Our friend Saver Squirrel loves to “squirrel away” cash and is always excited to talk to other savers about their habits. Today, he’s offering some advice to anyone trying to get started with their savings goals!
Open a savings account: Saver says it is important to keep your savings separate from the money you use for paying monthly bills and daily expenses. Keep it safe from temptation and put it in a savings account. At VCNB, we offer a Passbook Savings Account that gives you online access to your funds. Read more about Passbook Savings Accounts to learn about minimum balances and how to access your money.
Automate, automate, automate: Schedule automatic transfers to your new savings. This makes it like any other bill you would pay and removes the burden of remembering to do it. With the online access you receive when you open a Passbook Savings, it’s easy as pie to schedule a regular transfer from your VCNB checking to your savings.
Start small: Saver likes to say that every acorn counts! Start saving what you can spare. Just $10 a week will add up so don’t be embarrassed if this is where you have to start. Saver has found that the more he saves, the more he wants to save. He thinks when you see your own savings start to add up, you may be inspired to stash away more.
Make it a game: If you have a little more to spare, make it a game. Some folks save every $5 bill they get. Others toss their change in a jar every day. Someone told Saver the other day that when they are tempted to buy something they don’t need, instead they skip the purchase and transfer the funds into their savings account. Save a dollar a day or find a fun savings chart to follow. Pinterest is a great source for this kind of inspiration.
Keep a goal in mind: Saving money for the sake of having it doesn’t always inspire us to stick to make spending cuts or to even stick to a plan. That’s why it’s important to know why you’re saving. Most Americans don’t have an emergency fund. Maybe you want to save money so you’re prepared the next time Murphy’s Law comes knocking and an appliance breaks or you get sick. If you are planning a big vacation or saving for a house payment, keep visual reminders around or stop and think about how nice it will feel to take your family on that summer vacation.
Track your progress: Saver thinks that the best way to stay focused is to assess progress. He recommends checking your account online periodically to see the dollars add up. Better yet, keep a chart on the refrigerator or a spreadsheet with your budget so you can celebrate your successes!!
While saving comes naturally to Saver Squirrel, it’s not so easy for everyone. Start small, make it easy on yourself and celebrate your accomplishments! Before you know it, you’ll have some cushion in the bank and you’ll be on your way to being just like Saver Squirrel!