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Saving money is an important aspect of life that we take in order to prepare for the future and any emergencies along the way. However, more often than not, it’s easier said than done. Too often, short-term temptations take away from those savings we’ve worked to build. Thankfully, due to updated technologies, saving is easier than before. Here are some simple ways you can start saving money.

Tips for Building Better Savings Habits

1. Set-up Automatic Deposits

Mobile banking makes it easy to schedule automatic deposits into a savings account, such as auto-deposits of certain percentages of your paychecks, or auto-transfers of credit card rewards once they reach a certain amount. Some employers or accounts reward automatic deposits with perks like improved rates. By setting up automatic deposits, you’re able to have money to spend on daily expenses and keep the rest safely tucked away in the bank.

2. Create a Budget

savingSet up a budget of your expenses to keep you on track throughout the month and year. Consider following the 50/30/20 rule. According to Credit Karma®, this allows you to allocate 50% of your funds to needs, 30% to wants, and 20% to paying off debts. If you can’t save that much at first, adjust for your personal needs and save more over time as your cash flow improves.

3. Make a Note Every Time You Spend

One of the fastest ways to break the habit of frivolous spending is by forcing yourself to write it down. Install a notes app on your phone or carry a pocket-sized notebook around for 30 days, and make a note every time you spend any amount of money. You will be amazed at how quickly you become aware of your spending habits, and become more sensitive to unnecessary expenses.

 

First State Bank of Russellville has been serving Pope County, AR, for over 80 years. Their experienced and friendly staff can help you find the best options for all your savings and checking account needs. They offer fair rates for those seeking loans, lines of credit, or pre-qualified mortgages, in addition to business checking options and debit cards. Visit their website or call them at (479) 498-2400 to learn more about their products and services.

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