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Tips for Saving Money

Tips for Saving Money

Want to save more but don’t know where to start?  Here are some tips on getting your finances in order and beginning the road to savings.


Set realistic savings goals for yourself.

Start by setting a savings goal – something you can begin to work towards. Your savings goals should be realistic and timely. Are your savings goals more short-term such as an emergency fund or vacation or long-term such as saving for a down payment on a home? Once you have a goal in mind figure out how long it might take you to save for it. Our savings calculator can help you calculate the timeframe and amount. 


Record your expenses and make a budget.

Ever get to the end of the month and wonder where all your money went? Track every penny you spend for one month – this will help you get a clear picture of your expenses, spending and income. This will be eye-opening, you might realize you are spending more on eating out or on your regular shopping trips than you thought. Once you know your spending habits, you can create a realistic budget. You’ll probably need to make adjustments to your budget as you go along to figure out what works best for you.


Make savings automatic.

Setting up automatic transfers, allotments, or direct deposits make saving easier. You can choose to have a percentage of your paycheck every month go directly into a savings account every month if you choose.  You can also set up automatic transfers between your checking and savings account. Having savings automatic will help reduce the temptation to spend.


Use technology to your advantage.

Online and Mobile Banking can help you stay on top of your finances while on the go – as well as save you money. Bank 24/7 without having to drive to the branch. You can track your budget and watch expenses easily.  


Choose your savings tool.

There are many accounts that you can use as a tool in helping you save in addition to a standard Savings Account. Certificates often offer higher interest rates and you’re limited to withdrawals which could be a benefit when working on saving – and not spending.  Money Market Accounts are more flexible than Certificates and offer higher interest rates. However, they do require a higher balance.  When choosing an account or savings tool make sure it fits with your goal. Regularly assess your progress and watch your savings grow. Some accounts only work for longer-term goals.


Check your progress regularly.

In order to continue to save and stay on track check up on your progress regularly. Review your transaction history to ensure you’re on track with your budget and your savings goals. Our Online Banking has budgeting and savings tools that can help.


When it comes to saving, the main thing is to stick to it and make it a habit. Soon savings and budgeting will come easy and before you know it you’ll have a nice emergency or vacation fund.

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  • This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. Hypothetical illustrations may provide historical or current performance information.