So, you’re not the best at saving. You can admit it. You intend well enough when you sit down and say you’re going to save money. But then things happen, and you have this cost and this cost, and maybe you spend a little more than you should. Before you know it you’ve saved less than you wanted, or worst case, spent more than you saved.
Well, FNB Fox Valley is here to help with a few ways you can motivate yourself to save more money.
Recognize it doesn’t take a lot- saving is a long process that takes time. You don’t have to deposit 50 percent of your income every month to be successful. Consistent savings out of every check, 10-12 percent, will help you get your savings going.
Pay yourself first- the first thing you should do with every paycheck is have 10-12 percent of it go to your savings account automatically. You can never miss the money if you never “have” it.
Cut Costs and Save the Surplus- cut your spending in certain areas of your budget and put them away in your savings account.
Contribute more to your 401(k)- especially if your employer matches your contributions. In most situations this money comes out pre-tax.
Track your finances- programs like Mint.com are free and allow you to track all aspects of your finances, including keeping an eye on your budget.
Pay off credit card debt- this sounds like spending money, but you’re actually saving money. The longer you make minimum payments, the more interest you end up paying in the long run.
Pretend your paycheck is lower than it is- by thinking you have less money than you actually do, you’ll instinctively use less, meaning you save more.
Prioritize saving money- it’s simple: if you make it a passion to save money and create an emotional attachment to saving, you will act in a way that helps you save money in every situation.
We hope these tips help you to achieve your goal of saving more money in the New Year. If you need help with your savings goal, FNB Fox Valley would be glad to help. Just get in touch with us at any of our locations today!