Easy Money-Saving Tips To Boost Your Savings
We've all been in that spot where an unexpected expense, like a busted appliance, pops up. Replacing it and taking on an extra loan payment can be challenging if you weren't planning for it.
At Meritus Credit Union, we believe in the importance of a proactive saving approach so you're prepared when an unexpected expense arises. Try these money-saving tips to boost your savings today.
Conduct a bill check-up
Ever wonder how many streaming platforms you're signed up for? And when's the last time you checked your auto insurance coverage? Make saving easier by identifying expenses that you're not really using anymore. At least once a year, sit down and look at these categories to see where you could be saving money. Check your:
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Insurance policies
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Monthly memberships & subscriptions
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Clothing expenses
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Entertainment expenses
Pay yourself first
What's the first thing we should do when we get our paycheck? Many people get paid, pay all of their bills, set money aside for leisure and entertainment, then transfer the rest in savings at the end of the month.
Try looking at saving differently — treat it as a necessary expense. When you do so, you guarantee your savings is growing before watching it disappear on casual spending.
Automate your savings
Saving is best when you don't even have to think about it! Here's a tip: pretend you already have an extra bill each month and set up an automatic transfer to your savings each month for this "phantom bill."
The amount you choose to transfer to your savings account is up to you! Just choose an amount you're comfortable with and set a SMART (Specific, Measurable, Attainable, Realistic, Time Bound) goal to help you save toward a certain amount over time.
Pay down debt to save
It might not seem like it, but sometimes the fastest route to saving is to pay off an old debt. Maybe your credit card or car note has a low balance and you have extra funds in your savings to pay the balance off. Sure, you might lose some of your savings cushion, but the money you save on interest could save you more down the road.
These friendly money-saving tips can help you prepare your savings for a rainy day. Start saving today and make progress toward a better financial future.