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Savings Strategies
Use these tips to help budget for the future in a tough economy.
Saving money for a rainy day or for larger
purchases like a home down payment
can be tricky. These tips can help you
save smart.
- Have money automatically transferred
into a savings plan when
your paycheck arrives. That way,
you will be less likely to spend it since it
is out-of-sight, out-of-mind—it will be
less tempting to spend if you can’t
access cash or your checking account.
- Determine what you spend your
money on. Write down all your expenses
for a week to see where your
money is going. Then, cut down on
impulse spending, likes trips to your
local coffee shop.
- Pay yourself. When you are done
paying off debts, like car or student
loans, put the amount of the payment
aside for yourself in a savings account.
Since you are used to not spending
that amount every month, it will be
easy to save it.
- Use cash more. Use cash or your
debit card for everyday expenses, and
your credit card for larger purchases
only. This will help you live within
your means.
- Pay your bills as soon as they
come. This will avoid any late fees and
help you stay on top of your budget. If
you can’t pay the entire balance on
your credit card bill, pay more than the
minimum due whenever possible.
Learn more about our Savings Accounts »
