Having a little extra money in your bank account in these challenging times can help give you some peace of mind and a sense of security. Maintaining a savings account can help save you when you need any emergency funds or when you just need to treat yourself after weeks upon weeks of stress.
It can be a little daunting to start that account, especially if you’re not too particular about money management to begin with. Here are a couple of tips you can adopt into your spending routine.
- Assign an Accountability Buddy
If you have a spouse, have them help you go over the bills and the budget plan for the month. You can also reel an older family member or a friend you’re comfortable with so that you don’t have to go through these financial waters alone.
They may present some of their opinions on what expenses you can cut back on or possible loans you may want to rethink, especially if they’re affected by your decision too. Just remember to have a cool head and open mind heading into the conversation.
- Start Saving at a Small Percent
You may find it difficult to start saving a large portion of your income, so it’s recommended to start smaller first. Excluding taxes, try to store away 5% of your payment for the first month. You can start decreasing or increasing this percentage depending on the number of your expenses.
- Do Not Waste Food
This tip will not only help the environment but will be suitable for your bank account. Wasted food can cause you to go to grocery stores and overspend on new stocks. Take control of your kitchen, and be sure to use up every ounce of food there is.
- Budget Your Travel Plans
It isn’t encouraged to travel during the pandemic, but start budgeting if you have an emergency trip to take. Pulling the plug on some appliances after use, turning the lights off when you don’t need them, and lowering the brightness on your devices are a few easy ways to do just that.
- Pay the Bills on Time
One good rule of managing your money is to make sure you get to your bills on time. Have a calendar dedicated to the different due dates of your bills, so you never have to miss a payment. You can also get in touch with some providers to see if you can have some dates changed.
- Go to the Free Spaces
Do you feel like buying a book or watching a movie? You may want to check if your local library offers any titles and rentals that you may be looking for. There are also community events where you can meet people if you feel like it too.
By using these tips and incorporating them into your daily routine, you might be surprised at what you’ve saved in a year. Understandably, try to save money if you have the means and flexibility to keep a bit of cash in your account.
Want to find the best savings account rates? Good Neighbors Credit Union helps individuals to have an easy financial management experience through their different banking services and resources. Get in touch with us now!