BMI Federal Credit Union
How to be a Smarter Saver
5 Great Tips
In today’s economy, everybody’s telling you how important it is to save your money and keep a little bit in your back pocket for a rainy day. But how do you tuck money away when you have bills to pay, groceries to buy and other financial obligations to manage? It sounds like a challenge, but with a few simple tricks, you can become a savvy saver in no time!
- Add savings to your budget. If beefing up your savings account is one of your financial goals, make it a priority in your budget. Plan for how much you’d like to save every month and then plan your other expenses accordingly. And don’t be alarmed if your figures are a little off at first, you can always pull some money out of savings if you need it.
- Set your priorities. If you want to start saving more but don’t seem to have the funds, take a look at some of the other things you’re spending your money on and ask yourself if you really need them in your life. Do you need to go out and get that $4 latte every morning? Could you do without that magazine subscription? These expenses don’t seem like much in the moment, but when you tally them up over the course of a month you’d be surprised how much you’re actually saving.
Look into moving bank accounts. If you’re being charged a high monthly fee for your checking or savings account, it may be time to shop around the market for a better option. Many banks offer a cash bonus for opening a new account and also offer competitive interest rates.
Turn off the television. One of the biggest ways to put a little extra money in your pocket is to simply turn off the television. Not only are you lowering your monthly cable/electric bill, you’re also limiting yourself to tempting television advertisements that can you lead you into unnecessary purchases. Plus this gives you more time to spend with family and friends or the opportunity to start a new hobby.
Wait for 30 days. Instant gratification gets many people into trouble when it comes to saving money. The ’30-day rule’ is a great way to combat this. The rule itself is simple – when you find something that you really want, wait 30 days before buying it. Often you’ll find the urge to buy has passed, and you’ve saved money by simply waiting. This also gives you time to evaluate the purchase and think on whether it’s something you really need or want.
In today’s consumer culture, saving money can seem like quite the challenge. But there are tips and tricks along the way that can make the journey easier. Utilize any of the tips listed above or enlist the help of a financial application such as My Finance Tool in Online Banking, where you can establish a budget, categorize your spending and manage debt – all from the convenience of your computer or smart phone!