Tips to Boost Your Savings
Whether you recently drained your savings enduring pandemic related expenses, or are simply looking for easy ways to save more – we have tips for ways to boost your savings.
- Make it automatic Use online banking tools to set up recurring transfers to your savings account at a frequency that works well for you. Making it a routine (and not seeing funds in your primary account) often means you are less likely to spend them.
- Spend unexpected income wisely When you receive a work bonus, your tax refund, or a monetary gift, look to pay off debt, save for a larger expense or help to build up your emergency fund versus using it for immediate discretionary spending.
- Cancel unused or underused subscriptions When was the last time you read that magazine you subscribe to online, logged into the game that you pay a monthly fee for or were able to go to the gym? Each subscription on its own may seem small but when added together can be a large chunk of change you could otherwise be saving. Take time to check your statement or online transactions to see if there are subscriptions you can cancel and divert that money to your savings.
- Buy generic Chances are you have a few favorite brand names but for many items (medications, food staples, cleaning supplies, paper products) reach for the generic version instead of the brand name. Often, they are the exact same product, work just as well but cost far less than their brand name competitor.
- Analyze your cell phone bill If your monthly cell phone bill competes with your grocery budget it’s time to do a full analysis! Look for extras like data plans you aren’t fully utilizing, phone insurance and warranties that may no longer benefit you.
- Check your insurance rates Check in with the companies that offer your home, car, and/or renter’s insurance to see if there are any discounts or bundling options available that you aren’t currently taking advantage of.
- Ask about discounts You never know until you ask! Many establishments offer discounts for AAA members, military personnel, first responders, seniors, teachers and/or students. If you fall into one of those categories you may be able to save some money on your next purchase, stay or event you attend.
An important component of your financial plan is being aware of your spending and cash flow. Often, a few tweaks to your spending can help meet your savings goals faster than you think! We’re here to help guide the way so you can be on your way to being debt free, increasing your emergency fund or saving for that next planned purchase.
Written By Haley Smart