There are many factors within our lives that drive us to want to save more money. Whether you’re looking to purchase your first home, plan your dream vacation or are getting ready to start a family, building your savings is a great way to move more quickly toward your goals. If you’re looking to save more in the new year, these steps will help you hit the ground running.
Consider the life goals you might have and how quickly you’d like to reach them. Maybe it’s something on a timeline like a spring break vacation, but it might also be something that you’re looking forward to annually, like building wealth. Make sure the goals you set are achievable and take variables like upcoming expenses, bills and debt payoff into consideration. If your goals are reasonable, adding money to your savings plans won’t feel as stressful.
Take a look at your spending habits throughout the month and see where you can realistically cut back. Make tangible spending limits that are easy to stick to: the simpler the budget is, the more likely you are to attain it. Be kind to yourself: if you’d like a morning coffee, buy it and be mindful tomorrow of the decisions you made yesterday. A little saving can go a long way. You can even reassess your monthly bills to see if it’s possible to save money within available programs. For example, look for safe driving discounts from your car insurer or a television package that might be more affordable.
Reading your entire bank statement can be difficult when there’s so much to comb through. And calculating a realistic budget in your mind is a lot trickier than seeing it daily. Explore your bank’s mobile app to see what kind of savings features it offers. For example, in the U.S. Bank Mobile App, you can stay in the know with features like Money Tracker where you can view your spending across all your accounts, and savings transfer where you can set up automatic transfers to your savings account so you can get closer to your goals. Plus, you can set goals right from the app. Explore more about our mobile app and budgeting tool.
When you’re trying to save a large amount, say, for retirement, college tuition or a wedding, consider working with a financial professional. They can help you create a financial plan that gives you clear direction on how to work toward your financial goals. Building wealth takes time and having someone to guide you can make your life easier.