Saving for the Future on a Tight Income

When you’re just starting out or starting over, income and expenses can get in the way of saving for the future. Thankfully, there are things you can do to plan ahead and build strong savings. Let’s look at five tips you can use to build and boost your savings over time. 

1. Round-Up and Save: They say change comes from within, but we say it comes from everyday purchases. Instead of socking away $10 a month into a savings account, build up to that amount by saving your change. Here’s how it works: Every time you make a purchase, note the price. If it came to $5.25, transfer 75 cents into your specialty savings account. If the purchase came to $19.99, transfer a penny into that savings account. Believe it or not, that change will add up.
2. Big Bonus Savings: Anytime you come into money you weren’t expecting, whether that’s from a tax refund, gift, or company bonus, put 50% of it into a specialty savings account. The other 50%? Use it to pay down debt or pad that month’s income.
3. Audit Your Subscriptions: There’s a good chance you’re paying for monthly subscriptions/streaming services you don’t use or need. Why not cancel those services and put the money you were spending toward your financial future? Do a full review of every subscription by examining each of your credit card bills and monthly statements. Decide what you can get rid of, then start putting that monthly fee into savings. Don’t forget, some wireless services and internet providers subsidize streaming services. If you’re not using those, why pay the difference?  
4. Set Up Automatic Transfers: Use Online Banking to set up automatic transfers from checking to savings. Don’t go crazy, just $5/month will be just fine for now. After a year, you’ll have saved $60 without even knowing it.

Discover Your Savings Options at Mid-Atlantic FCU
Our team of professionals can help you open the right savings account(s) and plan for your someday. Stop by or contact us today.