As we step into 2024, many Americans are putting “saving money” at the top of their New Year’s resolutions. January is the perfect time to reassess your financial goals and explore innovative ways to save money. Given the wide range of money-saving options, sometimes it can feel like drinking water from a fire hose. We understand that achieving financial health can feel overwhelming. Some may think that the only way to save money is by picking up a side hustle or cutting out everything fun from their budgets. Before you jump to that solution, there are less extreme ways to save money. In this blog we’ll explore some smart money moves that over time will create a big impact on your budget and savings.
There are many ways to save money in the new year. With so many free apps and resources it’s crucial to look at your finances and prioritize what is important to you. If you’re cutting everything from your budget except for the must-pay bills and feeling totally miserable, chances are you’ll end up going back to your old spending habits. But don’t worry, we have a list of tips that can help you get started on your savings journey.
Automate Your Savings: Many employers utilize automatic payments by directly depositing pay checks into the accounts of their associates. One way to quicky build up your savings account is by arranging a certain percentage of your paycheck to automatically deposit into your savings. That way, a portion of your income is transferred before you even have a chance to spend it. Even if your employer doesn’t allow you to add another bank account for direct deposit, you can still automate your savings. Academy Bank offers easy-to-use online banking services making it simple to schedule recurring transfers. When you check your savings account after a few months your money will have grown effortlessly!
Savings Cents Program: A unique feature of Academy Bank’s checking accounts is the Saving Cents program. You can build your savings account by rounding up your debit card purchases automatically and putting the change in your savings account. To set this up, simply choose how much you would like to round up. Options range from the nearest $1 to $5. Every time you make a purchase and use your debit card, we will help you put the extra change in your savings each night. This is a great way to build your savings without thinking about it or sacrificing the things you enjoy.
Digital Budgeting Tools: Start the year right by taking advantage of cutting-edge digital budgeting tools. There are numerous apps and platforms that can help you track your income, expenses, and savings goals effortlessly. Apps like Mint, You Need A Budget, provide real time insights into your spending habits. Through budget calculators, you can look objectively at what you can cut back on, allowing you to make informed decisions to save more.
As we ring in the new year, let Academy Bank be your resource in achieving your financial goals. Want to know how you can save even more? Our Financial Education Specialists are always there to answer questions, offer advice, and even teach you how to be more money savvy! Please contact us at FinancialEducationAB@academybank.com for more information. Remember, small changes can lead to BIG financial success over time. Let’s make 2024 the year you take control of your financial future!