Looking to buy a new car, home, or just wanting to take a trip somewhere to escape from the cold weather, but it feels unattainable? Or maybe you're wondering, where is all my money going? Saving your money can often feel like running on a hamster wheel - you're trying to get somewhere but staying stagnant at the same time. Luckily, this month is all about savings and what you can do to better prepare yourself financially for the future. Financial Planning Month provides the opportunity to assess what you're really spending your money on, what you can do to cut costs, and how you can create simple plans that add up over time.
Additionally, with holidays right around the corner, giving yourself a month to analyze and prepare for the upcoming season sets an ideal timeline to establish new goals and review your finances.
How to Get Started
There are simple ways to cut back on spending, and as we all know every dollar counts. Making small steps toward a better financial state will result in making better financial decisions in the future. It gives you the ability to practice the art of responsibility and thinking ahead.
Make it a Challenge Without being a Challenge
When it comes to saving money, why not make the challenge creative and fun? The 100 envelopes savings challenge asks you to take a certain amount out, whether it be $25, $50, or $100, from each paycheck and store it in an envelope for a certain amount of time. If you store your money away in small amounts, you'll have a second savings in no time. Normally, it shows the amount of money that should be saved by the time the challenge is done, and voila! You have a few thousand dollars to put towards that dream vacation you've been dying to take.
Or take advantage of our Save to Win saving account! This unique account combines the benefits of a regular savings account with the exciting opportunity to win big! For every $25 deposited into your Save to Win account, you earn an entry into monthly, quarterly, and annual cash prize drawings.
Additionally, there are various challenges that can spice up saving money, one being a group effort. Have your friends or family join you in creating a goal amount to save up by a certain date. This turns saving money into a fun and friendly competition that gives motivation and accountability. After all, who doesn't like a little competition?
Join a Trade & Swap Group
The old barterting system is still alive today and promotes a sustainable lifestyle all the while saving money on things you desire. There are groups you can participate in within your local or online communities that allow you to trade things you no longer need for things you want. You're basically receiving free stuff and cleaning out your space of unnecessary items at the same time. That's what we call a win, win!
Cut Back on Social Media
Believe it or not, reducing your screen time actually helps save money. These days, the internet is filled with targeted advertising, and the seemingly cheap items on your Amazon wishlist add up quicker than you think. However, if you are an avid social media user or enjoy your online shopping, there are ways to still use both while managing your savings:
1. Set a budget for online shopping so that you can still enjoy spending while not breaking the bank.
2. Mute accounts that tempt you to make impulsive purchases. This helps reduce the urge to use an all-too convenient site for buying items.
3. Curate your feed to align with your goals, such as muting tempting accounts while following content that encourages financial responsibility.
4. Get rid of unused subscriptions. Look at how much money is being taken out of your account each month and where it comes from. After all, three unused subscriptions at $10 a month are $360 a year you could be saving.
See Where all the Green Goes by Evaluating and Budgeting
It might feel like you don't spend your money on a lot, but everyone has guilty pleasures in life that can lead to your bank account hurting. For instance, the iced coffee that you grab every morning might not seem like a big deal, but do the math for a year, and you'll start to see what you could be cutting out for a cheaper alternative. During the month of October document everything you spend, so you can see where your money goes and then using that information you can create a budget to help you save in the future.
Meet with a Financial Consultant
At KCCU, our investment team is prepared to meet you where you are, addressing your specific needs and financial goals. If you're looking to secure yourself financially in the long run, our financial consultants are here to help you get on the right path to ensure that you can feel secure in your financial position and future. When it comes to our members, we strive to work side by side to build a desired financial lifestyle.
There are many avenues to take when it comes to planning out your financial goals and saving money. As stated, planning for a desired financial position can seem daunting, but the sooner you focus on your future, the more stabilized your future will be. Our team at KCCU is rooting for you this month, and we hope that you succeed in what you seek. Happy Financial Planning Month!
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