How many of you made a New Year’s Resolution to save money this year? I know that is a goal in our home. With my husband’s retirement from the military looming in just a few years, we are trying to get our financial situation in tip top shape to prepare for the transition to civilian life (and whatever financial situations may accompany it!)
I recently took this Suntrust Spending Quiz to find out my financial personality and it rang so true for me. I’m super frugal for a long time then I go on spending binges. I realize by allotting myself a certain amount on splurging money per month I can resist the urge to spend on things I don’t need. This helps us with our savings goals. Here are 5 other easy ways you can save money this year!
1. Set Up an Automatic Withdrawal
Setting up an automatic withdrawal, even if it’s only $10 can help you build your savings without thinking about it. By having money withdrawn as soon as you get paid you won’t have to risk forgetting to set it aside or running out of money at the end of the month without having saved. Think about how much you can set aside and set up an automatic transfer with your bank for your paydays. Imagine how it will add up over time!
2.Out of Sight, Out of Mind
If you use an app to check your bank account, see if your bank can remove your savings account from your account list. If you don’t see that savings number rising you’ll be less tempted to tap into that money when finances get tight.
3. Save Your Small Bills
Everytime you have a $1 or $5 bill, place it in a special jar for savings. Those smaller bills won’t have a huge affect on your day to day spending but will add up very quickly when you’re setting them aside consistently!
4. Shop Smart and Save the Difference
As I mentioned in my recent post on saving while grocery shopping, you can cut your grocery bill drastically even without couponing. Commit to shopping more wisely in the new year and save the difference of what you save on sales and with coupons. Most stores even tell you at the bottom of the receipt how much you saved so it makes it easy to know how much to set aside!
5.Try the 52 Week Challenge
Each week of the year, save the amount of money as that number week, so the first week in January save $1, the second week save $2 and so on until the last week of December you are saving $52. You’ll save over $1000 easily in one year!
By making small steps towards your savings goals you can find yourself in a much better financial situation this time next year. What are your favorite savings tricks?
At SunTrust Bank their purpose is lighting the way to financial well being. They help you get organized, make a plan, and stay on track so you can get and stay in control of your finances. When you are confident about your money, you can save for your goals and splurge knowingly on what matters most to you.
What is your money personality? Find out here
To find advice, tips, tools and motivation to start your new year click here
This is a sponsored conversation written by me on behalf of SunTrust. The opinions and text are all mine.