Starting to think about your savings goals for the upcoming new year? You’re not alone. While building your savings account might be the last thing on your mind right about now, it’s the perfect time of year to flex your discipline and integrate some helpful tips that will save you more in the long run. Below are helpful tips that will save money in the new year and beyond. 

Positive Money Habits to Help You Build Wealth in Your Savings Account

1. Make It Automatic

If you have direct deposit through your HR department, send a portion of your paycheck to a savings account every month automatically. Not only will you save more, but you will learn to live on less and spend money on what counts. Not only that, you won’t miss the money if you don’t see it in the first place.

2. Create a Budget for Every Month

By assigning every dollar you earn a job, you will have a very clear understanding of what you can and cannot spend each month. Creating and following a tight budget teaches you how to live on less, as well as what areas you may be spending too much. Start by taking out cash with each paycheck. Instead of paying with your credit card, pay with cash and see how it feels. It is harder to part with your physical money than it is to swipe a card. 

3. Set a Savings Goal

Without goals, you don’t know where you’re going. Take some time to think about where you would like to be financially in 5 or 10 years – what about 20? By thinking about what provides meaning in your life, it will be easier to set immediate and far-off financial goals for yourself. 

Whether you’ve already socked away six months to a year’s worth of expenses in your savings account, or you’re just getting started, it’s always good to check in with a trusted financial professional. The qualified team at Spirit of America Federal Credit Union has served the Lincoln, NE, and surrounding communities for years. They will help you set savings goals for the next year and beyond. Call them today at (402) 467-1102 or visit their website to find out about how you can chart a course for a positive financial future.