Boost Your Savings with 5 Simple Challenges  

It’s not easy to save money for the future. In the U.S., the average American puts away just 4% of their annual income, according to the Bureau of Economic Analysis, a division of the U.S. Department of Commerce. That comes to an average of $3,500 per year. If you’d like to save more for the future, these five challenges might help.

1. Spend Mindfully (All Year Long): Every time you go to spend money, think carefully about the purchase. Do you need whatever it is you’re going to buy? Instead of being caught up in the moment, take a minute to look around. Are you buying out of boredom? Be fully aware of the transaction and ensure it is within your overall budget.

2. Share Your Savings Goals with a Friend (Weekly): People don’t like to talk about money. But doing so can help you remain accountable to your progress. Every week, tell a friend about how much you’ve put into savings and your goals for the next week. For a bonus challenge, invite them to share their savings goals with you. 

3. Put 10% Toward Emergencies (Every Paycheck): Want to build your savings quickly? Put away 10% of every paycheck until you’ve built up your emergency savings enough to cover six months of your household bills. If you pay $5,000 a month for all of your bills, then you’ll need $30,000 for your emergency savings account.

4. Beat Your Budget (Monthly): Every month, calculate how much you came under budget. Then, put that money into your overall savings. If possible, try to beat the prior month’s savings.

5. Cancel and Save (Monthly): Starting today, take a look at every online streaming service you have. Those can include movies, television shows, music, and more. Every month, cancel one of the services and put the money you would have spent into savings. The following month, remove another service and put the cost of that service into savings, along with the monthly cost of the other cancelled services. By the end of the year, you’ll have removed up to a dozen services, balanced your budget a little more, and boosted your overall savings.

Mid-Atlantic FCU Believes in Your Financial Freedom
Saving for the future can be the key to financial freedom, whether that’s having money to pay the bills or going on a long-overdue vacation. Our team is here to help with your savings goals. Stop by or contact us today.