How to Grow Your Savings Faster
What are you saving for? Maybe a down payment on a house or a family vacation? Perhaps you just want to build your emergency fund to cover unexpected expenses. Here are some tips to grow your nest egg quicker.
Set Specific Goals
Saving money simply for the sake of saving money isn’t that motivating. Think through something you want, estimate the total amount you’ll need and break it down into smaller benchmarks. If you want to go on a $3,000 European vacation in a year, calculate how much you’ll need to set aside each paycheck to make that goal.
Find Places to Trim
Review your spending history and identify areas where you could cut back. Are there any subscriptions or memberships you’re getting charged for monthly that you aren’t using? Could you make more meals at home so you spend less at restaurants? Reallocate this money to boost your savings.
Automate Your Savings
Have you ever thought to yourself, I’ll save what I have leftover at the end of the paycheck, but then you find that you’ve spent all your money before you get paid again? Try automating your savings before you’re tempted to use them. Just schedule a recurring transfer from your checking to your savings account each pay day. Then you won’t even have to think about saving!
Go Beyond the Traditional Savings Account
Savings accounts are helpful when you want to earn a little extra while keeping easy access to your money. However, if you want to earn an even higher rate, consider opening a certificate or money market account. If you have money you know you won’t need to touch for several months or even a year or more, consider opening up a certificate account. At Landmark, you can open up a high-rate certificate with as little as $500. Or if you have a larger amount of money on hand like $2,500 or more, but you still want to be able to access your funds, you might want to open a money market account.
As your credit union, we’re here to help you achieve your financial goals. Explore all the options we offer to fast-track your savings.