Saving money and seeing your account balance increase sounds nice, but sometimes, you hang out with friends, eat out, or see something really cool or pretty at the mall. Then saving can be difficult.
Here are three ways you can start saving more and see that balance grow:
Master the 10-Second Rule
When you pick an item in your cart, whether online or in-store shopping, stop and think for 10 seconds - do you really need it? If you find yourself making excuses, put it back or delete it from your online cart and walk away. You can save a lot of money by avoiding impulse shopping or buying goods that you want but do not need.
Have a Reason to Save
One of the best ways you can save more is having a reason to save. Think about what you would like to save for and how long will it take for you to save that much. Make sure that these savings goals are S.M.A.R.T. goals.
Here are examples of short- and long-term goals:
| Short-Term Goals (1 month to 3 years) || Long-Term Goals (4 years or more) |
|Emergency Funds ||Retirement |
|Traveling the world || Downpayment for a new home |
|Building a Christmas Club Account ||Child's higher education |
Make Money While You Sleep
As the saying goes, don't put all your eggs in one basket. If you want to make money while you sleep, open a few different savings accounts that earn interest and let your money grow.
Here are savings account for the short-run:
- Regular Savings Account
- Tiered Money Market (High-Yielding Savings Account)
- Savings Certificates
Here are savings account for the long-run:
- Individual Retirement Accounts (IRAs)
- Insurance products or other tax-deferred investments
- Stocks or Mutual Funds
If you would like to learn more about how you can save, visit Meadows Credit Union or call us and talk with a Financial Services Associate.