Saving can seem like a daunting task, but it’s important to remember starting small—even $5-7 a week—can make a big difference over time. Set a realistic goal for yourself, knowing you can adjust the goal in the future.
Reviewing your budget is like spring cleaning for your finances. Look at all non-essential spending categories. You may discover you eat out, buy coffee, or make impulse purchases more frequently than you thought, or you’re paying for auto-renew subscription services you don’t use. Cutting one meal out a month, or one coffee a week, can kick-start your savings.
Set Up Automatic Transfers
If your employer offers direct deposit, allocate a small portion of each paycheck to automatically deposit into a savings account. If you don’t have direct deposit, you can set up automatic transfers from your checking to your savings account within Online Banking. Start with $5-10 a month and slowly increase the amount deposited as you adjust your budget.
Start a Change Jar
It sounds simple, but it’s amazing where you will find spare change when you start looking for it. From random dollar bills in not-frequently worn jackets to change received after making a cash purchase, putting all of it in a jar can add up. Each year, add your jar to a savings account and start fresh the following year.
Make Your Savings Accessible—But Not Too Accessible
If you’re setting up an emergency fund, you want to be able to access your money when you need it without making regular withdrawals. Most savings or money market accounts allow you a certain number of withdrawals per month without incurring a fee. But be sure to only access savings when you absolutely need it.