This week is America Saves Week. Saving money is one of the best financial decisions you can make and it’s not as difficult as you might think. Here are five easy steps you can take to start saving.
Change your mindset
Saving is a necessary expense. When working out your monthly budget, include a little bit for savings too. Think of it as just another bill you have to pay, but instead of paying someone else—you’re paying your future self.
Use cash over cards
Swiping a credit card to make a purchase is easy—maybe too easy. Paying with cash instead of a credit card will let you physically see how much money you’re spending. It might help you think twice before spending money on things you don’t really need. It’s also a good way to help you stick to a budget. For example, if you set aside a set amount of cash to spend on groceries, you won’t be able to splurge on impulse purchases as easily.
Every little bit counts when it comes to saving. Think of it this way. If you save one dollar a day, you’ll have $365 in a year. Or if you save five dollars a day, you’ll have $1,825 in a year. No matter how much you’re able to save, something is always better than nothing.
Make it automatic
Set up a direct deposit to put a portion of each paycheck into a savings account. This gives your savings a chance to grow with no extra effort on your part.
A Savers Checking Account also automatically helps you save. Each time you use your debit card, your transaction will be rounded up to the next dollar amount. The rounded-up funds will be transferred to your Savers Club Savings Account. It’s a simple way to help your savings grow.
Avoid impulse luxury purchases
Instead of just charging a spur-of-the-moment vacation on your credit card, take the time to save up for expensive indulgences. This will force you to save rather than getting in the credit card cycle of charging things you can’t afford right now. By saving first, you’ll avoid paying high-interest credit card rates.
Take America Saves Week as your opportunity to start saving more. Open a Partner Colorado Savings Account or check out our High-Yield Savings Account options. These financial tools can help you reach your savings goals.