Setting aside money each month for your savings account can often feel like a daunting and sometimes impossible commitment. Perhaps you’d like to buy a home someday or purchase a new car. Maybe, you’ve got a serious case of wanderlust and are wanting to travel the world. Either way, achieving these dreams often requires diligent planning – specifically financially.
If you constantly feel like you’re living paycheck to paycheck without saving a pretty penny, don’t fret. We’ve got some simple solutions for you to help boost your savings and get you one step closer to achieving your dreams.
- Set Up Direct Deposit: A good rule of thumb when it comes to savings is to set it and forget it. It may seem like an obvious tip but is often overlooked. If you already have a savings account, decide on a feasible amount to add to it directly each pay period. You may notice a difference at first, but soon enough, it will become the norm and you will have started building a nice little nest egg.
- Unplug and Turn Off: Do you often leave your TV on all night or come home from work to find your coffee pot still on? It may not seem like it, but simply leaving a light on or electronics plugged in can substantially increase your electric bill each month. Try diligently to ensure you turn the lights off when you leave a room and unplug electronics that are not in use to save extra on bills.
- Sell Your Stuff: It is likely that you have extra “stuff” lying around. That is, shoes and clothing items you no longer wear, old electronics you don’t use, furniture you don’t need, books you’ve already read, etc. Why not try to sell your useless items online or have a yard sale to add some extra cash to your savings account? This will also help you declutter your space as an added bonus.
- Brown Bag It: Do you go out to lunch regularly? Do you make a Starbucks run every morning on the way to work? While we all enjoy a pumpkin spice latté every now and then, spending money on fast food and coffee daily can take quite the hit on your paycheck. Perhaps it’s time to start bringing your lunch and coffee from home or setting some rules regarding how many lunch outings you can really afford each week.
While these may seem like small adjustments to make, over time, it can make a big difference in your savings account. Looking for more tips and tricks on ways to save? Check out this list of 100 Ways to Save Money from Nerd Wallet!
If you’d like additional tips on saving for a down payment or if you are interested in learning more about mortgage loan options for you, please contact one of our loan officers today. We’d love to help you achieve your dreams of homeownership!