May 2024 be the year of saving more!
Does the expensive holiday season have you looking forward to some serious savings therapy? I know I am. While big resolutions are the norm this time of year, I’ve found that starting small has been more successful than staring down a big goal as soon as the calendar hits January 1. What if the task you set for yourself was to strive to save more than ever in the new year, by just doing the best that you can? I’m up for that challenge – we’re all in this together!
Not sure where to start? Here are five ideas to help give your savings a much-needed boost:
1. Set up automatic transfers.
I’ve found that a “set it and forget it” savings plan works great when it comes to my vacation savings account. This account is separate from my main savings and operates solely as a storage place for extra vacation money. I have an automatic transfer set up to move a certain amount into that account each Friday. Then, I don’t touch the account until I go on vacation. It’s always a pleasant surprise how much money I’ve stored up! Watch this helpful video to see how you can set up your own automatic transfers for an extra savings account that works best for you!
2. 52-week challenge.
The premise is simple – for each week in the year, save the amount of dollars that are equal to that corresponding week. For example, week 1, you save $1, week 2, you save $2 and so on. By the end of the year, you will have saved $1378! Feeling extra savings-savvy? Double the amount each week!
3. “Just the basics January.”
Make it a goal to only spend what’s absolutely needed in January. The necessities are up to you to determine, but anything you would usually spend on extra items goes in your savings account. Who knows, you might like it so much that you extend it to “Frugal February” and “Minimalist March…”
4. Get acquainted with our Financial Wellness tools.
Have you had a chance to explore everything our new digital banking experience offers? You can track spending, set savings goals, monitor your financial health and more! Check out these helpful tips on how you can use our savings goal feature to build your savings.
5. Prepare for the long haul.
Does this savings pep talk have you looking for some long-term savings options? We can help! We have several options available to help you on your savings journey. Check out our savings guide to see which one might be the right fit.