Spring into Savings: 3 Tips to Refresh Your Saving Efforts
The spring season brings a sense of renewal and fresh starts. There’s no better time to renew your commitment to saving money. Consistent saving is a skill that anyone can develop with some effort. Though how much you save will depend on your financial situation, the following three tips can help boost your savings no matter where you start.
- Automate deposits into your savings account. Set up automatic transfers from each paycheck to funnel money directly into your savings account, allowing your savings to build steadily over time without extra effort. The next time you get a raise at work, consider increasing the amount you automatically deposit each pay period. By saving the extra money before you get used to spending it, saving becomes painless. Over time, these small, regular transfers will add up.
- Let your tax refund pad your savings. Many people receive a tax refund this time of year. Avoid the temptation to splurge and instead use some or all of this cash to establish an emergency fund or add to other savings goals.
- Slash late fees. Late payments on bills and credit cards can drain your savings over time. Set up automatic payments on all recurring expenses to prevent late fees altogether. Additionally, by paying down high-interest debts, you can redirect more money into growing your savings each month.
Developing solid saving habits takes perseverance, but you can do it! Start implementing some of these tips this spring and watch your savings grow. Contact our Certified Financial Coach to schedule an appointment if you need help establishing a spending plan to reach your financial goals!
creynolds@newdimensionsfcu.com
(207) 660-6267