Kingman, Arizona
2809 Stockton Hill Rd
Kingman, AZ 86401
(928) 753-8000

A Quick Guide to Building a Savings Account on a Tight Budget March 29, 2018

Kingman, Mohave
A Quick Guide to Building a Savings Account on a Tight Budget, Kingman, Arizona

Saving money is a responsible habit we all know we should have. With savings in the bank, we can plan for the future and be prepared in case of emergencies. Whether you want to save up for retirement or a big vacation, you need to start putting money in your savings account. The friendly experts at Mohave Community Federal Credit Union in Kingman, AZ, will help you get your finances on track. You can start by utilizing the following tips.

Find Out Where Your Money Goes

The first step to saving money is figuring out why you aren’t saving money now. If you feel like all your money disappears as soon as you get paid, it’s time to sit down and take a hard look at your finances. Go through your bank and credit card statements, bills, and receipts for the past month. Figure out where every single dollar you spent has gone.

Cut Out the Biggest Money Drains

savings accountWith your current expenses and spending habits mapped out, it’s easier to pinpoint the problem areas. Maybe you’re eating out more than you thought, for example. Go through your current budget and highlight the areas where you know you can make some cuts.

This might require some sacrifices. For example, you might need to give up eating out every afternoon and start packing a lunch. When you’re looking for big expenses to cut, prepare to make a few lifestyle changes. It’s worth it in the end.

Trim Away at the Edges

Once you’ve cut out the biggest problem areas, it’s time for some final tidying up. Look for bills and expenses you can’t cut out but can cut back on. For example, you can trim down your spending on groceries by switching to generic brands or using coupons. These little fixes can add up to a significant amount of savings each month. Make sure it actually gets saved by putting that money into a savings account right away.

Create Goals & Visualize Your Savings

Cutting back on spending isn’t enough. You need to have a clear savings goal. Decide exactly how much you want to save and when you want to save it by. Set monthly and yearly milestones that help you stay on track toward that goal. Visualize it by drawing a chart or calendar where you can track and monitor your progress. The ability to see how much progress you’ve made will help you stay motivated even when you’re tempted to start spending what you’ve saved up.

Call Mohave Community Federal Credit Union at (928) 753-8000 or check out their website to learn more about how to get your finances under control. Whether you’re trying to open a savings account, learn about using personal loans to consolidate debt, or find any other financial products, their experienced staff will help you reach your goals.

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