We all could stand to save a little more money. Whether it’s for an upcoming purchase, a rainy day fund or an emergency fund, saving money is a skill that benefits you throughout your life. It’s not easy to save, but Timberwood Bank has some hacks that you can implement right away to start developing better habits.
Set a Budget
In order to know how much you can save, you need to know exactly how much you’re spending. Sit down and develop a monthly budget to track your necessary expenses versus your monthly income. Any remaining income can be put right into your savings account.
Give Yourself a Goal
It’s easier to put money away when you know what you’re saving for. Whether you’re saving for a vacation, a car or a down payment for a house, you’ll find more success with your saving efforts if you set a monthly goal.
Learn to Say No
Saving money means cutting back on unnecessary expenses so you can limit your spending. That means saying no to going out for dinner with friends, skipping that trip to the movies and spending more time at home where you can save money.
Stick to Cash
Instead of using your debit card to make every purchase, take out cash at the beginning of each week or pay period within your budgeted amount. Once you’ve gotten the cash, leave your debit card at home. You’ll be surprised how much more careful you are as you think about whether you really need to spend the cash.
Use Technology To Your Advantage
It’s easier now to save than ever before thanks to technological advances. Keep track of your account balances using Timberwood Bank’s online banking, or download a budgeting app to your smartphone to keep yourself honest as you save.
If you don’t have good saving habits right now, don’t worry. Everyone has to start somewhere and it’s never too late to start saving. If you want more help with managing your finances more effectively, please contact Timberwood Bank and our staff will be happy to help!