September 29, 2011
You know you should be saving money, but sometimes it's hard to get started or to stay on track. If you're having trouble establishing a savings plan, try these few easy steps.
- Make savings a priority. Think of your savings account or money market as any other bill and deposit money at the same time each month. Consider what you have left your discretionary income.
- Make it automatic. Utilize automatic payroll deductions or automatic banking transfers so you don't even have to think about savings each month.
- Don't throw away money. Each time you miss a payment and have to pay a late fee you are wasting money. Keep a bill schedule and ensure you submit each payment on time. This will help your credit score and your savings ability in the long run.
- Define wants versus needs. Before every purchase - from groceries and lunch out to clothes and electronics - ask yourself if you really need it. Eliminating impulse purchases can save you big.
- Shop around and negotiate. Competition exists for every product and service, so before buying, shop around and see if you can find a better deal elsewhere. Then, before committing to buy simply ask for a discount
Financial products that match your needs and goals are also a vital part to smart savings. Talk to your customer service representative at your local United Community Bank to see if you're using the best products for your situation, and get other tips on smart saving.