Tips to help you save more this year
Rising prices on rent, groceries, and gas have made it tougher for many Americans to stretch paychecks from one direct deposit to the next. And whether or not our economy dips into a textbook recession, we’ll likely continue to feel the impact of decades-high inflation for a while.
Saving is the Best Prevention Method
“Only 4 in 10 U.S. adults say they have enough money in savings to handle an unexpected expense of $1,000.”
Here are some proven strategies to set yourself up for consistently spending less while stashing more of your hard-earned money aside for a more financially healthy future.
There’s an App for That
Download our Money Management app and take advantage of an online budget planner to help track your spending night or day. You can also set goals and see what categories you spend the most. This might lead to ways you can reduce some spending in your budget.
Build a Buffer
Sometimes, we have annual expenses that get us into a tight financial spot year after year. It can be auto insurance premiums, your property taxes, or school-related expenses to name a few. IAACU offers a Savers Club to help members reach their emergency savings goals. You set the maturity date, and as long as you have a minimum of $1000 in the account, you can withdraw at any time. This account is a great way to save for a wedding, baby, down payment on a car, and so much more! When the maturity date arrives, you can choose to continue saving, or spend it on your exciting purchase or event! To create a buffer, give yourself some grace and do the following:
Do a Daily Check In
When you wake up in the morning, take one minute to think about what you are saving for. It helps to create a picture in your mind of the reason you want to save for the future. Maybe it’s so your child can attend the college of their choice. Picture them in a cap and gown receiving their diploma. Maybe it’s for a wedding or a much-anticipated vacation. Whatever your motivation is for setting money aside, make it more real by associating it with an image.
Another great way to remind yourself about why you are saving is to place a photo of your saving goal on your refrigerator door or your computer or mousepad – someplace you will see it every day – as a way to keep the idea fresh in your mind.
Pause Before You Purchase
When you find yourself standing in line in a store or sitting home late at night scrolling through an ad from your favorite online store, do the following before you make the purchase:
