As summer comes to a close, and fall is upon us, most of us are probably realizing the same thing; we spent way too much money this summer. From vacations, to home improvement, to the perfect beach bag, summer spending can get to even the best of us. But not to worry! As fall rolls around, here are some certified tips to get back on track with your savings account just in time for the holidays!
1. Budget with Cash and Envelopes
Are you guilty of guiltlessly swiping your credit card? It's a lot easier to keep yourself from spending your hard earned cash when its... well cash. Keep your spending money as liquid as possible by keeping envelopes filled with money specifically for spending. Once it's gone, it's gone and what's left in your savings account at the bank is off limits!
2. Find a Reason to Save
Saving efficiently can be hard when you don't have a purpose. Sit down and think about your current financial situation and identify some reasons you'd like to save. Maybe you'd like to have some money aside for the holidays. Maybe you'd like to be more secure in the case of a financial emergency. No matter what the reason, find one that's important to you and will motivate you to save.
3. Pick Your Tools Wisely
Not all savings accounts are created equal. There are many types of savings accounts that have pros and cons depending on what you're looking for. Once you decide what you're saving for, it's now time to decide how to save it. Need short term liquidity and accessibility? Consider a run of the mill savings account. Thinking of putting money away for a long time and watching it accrue interest? Consider a long term, high return Share Certificate.
4. Take Advantage of Automatic Transfers
Most financial institutions offer automatic transfers between accounts making saving easy. Every time you receive a paycheck, have a certain amount of money automatically transferred from your checking to your savings account. That way you can save without moving a muscle!
5. Follow the 24 Hour Rule
Before making any major purchase, whether it be a trip, a luxury item, or a houseware, take 24 hours to consider the decision. Are you purchasing impulsively? Are their less expensive alternatives that could satisfy your needs? By taking the time to think about your financial decisions, you could save yourself a lot of money by considering all available options!
Feeling inspired to save some money? Consider a Share Certificate, and take advantage of rising yields by setting up certificates of different terms—you’ll manage your cash flow and be able to ride the tide of rates when they increase. Learn more today!