost. Then make your plan:
- Set a timeline for when you’d like to reach your goal.
- Set a schedule by dividing the total goal amount by the number of weeks, months or pay periods between now and your goal date.
- Be vigilant by treating your savings contribution just like any other must-pay expense, such as rent or groceries.
Find Money to Save
At different times in our lives it may seem difficult just to make ends meet. These helpful tips may just help you find extra money you didn’t even know you had.
Here are some ways to find it:
- Keep track of everything you spend for a week. You might be surprised what you’re buying, and what you can do without.
- Use cash – decide ahead of time how much money you want to spend and set aside a certain amount of cash. This can help you stick to a budget and avoid impulse purchases.
- Reduce your bills. Conserving electricity and gas can make a big difference.
- Rank your nonessential expenses. Keep the ones you like the best and cut the items on the bottom of the list.
- Pack a lunch. Or cook more dinners at home. Eating out at restaurants can eat up a lot of money that could be saved.
Pay Yourself First
Many people pay everyone else first – whether it’s the landlord or the electric company. But it’s vital to start paying yourself first by saving money. Once you’ve set aside money for long term savings or your ‘goal’ savings, you can divide up your money to cover everything else.
An easy way to start saving is to automatically transfer funds from your checking account to your savings account, money market or other accounts. If you need assistance in setting up these automatic transfers, be sure to contact your Personal Banker. 608-882-5200.
More money savings tips to follow…