9 Easy Ways To Save More Money
December 29, 2022
If you are in a financial position to strategize ways to improve your financial health, there are a few easy ways you can save more. Our tips will help guide you toward a financial success when it comes to cutting spending and increasing saving.
Use Resources and Tools: Centier's Money Management Tool available in digital banking allows clients to create budgets, set savings goals, and manage spending with use of charts and built-in analysis. These tools are designed to help consumers track their spending and look for opportunities to cut back or adjust their spending. Another resource is being able to examine your net worth and track progress.
Budget. Creating a budget is one of the first steps you should take toward saving more money. Without a budget, you won’t know where your money is going and where you can find room to improve. Furthermore, a budget is imperative to helping you keep track of your spending and planning for unexpected expenses. Centier To You's free e-courses on budgeting, saving, and credit can help you understand the health of your finances and keep your budget on track for a brighter future.
Automate Your Savings. Consider setting up an automatic transfer from each paycheck into your savings account. The “set it and forget it” approach is helpful as it does not require you to remember to transfer money into your savings account or expend any extra effort. This can also reduce the temptation of spending that money before it gets saved. Billinero, the prize-linked savings app powered by Centier, is a great option!
Save Your Bonus or Tax Refund: It can be tempting to take an annual bonus and treat yourself to something nice, but if you put it away in your savings account, it can help you achieve your savings goals that much quicker. The same thing applies if you earn a raise or acquire a tax refund; putting that money away provides peace of mind and flexibility in regards to future spending.
Eliminate Debt. When you must pay interest on credit card balances and loans, you’re throwing away money. After paying off your loans and debts, you’ll have more money to save. Figure out a plan to tackle your debt – try tackling high-interest debt first. The faster you pay it off, the less you’ll have to pay in interest. Once your debt is paid off, consider putting the money you were paying each month into your savings moving forward.
Examine Your Shopping Habits. Are you subscribed to too many marketing emails? Do you have too many paid subscriptions? Are you an impulse shopper? Take a look at your spending habits and find ways to make small adjustments. For example, use the 24-hour rule when shopping. If you find an item you want to buy, think it over for 24 hours before purchasing. After considering it for a day, you might decide you don’t need it after all.
Increase Your Contributions. Increasing your 401(k) contributions by only one percent annually can make a big difference! If your employer offers a 401(k) match, take advantage of it – it’s free money.
Certificates of Deposit: CDs are popular with savers looking for more predictable funds. A CD is an account that allows you to save money typically at a fixed interest rate for a set amount of time, and are an easy way to save if you don't need immediate access to your money. They usually pay you a higher interest rate than a traditional savings or money market account. Find more information here.
Ask for Help. You don’t have to dive into savings all alone! We have a dedicated group of individuals to help you understand your finances and make recommendations regarding your financial plan.
For more ways to learn how to save, check out Centier Bank's savings account solutions to meet your individual financial needs.