Whether you’re preparing for a big purchase, like buying your first car or saving for college, or just need a few extra dollars each month, saving money is a good idea. There are plenty of big ways to keep more money in your account, but here are some smaller ones that could add up to more than you expect.
Keep an eye on it
It’s hard to commit to change if you’re not tracking your spending habits. Sit down once a week and look at all of your financials, such as debit or credit card charges, outstanding bills and other concerns. You may find things you thought were small purchases that built up over the month, like those trips to grab a coffee or running through the drive through for lunch. Making time to analyze your spending will help you find small ways you can cut back on spending. Saving just $20 a month can add up to an extra $240 a year.
You probably have bought something recently and then realized soon after that you’ve made a mistake. To make sure that you spend your hard-earned dollars on things you will actually use or appreciate, Paula Pant of The Balance suggests using delayed gratification. Look at the item and make sure it’s something you truly need. If possible, take at least a day before you make a purchase to ensure it’s not something you’ll regret later.
Upgrade your piggy bank
It may seem like a small thing you did when you were younger, but saving your change can really add up. Upgrade your piggy bank with a big, clear jar so you can watch your left over coins grow. When it’s full, bring your coins into the bank to cash them in. Depending on the size of your jar, you could end up with more cash than you think.
Ease up on online shopping
Online shopping makes it easier than ever to buy things you need… and the things you don’t. You might find it hard to cut it completely out of your life, but Courtney Jespersen of NerdWallet says you should make it more difficult to shop online. If possible, turn off the automatic buy button on Amazon, and don’t save your shipping address or payment method on other sites you use. You might be surprised how less likely you are to hit the purchase button if you have to get up and get your wallet.
Skip or share the entrée
You’re not alone if a large portion of your spending goes to eating out. It’s easy to suggest that you cut that line item down to size, but the reality is that eating out is one of the most common ways to socialize with friends and family. But there are still ways to save when eating out. If possible, consider ordering an appetizer instead of a full entrée, or split a favorite dish with others to keep your bill low.
Saving money takes some sacrifices to be sure, but there are some little steps you can take now that can make a big impact later. Plus, our Personal Bankers are here to help. They can help you find the right account and savings program to help you grow your nest egg.