As we get ready to kick-off the new year, here are a few simple ideas to help you save money throughout 2018.
Automate Savings to a Separate Account
One of the best ways to save money is to never make it available to spend in the first place. Set aside a target amount each month that you want to save, and set up automatic transfers to a dedicated savings account. How much should you set aside? It doesn’t really matter. The important thing is that you’ll be saving more than you did previously, and it will require little to no effort on your part to manage. Just set it and forget it – then let the savings begin!
Here are some common benefits you get with a dedicated savings account with automated transfers:
- Low minimum deposit to get started
- Flexibility to set your deposit schedule – once a month, twice a month, or on every paycheck
Bring Your Lunch to Work
According to one analysis of the United States Department of Agriculture’s food expenditure data from 2014 performed by The Food Institute, millennials spent 44% of their food dollars on eating out. The trend of fast-casual restaurants and increased take-out ordering options means it’s becoming more convenient for Americans to get food quickly on the go. It also makes it easy to quickly rack up expensive meals if you’re not carefully managing how much you spend.
Making a lunch at home and bringing it to work is a great way to buck this trend and deliver yourself savings throughout 2018 – with the added benefit it might give you some extra time on your lunch break to relax or socialize with your co-workers.
Open a Christmas Club Savings Account
Start setting aside cash year-round so that you’re ready when Santa Claus comes to town in 2018. The focus of Christmas should be on family fun – not worrying about your holiday shopping budget. Planning ahead and getting an early start on your holiday shopping can help alleviate some financial stress during the holiday season. A little planning and a little saving can go a long way to having a stress-free Christmas and finishing the year on track financially.
To learn more about how a Christmas savings account can help you start setting aside cash for next holiday season, check out our Christmas Club Savings Account. Some of the advantages of this account include:
- No monthly service fees
- No minimum balance
- Earn competitive dividends in the months leading up to the holidays
2018 is your year to start saving!