We know that saving money can be challenging, and often there is not much left from our paychecks to save. However, you can be a successful saver by using these tips to get started. Once you get started, and see the results, you will become even more excited to keep it going!
Saving money brings many benefits and even in small amounts you can accomplish so much. Saving money brings financial confidence, lowers overall stress, and provides for future opportunity. While today we may or may not identify what that opportunity is, there will come a point in time when you realize having that money already saved is a wonderful thing.
So let’s get right to the tips that are going to make you a successful saver!
1. Make it automatic
Do not wait to see what is left from your pay check. Make it happen first and make it automatic for the day you get paid. Set up a transfer, or a partial direct deposit to line up with your pay day.
2. Start Small
If you start with a small amount, you can easily adapt to having that much less in your checking account. But if you start too big, you will notice the difference when you go to pay your bills or buy your groceries. Starting too big will also put you in that position to reach back into your savings to cover the difference.
If starting small means $5.00 for you, then do that. Don’t aim for $50.00 and leave yourself in a position to get frustrated. You can always increase the amount until your find that comfort point.
3. Out of Sight
Separate your savings from your everyday spending account. You don’t want to see or have easy access to your savings. This will be tempting when money gets tight close to payday or when you see something you want.
Find another bank or credit union away from your checking account to be your “Saver Account”. Determine how you can best access the money when needed, but don’t make it too easy for yourself. You know your own habits and plan around this for success.
Once you get your 3 step plan in place, you will be on your way to becoming a successful saver. And if you need us to help, Western CT FCU’s Member Care Team is ready to support you and help put a plan in place that is going to work for you.