Each of these top 6 saving habits are common ones that you have probably heard before, but that doesn’t mean you shouldn’t hear them again and revisit every month to make sure you are staying on track. Use these tips as the framework to building a healthy savings and financial plan that you can practice easily and pass on to your loved ones.
Saving is a basic money principle that allows you to be prepared for emergency expenses or stockpile your money for a necessary purchase.
A Penny Saved is a Penny Earned
Do you really need trinkets or candy that costs you your pocket change? Start saving your loose change and see how much you collect. After three, six or twelve months, take all that loose change back to Northeast Security Bank and have cold hard cash in your hands!
Budget Yourself
Set up a monthly budget. It’s that simple. This limits you to spend a certain amount on going out to restaurants or buying things like movies or clothes. Set a monthly limit for things you need like fuel for your car, rent payment and food.
Save your Pay
It doesn’t have to be every check you receive, but put away $25 to $100 dollars a month into a separate savings account that you do not touch; only for emergencies or save it for a trip. You’ll be surprised how much you save.
Set Goals
Try setting a goal that is realistic to your bank accounts. For example, say you want to reach $500 in an extra bank account to use for holiday gifts or you want to reach a goal with your retirement fund by a certain age.
Promote Savings for Others
It’s always great to promote savings to other people you’re involved with like family, friends, co-workers and groups you may be in. It’s always fun seeing kids start a piggy bank early and starting to learn how to use and save their money.
Clip your Coupons
Clipping coupons may seem like a thing of the past, but many corporate and third party websites have digital coupons that you can use for your purchases. On your receipts, it will usually show how much you’ve saved during that transaction. If you saved $1.70, for example, put that, and other savings, into a separate savings account to use monthly or save up to go out with friends one night.
Northeast Security Bank hopes you’ll use a couple of these ideas to start saving your money. Which one will you use today? Tags: savings, savings account