Saving money can be a pretty hard thing to do. Between groceries, car payments, and a mortgage, it can feel almost impossible. Here’s some of our best tricks on saving up and saving smart.
Use your tools wisely
Nowadays, pretty much anyone has a wide array of tools at their disposal which can really help in saving money. Our online banking tools show a comprehensive record of all your expenses and incomes for your accounts. This way, you can see your inflows and outflows of cash, and have an idea of how much money you can save each month.
There are also great budgeting applications now which help track your spending and measure what types of spending you can reduce. We’ve been working hard with our developers to offer our members great money management tools, and we’ve even partnered with Balance, a budget tracking application perfect for your needs.
Set some ground rules
People have the most trouble saving when they have no set goal in mind. Using the tools mentioned above, you can track how much money you have leftover or overdrawn in your accounts and decide which areas you can cut spending in.
Pro Tip 1: Create a 30 day list
When you have the sudden urge to buy something on a whim, put it onto your 30 day list. This way, you’re not allowed to spend money buying it for the next 30 days, and chances are over that period of time you won’t want to spend money on it anymore.
Pro Tip 2: Save with a Goal
Choose something worth saving money up for, and then start saving with that goal in mind. Individuals choose to set long term goals of 3+ years or short term goals for 1-3 years.
Open up a Certificate of Deposit! These accounts lock in your money at a specific interest rate for a set period of time, so when the rates are great, you can lock in a high yield and watch your savings grow. Coincidentally, we currently have the best rates in the whole nation.
Open up a Savings Account today, and start saving money for the long term today. Our savings accounts have some of the best rates in the nation, and you’ll always get a percentage of your account added in annually, so you get to watch your savings grow!
Set a goal for reducing your credit card debt. Every year, while your debt can remain constant you have to pay an annual interest rate on it, meaning the longer you’re in debt, the more money you pay.