Whether you’re saving for an upcoming vacation or retirement, Lake Shore Savings is here to help. Below, we highlight a few of our favorite tips to help you achieve your financial goals.
If saving money feels like a daunting task, try putting aside a small amount of money per week. Start with $5 and then slowly increase it by $1 each week. By the end of the month, you’ll have more than $25 saved.
The 24-Hour Rule
On larger purchases, employ the 24-hour rule. Before deciding to buy that new pair of shoes you so desperately want, give yourself a mandatory 24-hour waiting period. If you still feel strongly about the purchase a day later, then go for it. If not, save your money. This rule helps to cut out impulse buying on a more regular basis.
Avoid ATM Fees
Costly ATM fees can add up. With some as high as $5, you could be spending unnecessary amounts of money just to access your own funds every month. Avoid these charges by stopping by your local branch and withdrawing your money at the counter. It’s easy – and free!
Automate Your Savings
Most companies offer direct deposit options. Have your employer automatically split your paycheck for you every month. Aim for 80% to go into your checking and 20% into your savings. This is a simple, hands-off approach to saving that will help you accumulate money more quickly from month to month.
Choose the Right Savings Account
When looking around for a savings account, make sure to find the one that best fits your needs. What are you saving for? Do you need ready access to your money? Align the offerings with your savings goals. And, be sure to check the interest rates as well as the terms and conditions for any and all information to help you make an informed and smart decision.
Set Goals and Make a Plan
When it comes to saving, motivation is essential. Whether they are short or long term, make sure that your goals are specific and realistic. Instead of “I want to save more money this year,” try “I want to save $1,000 by this fall.” Structure will be your best friend when it comes to helping you stay motivated in your quest to save during the year.
Saving for the future is important. For more advice and tips, stop by any of our local branches and talk with one of our trusted financial advisors. We have a range of savings accounts with a variety of benefits and flexibility. At Lake Shore Savings, our focus is always on you and meeting your financial needs.