Saving money is a hurdle many people face. Some people feel they don’t have a large enough income to put anything in savings, while others make impulsive spending decisions with money they could be saving. The reality is that you should be saving money for your future—no matter your circumstances. The general rule of thumb is to save approximately 20 percent of your income each month. So, how can you become a better saver?
Tip #1: Pay yourself first. No matter how much you make each month, you can save money if you make it a priority to pay yourself first. The best way to do this is to automatically deposit a set amount from your paycheck or from your checking account to a savings account every month. If you don’t see it leave your account, you won’t know it’s there. Start with just $10 a month if you’re concerned about your monthly obligations and then increase the amount as you get used to saving.
Tip #2: Wait before you buy. If you tend to be an impulsive shopper, wait at least 24 hours before you buy something. If you’ve done your research and know you’re getting a deal on something you truly need, then you can feel secure in that purchase. Many times, if you wait before you buy something, you’ll find you really don’t need it after all.
Tip #3: Keep your change. It may sound crazy, but put all your loose change in a jar or box. Once you fill it up, take it to your financial institution to deposit it. Some financial institutions offer free coin counting machines to help you with this.
Tip #4: Stick to your budget. One of the best ways you can save is sticking to a realistic budget. You may have to make cuts here and there, but it’ll be worth it when you’ve accomplished the goals you’ve set for yourself.
Tip #5: Register for Save Up. Grow your savings every time you shop with Save Up—a program that works with your Heritage Bank personal checking account and Visa® Debit Card. Simply open a Heritage Bank savings account, enroll in Save Up, and use your debit card for all your purchases. Save Up will round each eligible debit card transaction up to the nearest whole dollar and automatically transfer the excess to your savings account.
Tip #6: Use the CardValet app. As a Heritage Bank customer, you get access to tools that help you track and manage your money, like the CardValet app. CardValet lets you control debit card usage and spending on the go. You can receive alerts every time your card is used and even establish transaction controls for dollar amount limits, merchant categories, transaction types, and geographic locations. Not only can the app help you monitor your spending, but you can turn your cards off if they get misplaced or stolen and back on when you’re ready to use them.
Tip #7: Involve your friends. Another great way to stay on track is to let your friends and family know you want to save more money and spend less. Ask a few of them to hold you accountable each month or if they want to join you in saving more money!
Information is for informational purposes only and is not intended to provide legal or financial advice.