Are you searching for ways to conserve resources, make fewer trips to the bank, and pump up your savings? Whether you crave the security of a fully-funded rainy day account or you simply want to grow your account, there are certain tips you can incorporate into your savings plan. Citizens Bank has provided Byhalia, MS, with sound financial advice and products since 1919. Below, their personal banking associates have outlined their top five life hacks for saving money each month.
How to Grow Your Savings Each Month
Automate Everything With Mobile Banking & Direct Deposit
Most personal banking and financial psychology experts echo the phrase, “out of sight, out of mind.” This means that you won’t miss whatever percentage of your paycheck you automatically put away each month. Whether it’s $50 or $500, adjust your budget and spending habits to accommodate what is left over in your paycheck for monthly bills.
Track Your Spending
As annoying as budgeting and tracking your spending may seem, you will feel a sense of liberation when you discover where your money is going each month. Create a budget each month and give every dollar an assignment until you have zero dollars left to spend. Another way to manage this is to use an envelope system with cash. While it is challenging to stick to this kind of a budget, you will find that spending cash triggers a different part of your brain. Slapping down a piece of plastic has been proven to be mentally easier, resulting in consumers spending more money.
Negotiate Your Bills
You would be surprised what companies will do to keep your business. Have a high cell phone bill? Call and ask which plans will be less expensive. If there are none, consider switching carriers. Next, call your insurance company and ask if they offer any good driver discounts. Often, you can get discounts for geographic location, a good driving record, military service, or degrees. Ask every vendor you use if they offer any kinds of discounts to bring expenses down.
Use Your Skills to Freelance on the Side
Everyone has some kind of talent they can use to bring in cash on the side. Whether it’s baking, refurbishing old cars, or babysitting, extra cash can quickly create a savings cushion for you. Once again, try to designate all extra savings to your actual savings accounts and avoid spending what you’ve earned.
Slash Unnecessary Spending
Once you’ve created your budget, it’s easier to see where you can reduce or even get rid of certain expenses. Create a list before you go to the grocery store, and don’t spend outside of that list. Have an expensive cable bill? Consider selecting a streaming service, which can easily cost you one-tenth the cost of the average cable service. Think you need the latest gadget on the market? Expensive technology can set back any savings efforts significantly. Consider making a slush fund for new technology purchases and make the tech you have last.
While saving money can be a challenge for many people, it’s never too late to set yourself up with financial security by fully funding your savings account. Once you get in the habit, you will feel more in control and you will make purchases based on your needs and values alone. If you have questions regarding how to save, the caring personal banking associates at Citizens Bank are on hand to help. Call them today at (662) 838-2146 or visit their website for up-to-date information. Member FDIC.