Was one of your resolutions for this year to save more money?
Here are some of our best tips and tricks to help you save more and achieve your financial goals this year.
Save with Intention
Don’t just save money, save money for specific purposes. If you don’t have an emergency fund, then create a savings account specifically for that purpose. Do the same with other savings goals, like college, retirement, or even just a vacation account!
If you automate your savings, then the money will never even hit your account. That will make you less likely to spend it. Ask your employer or HR department if they can set up a percentage of every pay check be deposited directly into a savings account. If they can’t, then set up automatic transfers every month yourself!
Save More with Short Term Goals
Setting a goal to save $50 a month will be more manageable and easier to track than a large or abstract savings goal. People are more successful with concrete, short term goals. $50 may not seem like a lot but by the end of the year you’ll have $600 saved.
Treat Yourself to Savings
Everyone should be treated every now and again! This year when you splurge on a new pair of jeans or even just a smoothie while out shopping, put the amount you spent in savings.
Enroll in Auto-Pay
Putting payments like car payments, credit cards and more on auto-pay means they will be paid in full each month. You’ll lose the risk of incurring late fees. And sometimes, like in the case of student loan consolidation at PCU, you can receive an interest rate reduction if you enroll in auto-pay.
Refinance Your Loans
If you are eligible to refinance your auto loan or mortgage you can save a lot of money in interest payments. Just lowering the interest rate from 7 to 6.5 percent on a 100,000, 15-year fixed rate mortgage can save more than $5,000 over the life of the loan!
Read more in To Refinance or Not To Refinance.
Save Any Windfalls
When you receive any money you were not expecting, such as a bonus at work or a tax refund put that money into a savings account. If you can’t afford to put it all into savings, then at least aim to save 30% or more of the amount.
Make the Most of Your 401(k)
According to the U.S. Census Bureau, only 32% of Americans are saving for retirement via a 401(k). If you already have a 401(k) open, try to put in the maximum contribution annually and take advantage of employer matching if it’s available to you.
Make the most of your 2019! PCU is here to help you reach your savings goals no matter what they may be! Contact us today to open a savings account in Rockland or Bergen County, or schedule a time to speak to our financial planner, at no cost! We're here to help you find the best savings account for you. Visit us at any of our convenient locations in Orangeburg, New City, or Nanuet.
View current savings rates in Rockland and Bergen County.
Read more about creating the best savings strategy for you.
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