It’s hard to believe we’re already halfway through 2023, but just because the year is halfway over doesn’t mean it’s too late to start saving! We compiled six of our favorite money-saving ideas to help get you to the end of the year with more money in your savings account.
Establish a Savings Goal
Want to save for a vacation or down payment? Or what about building an emergency fund as a financial cushion for the unexpected? Whatever your savings goal may be, set a realistic amount and timeline for when you wish to accomplish your money-saving plan.
Enroll in a Round-Up Program
Round-up programs are one of the best ways to save money without thinking about it. Typically, with a round-up program, every purchase that you make with your debit card will round up to the nearest whole dollar. The round-up amount is then transferred to a savings account of your choice.
For example, if you purchased $10.25 worth of groceries at the store, the round-up program would round that purchase up to $11.00. The extra $0.75 gets deposited into your savings account from your checking account. This may not seem like much but think about how many times you use your debit card per week. It may surprise you how small money-saving habits like a round-up program can make a difference!
Set Up Automatic Transfers
If your financial institution doesn’t offer a round-up program, an automatic transfer is another easy way to save money and grow your savings without much effort. You can set these transfers to occur weekly, biweekly, or monthly—whichever works best for you and your goals. Having the same amount go into your savings account each time is a strategic way to predict how long it will take to reach your goals.
Declutter Your Subscriptions
We know you’ve probably heard this before and didn’t believe, but subscriptions can add up to a considerable cost. Take some time to go through the subscriptions you use the most and which ones are idle. If you can eliminate a couple of subscriptions from your spending every month, that’s more money going toward your savings goal!
Delay “Nice-to-Have” Purchases
Something may catch your eye at your favorite online store that’s a want, not a need. Before making the impulse buy, sleep on it and wait a couple days to consider if you really need that item.
Open a Separate Savings Account
While having a savings account is great, you may want to consider putting money aside in a different account if you’re saving for something specific. This can help you track your progress toward your goals and prevent the spending of those funds.
Whether you’re interested in joining the Centris Round-Up program or want to open a separate Club Account, Centris Federal Credit Union has several solutions to help save more money in 2023. For more information, visit the Centris Financial Wellness Center or open a savings account with us today!
