A new year is a great time for a money makeover. If you struggle with saving, or want to save even more than you do already, here are six strategies worth implementing.
One of the simplest ways to avoid impulse purchases is to apply the 30-day rule. Like its name implies, this rule involves waiting a period of 30 days to decide whether or not the item you want to buy is truly needed. Observing this rule each month is a great way to build a long-term habit of making delayed purchasing decisions.
Whether you’re grocery shopping or clothes shopping, an easy way to avoid unplanned purchases is to make a list. Make sure to stick to the list and turn a blind eye to anything not on it. This strategy will help you buy only the food and clothing you need, rather than splurging on junk food that you might not eat or trendy apparel that you might only wear a few times.
While having a night out with your partner or friends can be refreshing, it can be a pricey habit. Limit evening outings by opting for alternative entertainment and food at home. Try having a movie, game or trivia night, or an appetizer potluck, with friends the next time you crave a get-together.
Pay down your debts
School loans and credit cards can have high interest rates that add up over time. It is advised to pay down your debts as soon as possible to maximize savings. If you’re not sure where to start, begin with the loans or accounts that have the highest interest rates.
Use automatic deposits
Put modern banking methods to use by setting up automatic deposits into your savings account each time you get a paycheck. This is an easy way to stay on track with your saving goals. Our Personal Bankers would be happy to help set this up for your Waukesha State Bank checking and savings accounts.
Make your own meals
Frequently eating out can take a toll on your savings. Cooking your own meals regularly, is an easy way to reduce monthly food costs. Implementing budget-friendly dishes — like soup and pasta — into your meal plan, is a way to save even more money.
By applying these six tips, you’re well on your way to a more lucrative new year — and building healthier financial habits that will pay off in the years to come. And don’t forget, our bankers are here to help you reach your financial goals. Visit with our Personal Bankers or chat with us online.