Top Five Savings Hacks

Posted on: in [ Savings ]

Top Five Savings Hacks

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 State 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. Even if you don’t have a lot to save, you are creating a healthy financial pattern of tracking your spending.

 

Give Yourself a Goal

It’s easier to put money away when you know what you’re saving for. Put to paper your large and small goals, and set a timeline for when you would like to attain them. Don’t forget to factor in an Emergency Fund to help prevent you from sliding into future debt.

 

Learn to Say No

Saving money means cutting back on unnecessary expenses so you can limit spending. That means saying no going out for meals, skipping activities that cost money and buying generic items instead of name brand. Evaluating your needs versus your wants can set you on a more comfortable path.

 

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 less you spend as you hold your pre-determined spending limit in the palms of your hands.

 

Use Technology to Your Advantage

It’s easier now to save than ever before thanks to technological advances. There is an app for everything. Keep track of your account balances using State Bank’s online and mobile 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 State Bank and our staff would be happy to help!

 

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