Across the country, February 26 through March 3 signifies National America Saves Week. This week is an excellent time to reflect on your financial goals and create strategies to better achieve them. For many, saving money is a financial goal that can be difficult to achieve. Still, creating a budget that allows you to save money (whether for an emergency fund, a down payment on a new house, or anything in between) is a crucial first step towards achieving improved financial stability.
How to Save Money and Achieve Financial Stability
Saving money doesn’t have to be so difficult, however. Even if you’re on a tight budget, there are steps you can take to boost your savings and contribute towards your short- and long-term financial goals.
For starters, be sure to create and follow a monthly budget. Your budget should take into consideration not just your monthly income but your recurring monthly expenses as well (utilities, rent/mortgage, groceries, and other bills). The more money you have leftover, the more easily you can save. One of the best ways to reduce your monthly spending and save more money is to scrutinize your spending habits. This means taking the time to download bank and credit card statements from the previous few months and taking a look at where your money is really going. You might be surprised to find, for example, just how much you’re spending on your daily coffee or your weekly online shopping sprees. Finding creative ways to cut back on this spending (like brewing your own coffee at home) can make all the difference!
Groceries are another major expense where you may be able to save some money with a little creativity and planning. Aside from downloading and clipping manufacturer coupons to reduce your grocery bill, consider swapping out name brand groceries for generic options and buying some of your groceries at more budget-friendly places, such as local farmer’s markets.
Tools and Resources from Union Bank
Also be sure to take advantage of the tools and resources that are available to help you save. Specifically, Union Bank offers savings and money market accounts, as well as CDs and IRAs, to help you achieve your financial goals.
Our Certificates of Deposit (CDs) offer a steady rate of return and flexible term lengths to suit your needs (anywhere from seven days to five years!), and our wide range of IRA options can suit your unique retirement needs. From fixed-rate to variable-rate IRAs, we’ve got you covered.
Kick-start your money-saving goals during National America Saves Week with resources from Union Bank. Stop by a branch near you to find out more about these options or any of the additional banking solutions Union Bank has to offer!