Three Ways to Give Your Savings Account a Little Boost
What does “saving extra” mean to you? Whether it is putting change in a piggy bank or moving everything not in your monthly budget into a savings account, creating the habit of saving and sticking to it over time can make a huge difference. Start committing to one (or all) of these three ways to save a little extra cash to help you have a healthy financial life.
1. Prioritize Saving in Your Budget.
Rent, utilities, auto loan, insurance, and other monthly bills are usually a “given” in your budget. You must include them, or you won’t have running water or be able to drive to work. When you prioritize these items, they stay top-of-mind as you consider your daily and weekly spending. Why not treat your savings the same way – as a priority? We don’t always consider our savings goal as a necessity the way we do our bills, but it ought to be. Prioritize saving by placing it in your budget alongside your bills.
2. Save Any Extra Money That Comes Along
Did you receive notice of a raise? Maybe you have a bonus coming your way for a job well done. Whatever the reason may be, allocate any additional funds that enter your budget to your savings goals. You won’t miss the percentage raise you receive, and more importantly you won’t “live into” it by spending an extra $50 a week just because. You weren’t planning on that bonus when you created your budget, so tuck it away for a rainy day.
3. Split Your Tax Refund
It’s a universal truth: saving at tax time can be a big step toward meeting your savings goals. During the next tax season, opt to split a portion of your tax refund into your savings account and use the rest to help pay off any bills or debt, or you can even have some fun with it by taking a vacation or renovating your home. If you are trying to save for something big, consider putting all your tax refund into your savings account. For many of us, the tax refund is the largest check we will receive all year, which provides the perfect opportunity to start or grow your savings goal.
Saving the extra is an easy and quick way to jumpstart your savings. As you go about your daily life, start to identify the ways that you and your household can save the extra and add a little boost to your bank account. You’ll have a large savings account in no time!
Learn even more about savings options in our financial learning center. Check it out here.
Ready to open a savings account today? Create your Gulf Winds Savings Account today and name your account for the special thing you’re saving for like vacation or a rainy day fund.