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Money Saving Tips

Category: General News


  1.  Write down all your expenses
    1. Use a bank statement and track all your expenses no matter how small
    2. Organize your expenses into categories, such as gas, groceries, lunches, etc.

 

  1. Create a realistic budget
    1. Outline your budget monthly with your expenses in relation to your income

 

  1. Add “Savings” to your budget
    1. Start by adding 10% of your net income into the savings column.  If you can’t start with that, visit your expenses and see what you can cut back on, chose the amount of savings that works best for you

 

  1. Create your savings “buckets”
    1. Decide specific things that you want to save for, such as, retirement, vacation, emergency funds, etc.
    2. Decide how much you would like to put into each bucket
    3. Decide how long it will take you to fill each savings bucket
    4. Calculate the amount you will need to save each month to accomplish your goals.  Remember to be realistic!

 

  1. Prioritize your goals
    1. List your goals in order with #1 being the highest priority
    2. Prioritizing your goals will give you a clear starting point

 

  1. Select the right savings method & Set up automatic transfers
    1. You want to make sure to maximize your savings by selecting the right account for you.  We can help!
      1. Regular savings accounts
      2. Money Market Savings
      3. Certificate of Deposit
      4. Individual Retirement Accounts
    2. Set up automatic transfers from your direct deposit to transfer your set savings amount to the proper account automatically

 

  1. Check your progress and nickname your accounts
    1. Make changes if needed, if something is not working correctly in your savings plan or your budget, change it!
    2. You can add a nickname to your account to help keep them separate from your everyday spending, such as vacation account, general savings, etc.

 

There is no one way to save, it is all individual, based on each person’s circumstances.  Make sure to use the method that works best for you and ask for help if needed!