Ways to Make Saving Money Easier

October 30, 2017 Financial Wellness

There’s no doubt about it — saving money can be challenging, even when you have a specific goal in mind. Challenging, but not impossible. And the easier you make it, the more likely you are to be successful.

1. Avoid temptation: Don’t let the money you’re saving for emergencies just sit in your checking account. Consider depositing those funds in a short-term savings vehicle so you won’t be tempted to access it without a good reason. These accounts are generally liquid, so you’ll be able to get your money out quickly whenever you do need it.

2. Save it before you see it: Arrange for a portion of each paycheck to be automatically deposited in your bank savings account or have it contributed to your retirement account. If you’re not used to having that money to spend, you probably won’t miss it.

3. Make it personal: Having a concrete goal can help you stay on track with your savings plan. Even a major goal — like preparing for retirement — can be personalized if you think about it in concrete terms, such as having money to buy a retirement home or travel around the country.

4. Practice self-control: Think about behaviors that could lead you astray and avoid them. Don’t go to the mall or visit your favorite shopping websites if you know you can’t resist making a purchase. Find other things to do with your leisure time so you won’t be tempted to shop out of boredom

Visit the One Day is Today!® online toolbox to learn more about ways to improve your financial life.

Before investing, understand that annuities and/or retirement plan products are not insured by the FDIC, NCUA, or any other Federal government agency, and are not deposits or obligations of, guaranteed by, or insured by the depository institution where offered or any of its affiliates.

Investing involves risk including potential loss of principal.



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