The most common financial resolution people make is to save more money. Considering about four in 10 American adults have no savings except what they have put aside for retirement, and six in 10 American adults do not have an emergency fund in place to cover three months of expenses, you could say America has a money saving problem.
However, Alpine Bank is here to help you put your savings account to work this year. Here are a few tips to give your piggy bank something to smile about:
Set up a budget and savings plan- this will help you see where you can cut expenses to put them into your Alpine Bank savings account. Through budgeting you should be able to see how much of each paycheck or other income you can put into savings.
Recognize that it doesn’t take much- a common mistake is thinking saving money means living on less. That’s not necessarily true. If you get paid twice a month, that’s 24 deposits to your savings account in a year.
Pay yourself first- make your first transaction on every payday a transfer for a set amount from your checking account to your savings account. Better yet, set up automatic payments to move that amount automatically every week, two weeks or however often you get paid. You can’t miss money you never had.
Create an emotional attachment to saving money- money is already an emotional subject, but the stronger connection you make with saving it the more you’ll view each possible expense in a different, better light.
Ask yourself one question- “Do I really need this?” Stopping and thinking instead of making an impulsive purchase can end up saving you loads of money over the course of a year.
Try out these tips in your life to see how much money you can save. If you need any help with managing your savings for now or in the future, get in touch with your nearest Alpine Bank location today.