STEP ONE: SET A GOAL
Emergency fund? Vacation? Education?
The first step towards sticking with a savings plan is to set a goal
- What are you saving for?
- When do you want it by
- How much do you need to set aside each pay period to get there?
Your Savings Goal is like a map -- it's important to know where you are going and how you plan to get there!
STEP TWO: SET IT ASIDE
Whether it's a special savings account, a piggy bank for loose change, or a money market to get higher dividends, dedicate a place just for your savings goals!
The key to saving $ is putting it in a dedicated account
Keeping your savings separate from your everyday spend minimizes the temptation to use the money for other things, and helps you to keep your eye on your goal.
At TruChoice, you can set up automatic transfers to help build your savings faster!
STEP THREE: DON'T TOUCH
Look we get it. It's easy to be distracted by things you want, and tempting to dip into your savings account to get them.
Before using the money in your savings, take a moment to reflect on your goals
Life happens - and sometimes you might have an unexpected expense. When you do, the important thing is to ask yourself 'is this a need or a want?' Taking some 'cool off' time let's you step back and ask yourself if what you want now outweighs your savings goal.
If you do need to use your savings for an emergency, don't get discouraged! As soon as you are able to start putting money aside again, restart your regular deposits - it will build back up before you know it!
At TruChoice, you can even nickname your savings account, so you're reminded of your goal every time you see it!
STEP FOUR: WATCH IT GROW
This is the exciting part!
Making a regular deposit to your savings with every pay period makes it easier to watch that $$ build!
'Pay yourself first' by adding your savings goal to your monthly budget. This makes it easier to remember to put that money aside for the future.
Adding extra money when you have it helps build your savings even faster. A little bit here and there can make a big difference over time.
Check out our 'Round Up' feature to save $ without having to think about it - we'll take the 'change' from your debit purchases and move it over to your savings for you!
If you're looking for help deciding which savings account is best for you, reach out to us today! We're here for you, and we can get you started on the path to reaching your goals!! Looking to see how much to set aside each pay period? Check out our savings calculator!